Homework Answers
1) The long run equilibrium condition for perfect competition is P=ATC=MR=MC. Here, option c is the correct answer.
2) With negative externalities like pollution, producers ignore the external costs they impose on third-parties. As a result, producers optimum is greater than social optimum. Here, only option d is correct.
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The long-run equilibrium condition for perfect competition is: a. Q = ATC = MR = MC....
Why do negative externalities like pollution result in inefficiency? a. Because producers will receive an unequal...
Why do negative externalities like pollution result in inefficiency? a. Because producers will receive an unequal distribution of profits. b. Because producers artificially restrict their supply. C. Because producers manufacture more goods than people can afford to buy. d. Because producers ignore the external costs they impose on third-parties.
MC ATC 0, MR Question 4. Assume this firm is trying to maximize Profit under Perfect...
MC ATC 0, MR Question 4. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. I Profits AVC Price and Cost (dollars) 17 Quantity (a) Case 1
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How...
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. I Price and Cost (dollars) -dz, MR AVC Quantity (c) Case 3
Indicate on the following graph of perfect competition: Q*, TR, TC, MR, MC, AR, AC, P,...
Indicate on the following graph of perfect competition: Q*, TR, TC, MR, MC, AR, AC, P, π, STSP (short-term shutdown point) and LTSP (long-term shutdown point).
MC ATC S AVC MR P 0 0 Q Refer to the diagrams, which pertain to...
MC ATC S AVC MR P 0 0 Q Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates The predicted long run adjustments in this industry might be offset by a decline in product demand an increase in resource prices a technological improvement in production methods O entry of new firms into the industry O O O O P MC ATC D MR 0 Refer to the accompanying...
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...
help. agricultural economic 2. Use the following graph to answer the following questions: P/ MC ATC...
help. agricultural economic
2. Use the following graph to answer the following questions: P/ MC ATC /AVC MR 20 2528 50 a. What price is charged by the monopol order to maximize profits? b. Calculate the total revenue accruing to the mo- nopolist at the profit-maximizing output. C. Calculate the total cost to the monopolist at the profit-maximizing output. d. Calculate the profit for the monopolist. e. Calculate the total variable and fixed costs of the monopolist at the profit-maximizing...
Recall that in perfect competition a firm’s demand curve is a horizontal line drawn at the...
Recall that in perfect competition a firm’s demand curve is a
horizontal line drawn at the market price level and that P=MR. With
this in mind, based on the figure below, total costs are:
Group of answer choices
$720
$660
$576
$432
2.
Refer to the graph below. Total profit is:
Groupof answer choices
$243
$144
$288
$132
3.
Refer to the diagram below. Based on the information illustrated
in this graph, which of the following is an accurate
statement?...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not likely earn an economic profit in the long run. shut down in the short run if price is less than average variable cost. all of the above. QUESTION 6 A monopolistic competitive firm is inefficient because the firm: earns positive economic profit in the long run. is producing at an output corresponding to the condition that marginal cost equals price. is not maximizing its...
10. Under conditions of monopolistic competition, a firm maximizes profits where a. MR equals AR b....
10. Under conditions of monopolistic competition, a firm maximizes profits where a. MR equals AR b. MR = AVC c. MR = ATC d. MR equals MC 12. The benefit your neighbor enjoys without charge when you landscape your yard is an example of a. how markets always achieve efficiency. b. a positive externality. c. how an externality has been internalized. d. a negative externality. 15. Which of the following is an example of a negative externality? a. emancipation park...
Why do negative externalities like pollution result in inefficiency? a. Because producers will receive an unequal distribution of profits. b. Because producers artificially restrict their supply. C. Because producers manufacture more goods than people can afford to buy. d. Because producers ignore the external costs they impose on third-parties.
MC ATC 0, MR Question 4. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. I Profits AVC Price and Cost (dollars) 17 Quantity (a) Case 1
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. I Price and Cost (dollars) -dz, MR AVC Quantity (c) Case 3
MC ATC S AVC MR P 0 0 Q Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates The predicted long run adjustments in this industry might be offset by a decline in product demand an increase in resource prices a technological improvement in production methods O entry of new firms into the industry O O O O P MC ATC D MR 0 Refer to the accompanying...
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...
help. agricultural economic
2. Use the following graph to answer the following questions: P/ MC ATC /AVC MR 20 2528 50 a. What price is charged by the monopol order to maximize profits? b. Calculate the total revenue accruing to the mo- nopolist at the profit-maximizing output. C. Calculate the total cost to the monopolist at the profit-maximizing output. d. Calculate the profit for the monopolist. e. Calculate the total variable and fixed costs of the monopolist at the profit-maximizing...
Recall that in perfect competition a firm’s demand curve is a
horizontal line drawn at the market price level and that P=MR. With
this in mind, based on the figure below, total costs are:
Group of answer choices
$720
$660
$576
$432
2.
Refer to the graph below. Total profit is:
Groupof answer choices
$243
$144
$288
$132
3.
Refer to the diagram below. Based on the information illustrated
in this graph, which of the following is an accurate
statement?...
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