Homework Answers
Profit maximizing output is attained at MR=MC condition and secondly MC>MR after equality point. I. The above table MR=MC condition is not fulfilled but the second condition is being satisfied at the 4 level of output.
Output level 3 would be the ideal point for profit maximization. At equilibrium MR=MC, so 3x16 would be 48. Hence option A is the correct option.
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At the profit-maximizing output the firm's total cost is:...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
given the data in the table belowwhat is the short run profit maximizing level of output...
given the data in the table belowwhat is the short run profit
maximizing level of output
Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm? Output Total Revenue Total Cost 16 20 Multiple Choice 5 units 3 units
If a competitive firm's marginal costs always increase with output, then at the profit maximizing output...
If a competitive firm's marginal costs always increase with output, then at the profit maximizing output level, producer surplus is Select one: a. zero because marginal costs equal marginal revenue. b. zero because price equals marginal costs. c. positive because price exceeds average variable costs. d. positive because price exceeds average total costs. e. positive because revenues are increasing faster than variable costs
At a firm's current level of production, marginal revenue is greater than marginal cost (MR>MC).A profit-maximizing...
At a firm's current level of production, marginal revenue is greater than marginal cost (MR>MC).A profit-maximizing firm will increase prices. increase output decrease output. O shut down.
(Table: Monopolist) Refer to the table. What is the monopolist's profit-maximizing level of output? Output Total...
(Table: Monopolist) Refer to the table. What is the monopolist's profit-maximizing level of output? Output Total Revenue Marginal Cost 1 $20 $10 2 10 3 70 10 4 80 10 5 85 10 6 88 10 7 90 10 50
once i find the profit maximizing level of output if all i have is marginal cost,...
once i find the profit maximizing level of output if all i have is marginal cost, average foxed cost, average variable cost, and market price in a perfectly competitive industry how do i find the firm's profit at the given level of output?
Refer to the data below. If the firm's minimum average variable cost is $10, the firm's...
Refer to the data below. If the firm's minimum average variable cost is $10, the firm's profit-maximizing level of output would be: Output Marginal revenue Marginal cost 0 1 $10 WN $16 16 16 16 5 16 16
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0...
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0 160 220 250 300 Quantity of output (per weok) a. The profit-maximizing monopoly firm maximizes their profit at equals to The firm in the above figure will produce units of output per week. b. This profit-maximizing monopoly firm's price per unit is c. This profit-maximizing monopoly firm's cost per unit at its profit-maximizing quantity is d. This profit-maximizing monopoly firm's economic profit per unit...
Suppose a profit maximizing monopolist has total cost and marginal cost as follow:
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
4. The firm's expansion path shows a. how the profit-maximizing input bundle changes, as output changes...
4. The firm's expansion path shows a. how the profit-maximizing input bundle changes, as output changes holding relative input prices constant b. how the cost-minimizing input bundle changes as output changes, holding relative input prices constant c. how the cost-minimizing input bundle changes as the profit-maximizing level of output changes d. how the price of labor varies as output changes, holding the amount of capital fixed
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
given the data in the table belowwhat is the short run profit
maximizing level of output
Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm? Output Total Revenue Total Cost 16 20 Multiple Choice 5 units 3 units
If a competitive firm's marginal costs always increase with output, then at the profit maximizing output level, producer surplus is Select one: a. zero because marginal costs equal marginal revenue. b. zero because price equals marginal costs. c. positive because price exceeds average variable costs. d. positive because price exceeds average total costs. e. positive because revenues are increasing faster than variable costs
At a firm's current level of production, marginal revenue is greater than marginal cost (MR>MC).A profit-maximizing firm will increase prices. increase output decrease output. O shut down.
(Table: Monopolist) Refer to the table. What is the monopolist's profit-maximizing level of output? Output Total Revenue Marginal Cost 1 $20 $10 2 10 3 70 10 4 80 10 5 85 10 6 88 10 7 90 10 50
Refer to the data below. If the firm's minimum average variable cost is $10, the firm's profit-maximizing level of output would be: Output Marginal revenue Marginal cost 0 1 $10 WN $16 16 16 16 5 16 16
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0 160 220 250 300 Quantity of output (per weok) a. The profit-maximizing monopoly firm maximizes their profit at equals to The firm in the above figure will produce units of output per week. b. This profit-maximizing monopoly firm's price per unit is c. This profit-maximizing monopoly firm's cost per unit at its profit-maximizing quantity is d. This profit-maximizing monopoly firm's economic profit per unit...
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
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