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Suppose an avocado farm has cost: C = 0.00298 +22q + 750 (where q is measured...
9.1. DanielArcher's Midland farm produces com. His cost function (where total cost is measured in cents)...
9.1. DanielArcher's Midland farm produces com. His cost function (where total cost is measured in cents) is calculated to be + 100g + 1000 c(4) 480 where q is the output level (measured in bushels). The market price of com is 220 cents per bushel which Midland farm, as a competitive pro- ducer, takes as given. How many bushels will Daniel produce? What is Midland farm's shutdown price? 9.2. In Takeout Town, there are 45 identical pizza delivery firms, each...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
Suppose your farm produces grain in a perfectly competitive industry. Currently, you can sell a bushel of grain at $15 per unit. You are producing where marginal revenue equals marginal cost, yieldin...
Suppose your farm produces grain in a perfectly competitive industry. Currently, you can sell a bushel of grain at $15 per unit. You are producing where marginal revenue equals marginal cost, yielding an output level of 200,000 bushels. At your current level of output, variable costs are $3,340,000 and fixed costs are $150,000. a) What is your current economic profit in the short-run from production? b) Given the correct answer to part a), should you continue producing this output level...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
Consider the following cost curve for a firm in a competitive industry where the market price...
Consider the following cost curve for a firm in a competitive industry where the market price equals $200 C = 1/3q3+4q+750 What is the firm's marginal cost (MC)? MC = At what level of output does the firm maximize profits (minimize losses)? Profit is maximized at __units of output. (Round your answer to two decimal places.) What is the firm's profit maximizing price? The profit-maximizing price is $___ In the short-run, this firm should produce ____ .
Assume a competitive firm faces a market price of $70, a cost curve of: C =...
Assume a competitive firm faces a market price of $70, a cost curve of: C = 0.0049% + 259 + 750, and marginal cost curve of: MC = 0.012q2 + 25. units, and the profit (to the nearest penny) at this The firm's profit maximizing output level (to the nearest tenth) is output level is $ . In this case, firms will . This will cause the market supply to V. This will continue until the price is equal to...
Bob's Barbershop has a daily short-run cost given by C(q) = 5 + 10 +0.52% where...
Bob's Barbershop has a daily short-run cost given by C(q) = 5 + 10 +0.52% where q is the number of haircuts. The associated marginal cost is given by MC = 10 + q. Suppose the market for haircuts is perfectly competitive and the current market equilibrium price of a haircut is $25. a. How many haircuts should Bob's Barbershop give each day if it wants to maximize profit? b. If it maximizes profit, how much profit will Bob's Barbershop...
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q)...
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q) -3+2q. Assume that the market price of the firm's product is $9. i) What level of output will the firm produce? (2p) ii) What is the firm's producer surplus? (4p) ii) Suppose that the average variable cost of the firm is given by AVC(g)-3+q. Suppose that the firm's fixed costs are known to be $3. Will the firm be earning a positive, negative, or...
The short run cost function for Crunchies has Marginal Cost MC = 5+.4Q (where Q is measured in tonnes/period and MC is...
The short run cost function for Crunchies has Marginal Cost MC = 5+.4Q (where Q is measured in tonnes/period and MC is in $/tonne) and Fixed Costs of $720/period. Give the level of Q at which ATC reaches a minimum Numeric Answer:
9.1. DanielArcher's Midland farm produces com. His cost function (where total cost is measured in cents) is calculated to be + 100g + 1000 c(4) 480 where q is the output level (measured in bushels). The market price of com is 220 cents per bushel which Midland farm, as a competitive pro- ducer, takes as given. How many bushels will Daniel produce? What is Midland farm's shutdown price? 9.2. In Takeout Town, there are 45 identical pizza delivery firms, each...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
Suppose your farm produces grain in a perfectly competitive industry. Currently, you can sell a bushel of grain at $15 per unit. You are producing where marginal revenue equals marginal cost, yielding an output level of 200,000 bushels. At your current level of output, variable costs are $3,340,000 and fixed costs are $150,000. a) What is your current economic profit in the short-run from production? b) Given the correct answer to part a), should you continue producing this output level...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
Assume a competitive firm faces a market price of $70, a cost curve of: C = 0.0049% + 259 + 750, and marginal cost curve of: MC = 0.012q2 + 25. units, and the profit (to the nearest penny) at this The firm's profit maximizing output level (to the nearest tenth) is output level is $ . In this case, firms will . This will cause the market supply to V. This will continue until the price is equal to...
Bob's Barbershop has a daily short-run cost given by C(q) = 5 + 10 +0.52% where q is the number of haircuts. The associated marginal cost is given by MC = 10 + q. Suppose the market for haircuts is perfectly competitive and the current market equilibrium price of a haircut is $25. a. How many haircuts should Bob's Barbershop give each day if it wants to maximize profit? b. If it maximizes profit, how much profit will Bob's Barbershop...
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q) -3+2q. Assume that the market price of the firm's product is $9. i) What level of output will the firm produce? (2p) ii) What is the firm's producer surplus? (4p) ii) Suppose that the average variable cost of the firm is given by AVC(g)-3+q. Suppose that the firm's fixed costs are known to be $3. Will the firm be earning a positive, negative, or...
The short run cost function for Crunchies has Marginal Cost MC = 5+.4Q (where Q is measured in tonnes/period and MC is in $/tonne) and Fixed Costs of $720/period. Give the level of Q at which ATC reaches a minimum Numeric Answer:
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