Homework Answers
ANswer
the firm produces at MC=P
where P>ATC
Economic profit =(P-ATC)*Q
P>ATC so the firm makes an economic profit in the short run
Option D
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Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves 1...
e 14- Suppose a firm operating in a competitive market has the following cost curves: MC...
e 14- Suppose a firm operating in a competitive market has the following cost curves: MC ATC AVC Pa Pb+ Pc Pd Refer to Figure 14-2. Which of the four prices corresponds to a firm earning positive economic profits in the short run? Pd Pa Pb Pc
Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC...
Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC P7 プ , AVC P3 P2 . Q1 02 03 04 05 gaantity Refer to Figure 14-5. In the short run, if the market price is P2, indavidual firms in a competitive industry will eam positive profits. zero profits. losses but will remain in business. losses and will shut down e
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price...
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC PS P4 P3 B1 Q1 02 Q3 04 Paarip Refer to Figure 14-6. Firms will shut down in the short run if the market price a. exceeds P3. b. is less than P1. c. is greater than P1 but less than P3. O d. exceeds P2. சிவவடானே 59 30 ...
Consider the graph below. Suppose that a firm in a competitive market has the cost curves...
Consider the graph below. Suppose that a firm in a competitive market has the cost curves shown in the graph. If the market price falls below $4.50, the firm will earn zero economic profits in the short run and shut down. positive economic profits in the short run. zero economic profits in the short run run but remain in business. negative economic profits in the short run but remain in business. negative economic profits in the short run and shut...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC ATC 27 AVC P6 BA P3 P2 P1 01 02 03 04 os இகனாது Refer to Figure 14-5. When market price is P7, a profit-maximizing firm's short-run profits can be represented by the area P7 x Q5 b. P7 x Q3 (P7-P5) x Q3 d. We are unable to determine the firm's profits because the quantity that the firm would produce is not labeled...
Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves 1 Price MC ++++++++++ AT...
Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves 1 Price MC ++++++++++ ATC Refer to Figure 14-3. If the market price is $10, what is the firm's short-run economic profit? $15 B. $30 C. $9 D. $50
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing...
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing firm will: MC ATC // AVC Multiple Choice shut down. ο produce with short-run losses. O produce with long-run economic profits. ο produce with short-run economic profits.
30. Figure 14-2 мC ATC AVC Pa- Pb+ Pe Pd- Refer to Figure 14-2. If the market price is Pa, in the short run the fir...
30. Figure 14-2 мC ATC AVC Pa- Pb+ Pe Pd- Refer to Figure 14-2. If the market price is Pa, in the short run the firm will a. Earn zero economic profit. b. Suffer losses and will shut down. c Earn positive economic profit. d. Suffer losses but will remain open. 31. Figure 14-3 19 МС 27 4 16 15 14+ 13- ATC 1 234567 Duantib Refer to Figure 14-3. If the market price is $10, what is the firm's...
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market....
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market. Price ATC МС AVC P3 Q, Q2 Q Quantity Refer to Figure 14-4. Firms would be encouraged to shut down in the short run for all prices smaller than P3 P4
e 14- Suppose a firm operating in a competitive market has the following cost curves: MC ATC AVC Pa Pb+ Pc Pd Refer to Figure 14-2. Which of the four prices corresponds to a firm earning positive economic profits in the short run? Pd Pa Pb Pc
Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC P7 プ , AVC P3 P2 . Q1 02 03 04 05 gaantity Refer to Figure 14-5. In the short run, if the market price is P2, indavidual firms in a competitive industry will eam positive profits. zero profits. losses but will remain in business. losses and will shut down e
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves: Price MC ATC AVC PS P4 P3 B1 Q1 02 Q3 04 Paarip Refer to Figure 14-6. Firms will shut down in the short run if the market price a. exceeds P3. b. is less than P1. c. is greater than P1 but less than P3. O d. exceeds P2. சிவவடானே 59 30 ...
Consider the graph below. Suppose that a firm in a competitive market has the cost curves shown in the graph. If the market price falls below $4.50, the firm will earn zero economic profits in the short run and shut down. positive economic profits in the short run. zero economic profits in the short run run but remain in business. negative economic profits in the short run but remain in business. negative economic profits in the short run and shut...
Figure 14-5 Suppose a firm operating in a competitive market has the following cost curves: MC ATC 27 AVC P6 BA P3 P2 P1 01 02 03 04 os இகனாது Refer to Figure 14-5. When market price is P7, a profit-maximizing firm's short-run profits can be represented by the area P7 x Q5 b. P7 x Q3 (P7-P5) x Q3 d. We are unable to determine the firm's profits because the quantity that the firm would produce is not labeled...
Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves 1 Price MC ++++++++++ ATC Refer to Figure 14-3. If the market price is $10, what is the firm's short-run economic profit? $15 B. $30 C. $9 D. $50
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing firm will: MC ATC // AVC Multiple Choice shut down. ο produce with short-run losses. O produce with long-run economic profits. ο produce with short-run economic profits.
30. Figure 14-2 мC ATC AVC Pa- Pb+ Pe Pd- Refer to Figure 14-2. If the market price is Pa, in the short run the firm will a. Earn zero economic profit. b. Suffer losses and will shut down. c Earn positive economic profit. d. Suffer losses but will remain open. 31. Figure 14-3 19 МС 27 4 16 15 14+ 13- ATC 1 234567 Duantib Refer to Figure 14-3. If the market price is $10, what is the firm's...
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market. Price ATC МС AVC P3 Q, Q2 Q Quantity Refer to Figure 14-4. Firms would be encouraged to shut down in the short run for all prices smaller than P3 P4
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