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Homework Answers
(A2) (d)
Single firm's supply function is its MC curve lying above AVC. So market supply is horizontal summation of individual supply curves which are MC curves as long as price is higher than AVC.
(A7) (c)
Since P = MC = $5, firm is producing optimal quantity, and since Price > AVC, firm will continue producing in short run.
(A8) (c)
In constant cost industry, supply curve is horizontal, so supply is perfectly elastic. When supply is perfectly elastic, entire tax burden falls on consumers.
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Need full explanation pls
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Please provide full explanation . Thank you! Question A3 If a firm's average revenue function is...
Please provide full explanation . Thank you!
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Short-run supply and long-run equilibrium, please and
thank you
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Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph shows...
Deriving the short-run supply curve
Consider the competitive market for halogen lamps. The following
graph shows the marginal cost (MC), average total cost (ATC), and
average variable cost (AVC) curves for a typical firm in the
industry.
For each price in the following table, use the graph to
determine the number of lamps this firm would produce in order to
maximize its profit. Assume that when the price is exactly equal to
the average variable cost, the firm is indifferent...
2. Each of the following situations could exist for a perfectly competitive firm in the short run. In each case, ex...
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Question 19 In the short run, the firm should continue to produce if and only if Price exceeds average fixed cost. Price exceeds average variable cost. Price exceeds average total cost. Price exceeds marginal cost. Marginal revenue equals marginal cost. • Previous
Please provide full explanation . Thank you!
Question A3 If a firm's average revenue function is greater than its marginal revenue function, then its a) average revenue function must be falling. b) average revenue function must be rising. c) average revenue function may be rising, falling or flat d) marginal revenue function is rising Question A4 For a profit-maximising monopolist, output should be increased to enhance welfare as long as: a) marginal revenue exceeds marginal cost b) marginal revenue exceeds...
6. Deriving the short-run supply curve Consider the competitive market for halogen lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. ATC COSTS (Dollars) MC D 0 + 0 + + + + + 20 30 40 50 60 70 80 QUANTITY (Thousands of lamps) + 90 10 100 For each price in the following table, use the graph to determine the number...
Short-run supply and long-run equilibrium, please and
thank you
Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per kilogram) ATC + MC O AVC ott 0 5 10 15 20 25 30 35 40 QUANTITY (Thousands of kilograms) 45 50 The...
5. Deriving the short-run supply curve Consider the perfectly competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. ? 80 72 64 56 40 АТС AVC 8 МС О 0 8 16 24 32 40 48 56 64 72 80 QUANTITY OF OUTPUT (Thousands of shirts) PRICE AND COST PER UNIT (Dollars) For each price in the following table,...
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graph shows the marginal cost (MC), average total cost (ATC), and
average variable cost (AVC) curves for a typical firm in the
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