Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 The...
| Units of Resource | Total Product |
| 1 | 24 |
| 2 | 42 |
| 3 | 54 |
| 4 | 64 |
| 5 | 72 |
The table shows a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. If the firm can produce 24 units at a price of $1.00, 42 units at a price of $0.80, and 54 units at a price of $0.60, then the firm is
Multiple Choice
A) selling in a purely competitive market.
B) selling in an imperfectly competitive market.
C) minimizing its costs at a product price of $1.00.
D) maximizing profits at a product price of $0.60.
Homework Answers
The firm is surely not in a perfect competition, in the perfect competition the demand is perfectly elastic so the price will be the same for what ever the quantity is produced. The firms maximize the profits where the marginal cost equal to the marginal revenue of the firm but here there is no information about the cost of the firm to find out whether the firm is maximizing the profit or not. Here the firm should be in a imperfective competition where the firms can change their price-output decision.
Ans: b). Selling in a imperfectly competitive market.
Answer the next 3 (three) questions on the basis of the information given in the following...
Answer the next 3 (three) questions on the basis of the information given in the following table. Complete the table! Total Product Employment product price $3.00 MRP TR 12 22 30 36 3.00 3.00 36.00 66.00 36.00 30.00 2 3 4. 3.00 3.00 3.00 3.00 40 42 Question 43 1 pts On the basis of this information we can conclude that the firm is: a. selling its product in an imperfectly competitive market. b. selling its product in a purely...
1. Given the table below, compute total product for resources A and resources B Both resources...
1. Given the table below, compute total product for resources A and resources B Both resources are varible and are employed in purely competitive markets. The price of A is $4.00 and the price of 8 is $8.00. The Final product is $1.00 per unit. (20 points) Quantity of Resources A Quantity of resources B Marginal Product of B TP MRP TRB Marginal TRA Employed Product of A TP MRP 40 32 24 20 16 36 32 24 16 12...
1.The Kees are small farmers in the wheat industry –they are price takers. Their cost function...
1.The Kees are small farmers in the wheat industry –they are price takers. Their cost function is: TC = 300,000 + 1,500Q + Q2 and MC = 1500 + 2Q. The market price is $3,000 per ton. Assuming the Kees are maximizing profits (or minimizing loses), how much profit are they making? 2.Good Grapes is selling organic grapes in a purely competitive market. Its output is 5000 pounds, which it sells for $5 a pound. At the 5000-pound level of output,...
AFC $300 150 100 75 AVC $100 75 70 73 T Outpuit 1 2 3 4...
AFC $300 150 100 75 AVC $100 75 70 73 T Outpuit 1 2 3 4 5 6 7 8 9 10 60 80 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 90 50 43 103 38 33 30 119 138 160 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's...
(1) (2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product...
(1) (2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product 0 $12 o 1 10 $12 (A) 2 18 $12 (B) 3 25 $12 (C) 28 $12 (D) price, thus we are dealing with a(n) The data show that marginal revenue is competitive firm. O greater than; perfectly equal to perfectly o less than; perfectly O equal to; imperfectly
Quantity of Coffee Produced (units) Marginal Cost 0 $3 $2 $1 4 $2 5 $3 6...
Quantity of Coffee Produced (units) Marginal Cost 0 $3 $2 $1 4 $2 5 $3 6 $4 7 $5 Northwest Coffee Co. is a firm in a perfectly competitive market. Each time it sells a unit of coffee, its total revenue increases by $4. The marginal cost of producing different quantities of coffee is given in the table above. The profit-maximizing quantity of output is units of coffee. 04 07
- 4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1...
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Assume that the following cost data are for a purely competitive producer: Total Product Avg. Fixed...
