Homework Answers
1. D) 30; zero because firm earns normal profit.
Under perfect competition, equilibrium is where P = MC i.e. equilibrium quantity is 30 units and Price is $ 20.
ATC is equal to the price which shows profit is zero.
2.
A) the supply of grain increased.
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Please answer both questions
Revenue and cost (dolurs per unit) 50 40 30 20 10 MC...
Please indicate the correct answer and explain why. Graph with labels as instructed(which one is one...
Please indicate the correct answer and explain why. Graph with
labels as instructed(which one is one 1,2,mr1)
Click on the icon to read the news clip, then complete the following steps Price and cost (dollars per bushel) MC The graph shows the market for grain. Draw a point to show the quantity produced when the price is $4 a bushel. Label it 1 Suppose the price falls to $2 a bushel. Draw the new marginal revenue curve. Label it MR....
Click on the icon to read the news clip, then complete the following steps. The graph...
Click on the icon to read the news clip, then complete the following steps. The graph shows the market for grain. Draw a point to show the quantity produced when the price is $4 a bushel. Label it 1 Suppose the price falls to $2 a bushel. Draw the new marginal revenue curve. Label it MR Draw a point to show the quantity produced when the price is $2 a bushel. Label it 2 Draw a shape that represents either...
Please answer all questions The graph shows the demand curve, marginal revenue curve, and marginal cost...
Please answer all questions
The graph shows the demand curve, marginal revenue curve, and marginal cost curve of Stiff Shirt, Inc., a producer of shirts in monopolistic competition Price and cis! İdIn per shit) MC Draw a point at the firm's profit-maximizing price and quantity. Draw a vertical arrow that shows the firm's markup Draw a shape that shows the firm's economic profit. ATC Siff Shirt's markup is Sa shirt Stiff Shirt's excess capacity is Stiff Shirt's economic profit is...
The graph shows the demand curve, marginal revenue curve, and cost curves of Bob's Best Burgers,...
The graph shows the demand curve, marginal revenue curve, and cost curves of Bob's Best Burgers, a firm in monopolistic competition. Price and coat (dollars per burr) MC ATC Draw an arow at the profit-maximizing quantity to show the firm's markup. Because firms (of which Bob's is one) arewe would expect firms to A. breaking even; enter B. incurring an economic loss; increase demand in the burger market. MR C, making an economic profit; enter D. incurring an economic loss;...
pleaser answer all four questions. thank you. 10 MC 8 Price and costs (dollars per unit)...
pleaser answer all four questions. thank you.
10 MC 8 Price and costs (dollars per unit) ATC 6 4 2. MR D 0 2 4 6 8 10 12 Quantity (units per year) The graph above describes a profit-maximizing monopolist. If the monopolist charges a price of $4, how many units will the monopolist sell? O4 O 6 o 8 Assume a perfectly competitive industry making peanuts is in long-run equilibrium. The price per pound of peanuts is $2. Next,...
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. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
MC ATC Cost ($ 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?
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g)...
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Calculate the firm's profit. (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
50 Price and cost (cents per unit) 30 20 LRAC MR MC D o 10 20...
50 Price and cost (cents per unit) 30 20 LRAC MR MC D o 10 20 30 40 50 Quantity (units per day If a marginal cost pricing rule is imposed on the firm in the figure above, the deadweight loss will be zero. $100. $50. ООО $200.
Revenue and cost (dollars per lawn mowed) ATC MC 36 32 28 20 16 12 10...
Revenue and cost (dollars per lawn mowed) ATC MC 36 32 28 20 16 12 10 20 30 40 50 Output (lawns mowed per week) 8) Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrater above figure. The market equilibrium price in this perfectly competitive market equals lawn mowed. At this price, how many lawns will Bill mow per week? A) more than 10 and less than 30 D) 50 C) 40 Bill owns a lawn-care...
Please indicate the correct answer and explain why. Graph with
labels as instructed(which one is one 1,2,mr1)
Click on the icon to read the news clip, then complete the following steps Price and cost (dollars per bushel) MC The graph shows the market for grain. Draw a point to show the quantity produced when the price is $4 a bushel. Label it 1 Suppose the price falls to $2 a bushel. Draw the new marginal revenue curve. Label it MR....
Click on the icon to read the news clip, then complete the following steps. The graph shows the market for grain. Draw a point to show the quantity produced when the price is $4 a bushel. Label it 1 Suppose the price falls to $2 a bushel. Draw the new marginal revenue curve. Label it MR Draw a point to show the quantity produced when the price is $2 a bushel. Label it 2 Draw a shape that represents either...
Please answer all questions
The graph shows the demand curve, marginal revenue curve, and marginal cost curve of Stiff Shirt, Inc., a producer of shirts in monopolistic competition Price and cis! İdIn per shit) MC Draw a point at the firm's profit-maximizing price and quantity. Draw a vertical arrow that shows the firm's markup Draw a shape that shows the firm's economic profit. ATC Siff Shirt's markup is Sa shirt Stiff Shirt's excess capacity is Stiff Shirt's economic profit is...
The graph shows the demand curve, marginal revenue curve, and cost curves of Bob's Best Burgers, a firm in monopolistic competition. Price and coat (dollars per burr) MC ATC Draw an arow at the profit-maximizing quantity to show the firm's markup. Because firms (of which Bob's is one) arewe would expect firms to A. breaking even; enter B. incurring an economic loss; increase demand in the burger market. MR C, making an economic profit; enter D. incurring an economic loss;...
pleaser answer all four questions. thank you.
10 MC 8 Price and costs (dollars per unit) ATC 6 4 2. MR D 0 2 4 6 8 10 12 Quantity (units per year) The graph above describes a profit-maximizing monopolist. If the monopolist charges a price of $4, how many units will the monopolist sell? O4 O 6 o 8 Assume a perfectly competitive industry making peanuts is in long-run equilibrium. The price per pound of peanuts is $2. Next,...
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. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
MC ATC Cost ($ 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?
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Calculate the firm's profit. (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
50 Price and cost (cents per unit) 30 20 LRAC MR MC D o 10 20 30 40 50 Quantity (units per day If a marginal cost pricing rule is imposed on the firm in the figure above, the deadweight loss will be zero. $100. $50. ООО $200.
Revenue and cost (dollars per lawn mowed) ATC MC 36 32 28 20 16 12 10 20 30 40 50 Output (lawns mowed per week) 8) Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrater above figure. The market equilibrium price in this perfectly competitive market equals lawn mowed. At this price, how many lawns will Bill mow per week? A) more than 10 and less than 30 D) 50 C) 40 Bill owns a lawn-care...
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