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The answer is 20 and 4000.only at this point ATC=price so that firm is neither making economic profit or loss as is the condition required for longrun equilbrium. Also all other combinations don't result in equating ATC with Price
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Price and costs (dolars per uni) 25 20 เร 10 ATC 26 12 Quantity thousands of...
Price (dollars per pound) ATC Market 3 -D= MR price 1 10 20 40 30 Quantity...
Price (dollars per pound) ATC Market 3 -D= MR price 1 10 20 40 30 Quantity (thousands of pounds) Figure 12-6 shows the demand, marginal cost (MC) and average total cost (ATC) curves for Jason's House of Apples. Refer to Figure 12-6. To maximize his profit, Jason should produce____- apples. A) 20 B) around 34 OC) around 24 D) 10
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As...
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As shown in the graph above, if the price is either $10, $15, $20, or $40, the firm's economic profit is maximum at what output? a. A, 20 units b. B, 50 units C. C, 60 units d. D. 80 units 27. As shown in the graph above, if the price of the firm's product is $20 per unit, the firm will produce how many...
Please answer both questions Revenue and cost (dolurs per unit) 50 40 30 20 10 MC...
Please answer both questions
Revenue and cost (dolurs per unit) 50 40 30 20 10 MC ATC 0 20 0 40S0 Output (units per day) The figure above shows a perfectly competitive firm. If the market price is S20 per unit, then the firm producesunits and has an economic profit that is O A. 30; more than $100 B. more than 30; more than $100 O C. 20; less than $400 D. 30; zero because the firm earns a normal...
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per...
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per period) a. The figure shows cost curves for a firm operating in a perfectly competitive market O is the AC_curve. N is the TC curve. M is the curve. Curve M must cross Curves N and O at their points. AFC is represented in this figure by the vertical distance between Curve-and Curve b. The figure shows cost curves for a firm operating in...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
Price (dollars per pound) 5 MC ATC Market prio D-MR 2 1 0 10 20 30...
Price (dollars per pound) 5 MC ATC Market prio D-MR 2 1 0 10 20 30 40 Quantity (thousands of pounds) Figure 12-6 shows the demand, marginal cost (MC) and average total cost (ATC) curves for Jason's House of Apples. Refer to Figure 12-6. To maximize his proft, Jason should produce the level of output indicated by point Od OG
The Coffee Market Price Per Pound Quantity Demanded Quantity Supplied $2.00 25 0 $3.00 20 3...
The Coffee Market Price Per Pound Quantity Demanded Quantity Supplied $2.00 25 0 $3.00 20 3 $4.00 12 5 $5.00 10 10 $6.00 6 15 $7.00 3 20 Graph the supply and demand curves above on a market model. What would be the equilibrium price in the market? Show this on your market model. If the price was set at $3.00, what would you observe in the coffee market? Show this situation on your market model.
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand...
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand + 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of jackets) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that P = ATC at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is less than the efficient scale. True or...
ATC 12 MC 10 АЛС Cost (S) 4 2 0 5 10 15 20 25 30...
ATC 12 MC 10 АЛС Cost (S) 4 2 0 5 10 15 20 25 30 35 40 45 a. Output What output level has the lowest average variable cost? b. At what point is marginal cost equal to average variable cost? Minimum average total cost is equal to d. Why is the minimum point on the ATC curve at 35 units above the minimum point on the AVC curve at 30 units? e. Why does the marginal cost curve...
Price (dollars per pound) ATC Market 3 -D= MR price 1 10 20 40 30 Quantity (thousands of pounds) Figure 12-6 shows the demand, marginal cost (MC) and average total cost (ATC) curves for Jason's House of Apples. Refer to Figure 12-6. To maximize his profit, Jason should produce____- apples. A) 20 B) around 34 OC) around 24 D) 10
ATC AVC (dollars 20 40 60 80 100 Quantity of output (units per day) 26. As shown in the graph above, if the price is either $10, $15, $20, or $40, the firm's economic profit is maximum at what output? a. A, 20 units b. B, 50 units C. C, 60 units d. D. 80 units 27. As shown in the graph above, if the price of the firm's product is $20 per unit, the firm will produce how many...
Please answer both questions
Revenue and cost (dolurs per unit) 50 40 30 20 10 MC ATC 0 20 0 40S0 Output (units per day) The figure above shows a perfectly competitive firm. If the market price is S20 per unit, then the firm producesunits and has an economic profit that is O A. 30; more than $100 B. more than 30; more than $100 O C. 20; less than $400 D. 30; zero because the firm earns a normal...
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per period) a. The figure shows cost curves for a firm operating in a perfectly competitive market O is the AC_curve. N is the TC curve. M is the curve. Curve M must cross Curves N and O at their points. AFC is represented in this figure by the vertical distance between Curve-and Curve b. The figure shows cost curves for a firm operating in...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
Price (dollars per pound) 5 MC ATC Market prio D-MR 2 1 0 10 20 30 40 Quantity (thousands of pounds) Figure 12-6 shows the demand, marginal cost (MC) and average total cost (ATC) curves for Jason's House of Apples. Refer to Figure 12-6. To maximize his proft, Jason should produce the level of output indicated by point Od OG
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand + 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of jackets) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that P = ATC at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is less than the efficient scale. True or...
ATC 12 MC 10 АЛС Cost (S) 4 2 0 5 10 15 20 25 30 35 40 45 a. Output What output level has the lowest average variable cost? b. At what point is marginal cost equal to average variable cost? Minimum average total cost is equal to d. Why is the minimum point on the ATC curve at 35 units above the minimum point on the AVC curve at 30 units? e. Why does the marginal cost curve...
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