(Figure: The Profit-Maximizing Output and Price) Use Figure: The Profit-Maximizing Output and Price. Assume that there are no fixed costs and AC = MC = $200. If this were a perfectly competitive industry, producer surplus would be:
$200.
$3,200.
$0.
$1,600.
Homework Answers
Answer: (c)
Consumer surplus is zero under the perfectly competitive market where output is decided where P=MC.
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(Figure: The Profit-MaximizingOutput and Price) Use Figure: The Profit-Maximizing Output andPrice. Assume that there...
(Figure: The Profit-Maximizing Output and Price) Use Figure: TheProfit-Maximizing Output and Price. Assume that there...
(Figure: The Profit-Maximizing Output and Price) Use Figure: The
Profit-Maximizing Output and Price. Assume that there are no fixed
costs and AC = MC = $200. At the profit-maximizing output and price
for a perfectly competitive industry, economic profit for the firms
in the industry is:$200.$1,600.$3,200.$0.
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400...
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400 200 C MC -200 -400 8 10 16 20 Quantity of diamonds Reference: Ref 13-17 (Figure: The Profit-Maximizing Output and Price) Look at the figure The Proht-Maximizing Output and Price. Assume that there are no fixed costs and AC MC-$200. At the profit-maximizing output and price for competitor perfectly competitive industry, consumer surplus is: $6,400 O $1.600. o$0. С $3,200.
(Figure: The Profit-Maximizing Output and Price) Use Figure: TheProfit-Maximizing Output and Price. Assume that there...
(Figure: The Profit-Maximizing Output and Price) Use Figure: The
Profit-Maximizing Output and Price. Assume that there are no fixed
costs and AC = MC = $200. The profit-maximizing
output for a monopolist is:0.20.16.8.
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...
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will...
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will the monopolist charge? a. What is the total revenue at the profit-maximizing output level? b. What is the total cost at the profit-maximizing output level? c. What is the profit? d. What is the profit per unit (average profit) at the profit-maximizing output level? e. If this industry was organized as a perfectly competitive industry, what would be the profit- maximizing price and quantity?...
Suppose a profit maximizing monopolist has total cost and marginal cost as follow:
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Use the following graph to answer the next question Price Q, O Q, Quantity If the...
Use the following graph to answer the next question Price Q, O Q, Quantity If the industry were perfectly competitive, wich area in the above figure shows the producer surplus at the profit maximizing price and quantity АСв оооо P4P2E P2EAP
1. Let the market demand curve be P=1000 - 10Q. Assume the market is controlled by...
1. Let the market demand curve be P=1000 - 10Q. Assume the market is controlled by a monopolist. Let fixed cost be $10,000 and Marginal Costs (MC)=20Q. a) What is the profit maximizing output? b) What is the monopolist's total revenue at the profit maximizing output? c) How much profit is the monopolist earning? d) Assume the government breaks up the monopolist in order to create a perfectly competitive market of identical firms. Assume the MC curve is now the...
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...
(Figure: The Profit-Maximizing Output and Price) Use Figure: The
Profit-Maximizing Output and Price. Assume that there are no fixed
costs and AC = MC = $200. At the profit-maximizing output and price
for a perfectly competitive industry, economic profit for the firms
in the industry is:$200.$1,600.$3,200.$0.
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400 200 C MC -200 -400 8 10 16 20 Quantity of diamonds Reference: Ref 13-17 (Figure: The Profit-Maximizing Output and Price) Look at the figure The Proht-Maximizing Output and Price. Assume that there are no fixed costs and AC MC-$200. At the profit-maximizing output and price for competitor perfectly competitive industry, consumer surplus is: $6,400 O $1.600. o$0. С $3,200.
(Figure: The Profit-Maximizing Output and Price) Use Figure: The
Profit-Maximizing Output and Price. Assume that there are no fixed
costs and AC = MC = $200. The profit-maximizing
output for a monopolist is:0.20.16.8.
Refer to the graph below: Untitled.png a. What is the profit-maximizing quantity and what price will the monopolist charge? a. What is the total revenue at the profit-maximizing output level? b. What is the total cost at the profit-maximizing output level? c. What is the profit? d. What is the profit per unit (average profit) at the profit-maximizing output level? e. If this industry was organized as a perfectly competitive industry, what would be the profit- maximizing price and quantity?...
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Use the following graph to answer the next question Price Q, O Q, Quantity If the industry were perfectly competitive, wich area in the above figure shows the producer surplus at the profit maximizing price and quantity АСв оооо P4P2E P2EAP
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