2.
Answer: $6,000
Since the firm is a price-taker, price would be equal to MC for maximizing profit. Therefore, price is $40 and its corresponding Q is 150 units.
Total revenue (TR) = P × Q
= $40 × 150
= $6,000
11.
Answer: 1st option
This means that the price is so low that it doesn’t cover atleast the minimum of average variable cost (AVC), since the price is lower than MC. Therefore, it is better to shut-down there.
23.
Answer: 1st option
The slope is constant that is equal to MR and price (P); TR = Price × Quantity.
In a perfectly competitive market, firms are price-taker but not price-setter. This indicates a fixed price in this market, where (AR = MR = D = P). Therefore, slope of TR can’t be increased in anyway.
26.
Answer: 2nd option
Required supply curve of the market would be the summation of MC curves of all firms in this market and it will be above the shut-down point. The shut-down point is the minimum of average variable cost of an individual firm.
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a firm in perfectly competitive market sells all its products
Q at constant price p
(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...
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UUS ment_id 1332651_1&course id=_1773666 1&content_ide43267378 18 stepenuh Question completion Status QUESTION 16 In the long run a firm will ext an industry if the market price is less than its break-even price shutdown price marginal cost fixed cost QUESTION 17 Different firms in a competitive industry will have differing shutdown they have different cost curves they are charging different prices they entered the indutry at different times they all have identical cost curves QUESTION 18 An industry's output is produced...