Homework Answers
Profit maximizing quantity in a competitive market is determined at the point where P=MC
P is almost equal to MC when Q=(5)
MC is 4.5 when Q=5
Profit maximizing price=$5
Profit maximizing quantity=4.5
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Refer to the Table below. a) LexCorp is a perfectly competitive firm that sells its product...
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The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
The table below represents the output and cost structure for a firm. The market is perfectly...
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The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Output Total Cost Total Revenue Profit Marginal Cost Marginal Revenue Averrage Total Cost Average Variable Cost 0 3 0 1 7 10 2 9 20 3 10 30 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 9 52 90 10 68 100 ...
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a firm in perfectly competitive market sells all its products
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(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +690 - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
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