Assume that the following cost data are for a purely competitive producer: Total Product Avg. Fixed Cost Avg. Var. Cost Avg. Total Cost Marg. Cost 0 n/a $0.00 $0.00 n/a 1 $60.00 $45.00 $105.00 $45.00 2 $30.00 $42.50 $72.50 $40.00 3 $20.00 $40.00 $60.00 $35.00 4 $15.00 $37.50 $52.50 $30.00 5 $12.00 $37.00 $49.00 $35.00 6 $10.00 $37.50 $47.50 $40.00 7 $8.57 $38.57 $47.14 $45.00 8 $7.50 $40.63 $48.13 $55.00 9 $6.67 $43.33 $50.00 $65.00 10 $6.00 $46.50 $52.50 $75.00...
Answe r the next six questions on the basis of the information in Table 1 which...
Answe r the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a competitive firm. typical Table 1 4. QI ATC | AVC | AFC | MC S117.00 $17.00 $100.00 $17.00 Based on the information in Table I, which of the following represents the profit-maximizing, competitive firm's short-run supply curve? 2 66.00 600 50.00 15.00 3 48.33 15.0033.33 13.00 4 39.25 14.25 25.00 12.00 5 34.00 14.00 20.00 13.00 $50...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Cost Marginal Cost na $ 45,00 $ 40,00 1 2 5 5 6 0.00 3 0.00 20.00 15.00 Average Average Total Variable Cost Cost 0.00 $ 0.00 $ 45,00 $ 105,00 $ 42.50 $ 72.50 $ 40.00 $ 60.00 $ 37.50 17 505 $ 5250 $ 37005 4 9.00 $ 3750 $ 4750 $ 38.575 $ 4063 $ 48.13 $ 4333 5 0.00 $...
Answer the next 3 (three) questions on the basis of the information given in the following table. Complete the table! Total Product Employment product price $3.00 MRP TR 12 22 30 36 3.00 3.00 36.00 66.00 36.00 30.00 2 3 4. 3.00 3.00 3.00 3.00 40 42 Question 43 1 pts On the basis of this information we can conclude that the firm is: a. selling its product in an imperfectly competitive market. b. selling its product in a purely...
1. Given the table below, compute total product for resources A and resources B Both resources are varible and are employed in purely competitive markets. The price of A is $4.00 and the price of 8 is $8.00. The Final product is $1.00 per unit. (20 points) Quantity of Resources A Quantity of resources B Marginal Product of B TP MRP TRB Marginal TRA Employed Product of A TP MRP 40 32 24 20 16 36 32 24 16 12...
AFC $300 150 100 75 AVC $100 75 70 73 T Outpuit 1 2 3 4 5 6 7 8 9 10 60 80 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 90 50 43 103 38 33 30 119 138 160 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's...
(1) (2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product 0 $12 o 1 10 $12 (A) 2 18 $12 (B) 3 25 $12 (C) 28 $12 (D) price, thus we are dealing with a(n) The data show that marginal revenue is competitive firm. O greater than; perfectly equal to perfectly o less than; perfectly O equal to; imperfectly
Quantity of Coffee Produced (units) Marginal Cost 0 $3 $2 $1 4 $2 5 $3 6 $4 7 $5 Northwest Coffee Co. is a firm in a perfectly competitive market. Each time it sells a unit of coffee, its total revenue increases by $4. The marginal cost of producing different quantities of coffee is given in the table above. The profit-maximizing quantity of output is units of coffee. 04 07
-
4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Answe r the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a competitive firm. typical Table 1 4. QI ATC | AVC | AFC | MC S117.00 $17.00 $100.00 $17.00 Based on the information in Table I, which of the following represents the profit-maximizing, competitive firm's short-run supply curve? 2 66.00 600 50.00 15.00 3 48.33 15.0033.33 13.00 4 39.25 14.25 25.00 12.00 5 34.00 14.00 20.00 13.00 $50...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Cost Marginal Cost na $ 45,00 $ 40,00 1 2 5 5 6 0.00 3 0.00 20.00 15.00 Average Average Total Variable Cost Cost 0.00 $ 0.00 $ 45,00 $ 105,00 $ 42.50 $ 72.50 $ 40.00 $ 60.00 $ 37.50 17 505 $ 5250 $ 37005 4 9.00 $ 3750 $ 4750 $ 38.575 $ 4063 $ 48.13 $ 4333 5 0.00 $...
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