Please answer parts C,D, and E ition. This firm sells its AVC for $150. Profit TC...
Please answer question Number 2. I am completely
confused
I. Fillin the remaining cells of the table. Assume perfectly competition This firm sells its product for $150 20042AFC ao 240 AVC Profit 100 eo 20 140 60 180 4 360 240 30 380 24 20 25o 240 140 6 660 540 160 2. STC = 40+ 10Q + 0.1 Q2. SM C = 10 + 0.2Q. The market price is $20. a. Find the profit maximizing Q. b. Calculate the...
STC = 40 + 10Q + 0.1Q^2 . SMC = 10 + 0.2Q. The market price is $20. a. Find the profit maximizing Q. b. Calculate the maximum profit. c. Find the average variable cost. d. In the short run, at what price will this firm close? e. Find the firm’s short run supply curve and express it as a function of price: Qs (P) = ?
The market price is p=50
3. Consider a competitive firm with total costs given by TC(q) = 100 + 10q+q? (e) Graph the ATC, AVC, MC, and MR curves in a single graph, and indicate the profit maximizing level of output. If there are profits, shade the region corre- sponding to profit and label it. (f) If fixed costs increase from 100 to 500, what happens to the profit maximizing level of output, TR, TC, and a? (g) If fixed...
Draw a diagram below that shows the short run profit maximizing output for a competitive firm at a market price of S10 producing an output of 20 that leads to a profit of $40. 4. 5. If SMC-20+2Q, AVC-1.5Q, P $100. a. Find Q b. This perfectly competitive firm will break-even if fixed cost equal how much?
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2, The firm faces a market price p = 50. (a) Write expressions for total revenue TR and marginal revenue MR as functions of output q. (b) Write expressions for average total cost ATC, average variable cost AVC, and marginal cost MC as functions of output q. (c) For what value of output is ATC minimized? (d) Find the profit maximizing level of output q...
1. Suppose a perfectly competitive firm has a cost function described by TC = 200Q + Q 2 + 225 Each firm’s marginal revenue is $240. a. Find the profit maximizing level of output. b. Is this a short-run or long-run situation? How do you know? c. Assuming that this firm’s total cost curve is the same as all other producers, find the long-run price for this good.
Part VI Multiple Choice: Imperfect Competition 13. If a firm with market power maximizes profit by producing at the unit elastic point on the demand curve, then a. it has no direct competitors. b. its marginal cost must be zero at the profit-maximizing level of output. c. demand must be perfectly elastic. d. it cannot be in long-run equilibrium 14. Which of the following statements is not always true for a monopolist in short-run equilibrium? a. E 21 b. TR>...
SECTION NAME PRINTLASENAME FIRSTNAM Use the graph below or profit maximizing/ose minimizing perfectly competitive firme answer questions 6 through 10. ATO AVC -MR 6. 91 92 93 94 Quantity At the market-determined price of P2, the profit-maximizing/loss-minimizing level of output is: a. 91 b. 92. c. 93. d. 94. Total cost (TC) at the profit-maximizing/loss-minimizing level of output is given by the area: a. OP fq2. OP4092 b. P2P ac. P, P4af Total fixed cost (TFC) is given by the...
Please answer it with in 20 mins plz
e3(t0 marks): The graph below shows the cost curves of a perfectly competitive firm. ATC MR Quantity (units (a) What is the market price? Why? ( 1 mark) (b) What is the equilibrium (profit maximizing) level of output of the firm? Why? (I mark) (c) What is the average fixed cost (AFC) at equilbrium? (I mark) (d) What is total revenue (TR), total fived cost (TFC), total variable cost (TVC), and total...
A firm in a perfectly competitive market has a short-run total cost curve of ST C(Q) = 20 + 10Q + Q2. The market price is $10. a) What is the profit-maximizing quantity? b) What are the maximum profits? c) Find the short-run supply curve if all fixed costs are sunk. d) Find the short-run supply curve if all fixed costs are non-sunk. e) Suppose there are 100 identical firms in this market. What is the market supply curve if...