At the profit maximizing point in the short-run the slope of (1) equals to the slope...
At the profit maximizing point in the short-run the slope of (1) equals to the slope of (2). Please write down your answers for (1) and (2) in the format below:
(1). INSERT YOUR ANSWER.
(2). INSERT YOUR ANSWER.
Homework Answers
A.
For Monopoly market
Profit maximizing point in the short run can be obtained by equalising the slope of marginal revenue and marginal cost.
B.
For perfect competition market
Profit maximizing point in the short run can be obtained by equalising the slope of average revenue ( price) and marginal cost.
Add Answer to:
At the profit maximizing point in the short-run the slope of (1)
equals to the slope...
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
"he graph below shows a profit-maximizing perfectly competitive firm operating in the short run. Which area...
"he graph below shows a profit-maximizing perfectly competitive firm operating in the short run. Which area in the graph represents the amount the firm can save by continuing to produce in the short run rather than closing down immediately? ATC AVC MR
Which of the following is true of a profit-maximizing competitive firm in the short run? The...
Which of the following is true of a profit-maximizing competitive firm in the short run? The firm produces at the point where price is equal to marginal cost. The firm produces at the point where average cost is at its minimum point. The demand curve faced by each firm in the industry is downward sloping. The firm always makes a zero economic profit. The firm suffers a deadweight loss.
Figure 1 7. Referring to Figure 1, if the market price was Ps, the profit- maximizing...
Figure 1 7. Referring to Figure 1, if the market price was Ps, the profit- maximizing (or loss-minimizing) firm will: A. shut down in the short run and incur a loss equal to area P PsAK B. produce output qs, resulting in total revenue equal to area 0PsEqs. total cost equal to area OPsEqs and zero economic profits produce output q, resulting in total revenue equal to area 0PsBq total cost equal to area OP:Fqs and economic profits equal to...
5. (8 marks) Wh wage equals the value of marginal product? Why is the short run...
5. (8 marks) Wh wage equals the value of marginal product? Why is the short run demand curve for labour downward sloping? y does a profit maximizing firm hire workers up to the point where the
QUESTION 38 (Figure: Short-Run Monopoly) Look at the figure Short-Run Monopoly. The profit-maximizing price is price:...
QUESTION 38 (Figure: Short-Run Monopoly) Look at the figure Short-Run Monopoly. The profit-maximizing price is price: OQ. OP Oo. ON Price and cost ATC AVC Demand RSTU Quantity (per period)
1. Draw two graphs. On the first, show the short-run profit maximizing output of an individual...
1. Draw two graphs. On the first, show the short-run profit maximizing output of an individual firm earning an economic profit, including MR, MC, AVC, and ATC. On the second, show the short-run market equilibrium price and quantity. Explain how the industry supply curve and the market equilibrium price and quantity are determined. 2. What is the relationship between the price on the two graphs? Why does this relationship exist? 3. Explain why a firm in a perfectly competitive industry...
If S1 is the market supply curve, then in the short run, the profit-maximizing level of...
If S1 is the market supply curve, then in the short run, the
profit-maximizing level of output for a single firm in this market
is how many gallons per week?
If S2 is the market supply curve, then in the short run, the
profit-maximizing level of output for a single firm in this market
is how many gallons per week?
If the market supply curve is given by S1, then would we expect
firms to enter the market, exit the...
For each of the following scenarios, analyze the short run impact on both the profit-maximizing price...
For each of the following scenarios, analyze the short run impact on both the profit-maximizing price charged andthe profit-maximizing quantity produced and sold by the firm. Briefly explain each answer. Draw a separate, fully-labeled diagram for each scenario. Each diagram mustinclude the firm’s initial MC, AC, and MR lines, as well as any new lines that change as a result of what is given in the question. Be sure to indicate the initial and final profit maximizing price and output...
Draw a diagram below that shows the short run profit maximizing output for a competitive firm...
Draw a diagram below that shows the short run profit maximizing output for a competitive firm at a market price of S10 producing an output of 20 that leads to a profit of $40. 4. 5. If SMC-20+2Q, AVC-1.5Q, P $100. a. Find Q b. This perfectly competitive firm will break-even if fixed cost equal how much?
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
"he graph below shows a profit-maximizing perfectly competitive firm operating in the short run. Which area in the graph represents the amount the firm can save by continuing to produce in the short run rather than closing down immediately? ATC AVC MR
Figure 1 7. Referring to Figure 1, if the market price was Ps, the profit- maximizing (or loss-minimizing) firm will: A. shut down in the short run and incur a loss equal to area P PsAK B. produce output qs, resulting in total revenue equal to area 0PsEqs. total cost equal to area OPsEqs and zero economic profits produce output q, resulting in total revenue equal to area 0PsBq total cost equal to area OP:Fqs and economic profits equal to...
5. (8 marks) Wh wage equals the value of marginal product? Why is the short run demand curve for labour downward sloping? y does a profit maximizing firm hire workers up to the point where the
QUESTION 38 (Figure: Short-Run Monopoly) Look at the figure Short-Run Monopoly. The profit-maximizing price is price: OQ. OP Oo. ON Price and cost ATC AVC Demand RSTU Quantity (per period)
If S1 is the market supply curve, then in the short run, the
profit-maximizing level of output for a single firm in this market
is how many gallons per week?
If S2 is the market supply curve, then in the short run, the
profit-maximizing level of output for a single firm in this market
is how many gallons per week?
If the market supply curve is given by S1, then would we expect
firms to enter the market, exit the...
Draw a diagram below that shows the short run profit maximizing output for a competitive firm at a market price of S10 producing an output of 20 that leads to a profit of $40. 4. 5. If SMC-20+2Q, AVC-1.5Q, P $100. a. Find Q b. This perfectly competitive firm will break-even if fixed cost equal how much?
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