Homework Answers
17. A firm in a perfectly competitive market maximises profit when it finds the quantity at which total revenue equals total cost.
The firm is in equilibrium when it produces a quantity where total revenue equals total cost. At this point, the TR curve intersects the TC curve.
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number 17? idk it pls help
o the change in total revenue. the market price price...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost|...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost| | 4 90 360 300 6 80 480 420 8 70 560 560 10 60 720 50 600 600 560 12 14 900 40 1100 What is marginal revenue when quantity is 10? What is marginal cost when quantity is 12? If this firm is a monopoly, at what quantity will profit be maximized? quantity: 6 If this is a perfectly competitive market, which...
Table 2 Shows Media Cable’s demand table, total revenue, and marginal revenue at each price. Why,...
Table 2 Shows Media Cable’s demand table, total revenue, and marginal revenue at each price. Why, at any price lower than $130, is the marginal revenue from an additional sale less than the price? Table 2 Price Amount Demanded Total Revenue Marginal Revenue $160 0 $0 n/a $130 90 $11,700 $130.00 $100 200 $20,000 $75.45 $80 350 $28,000 $53.33 $40 600 $24,000 -$16.00 $0 850 $0 -$96 .00 Question 5 options: a) Lowering the price means that Media Cable lowers...
uestion 36 (1 point) The accompanying table represents the quantity produced, the total revenue, and the...
uestion 36 (1 point) The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a perfectly competitive market. Refer to this table to answer the following questions. Quantity Total Revenue Total Cost $0 $5 $10 $15 $20 $3 $5 $9 $13 Profits are maximized when producing units). o (zero) 2 3 4
QUESTION 7 For a perfectly competitive firm, at profit maximization market price exceeds marginal cost. total...
QUESTION 7 For a perfectly competitive firm, at profit maximization market price exceeds marginal cost. total revenue is maximized. marginal revenue equals marginal cost. O production must occur where average cost is minimized.
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
QUESTION 9 What type of firms are in a perfectly competitive market? O Price-takers O Price-searcher...
QUESTION 9 What type of firms are in a perfectly competitive market? O Price-takers O Price-searcher Quantity-taker O Cost-maximizer QUESTION 10 When is welfare (or total surplus) maximized? O When all consumers who value chocolate are able to buy chocolate. O When the total net gain to producers is minimized. O When the market is in equilibrium. O When all producers are able to sell their chocolate.
a firm in perfectly competitive market sells all its products Q at constant price p (1)A...
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...
Question 6 Marginal revenue is the change in total revenue divided by the change in total...
Question 6 Marginal revenue is the change in total revenue divided by the change in total cost. O cost when the firm produces additional units O revenue when the firm spends more money. O revenue when the firm produces additional units. O cost divided by the change in total revenue. Question 48 2 pts Which of the following market structures describes an industry in which all firms produce differentiated output and there are few barriers to entry O a cartel...
need help with all of them Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
1. A firm can adjust along two spectrums: price, and quantity supplied. Describe how the firms...
1. A firm can adjust along two spectrums: price, and quantity supplied. Describe how the firms below would be affected if they made the assigned adjustments. a. Perfect competition, increase in price b. Monopolistic competition, increase in price c. Oligopoly, decrease in price d. Monopoly, increase in quantity supplied, such that it is above equilibrium 2. Solve the Prisoner's Dilemma 3. Illustrate the interaction between long run average cost and demand for a monopoly with economies of scale. 4. Draw...
Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost| | 4 90 360 300 6 80 480 420 8 70 560 560 10 60 720 50 600 600 560 12 14 900 40 1100 What is marginal revenue when quantity is 10? What is marginal cost when quantity is 12? If this firm is a monopoly, at what quantity will profit be maximized? quantity: 6 If this is a perfectly competitive market, which...
uestion 36 (1 point) The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a perfectly competitive market. Refer to this table to answer the following questions. Quantity Total Revenue Total Cost $0 $5 $10 $15 $20 $3 $5 $9 $13 Profits are maximized when producing units). o (zero) 2 3 4
QUESTION 7 For a perfectly competitive firm, at profit maximization market price exceeds marginal cost. total revenue is maximized. marginal revenue equals marginal cost. O production must occur where average cost is minimized.
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
QUESTION 9 What type of firms are in a perfectly competitive market? O Price-takers O Price-searcher Quantity-taker O Cost-maximizer QUESTION 10 When is welfare (or total surplus) maximized? O When all consumers who value chocolate are able to buy chocolate. O When the total net gain to producers is minimized. O When the market is in equilibrium. O When all producers are able to sell their chocolate.
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...
Question 6 Marginal revenue is the change in total revenue divided by the change in total cost. O cost when the firm produces additional units O revenue when the firm spends more money. O revenue when the firm produces additional units. O cost divided by the change in total revenue. Question 48 2 pts Which of the following market structures describes an industry in which all firms produce differentiated output and there are few barriers to entry O a cartel...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
1. A firm can adjust along two spectrums: price, and quantity supplied. Describe how the firms below would be affected if they made the assigned adjustments. a. Perfect competition, increase in price b. Monopolistic competition, increase in price c. Oligopoly, decrease in price d. Monopoly, increase in quantity supplied, such that it is above equilibrium 2. Solve the Prisoner's Dilemma 3. Illustrate the interaction between long run average cost and demand for a monopoly with economies of scale. 4. Draw...
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