Homework Answers
Answer
Option 2
Marginal cost curve
The firm maximizes profit at a marginal cost equal to price as the
firm is a price taker so the marginal revenue and price are equal
so the marginal profit is zero when MC=P where the firm maximizes
profit.
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Question 38 2 pts For any given price, a firm in a...
Plz help me fill the the AVC row in this chart. also can you tell me...
Plz help me fill the the AVC row in this chart. also can you
tell me what’s suppose to be hightlighted for question 7? And
explain question 8 to me?
The talde below represents the output and cost structure for a tim. The market is perfectly petitive, and the market price is $10. Total costs include all implicit opportunity costs y Marginal Maral Cost Revenue Total Average Total Cost Average Variable Cost een Profi 1. Calculate the firm's profit at...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive...
1.) What is the main difference between a competitive firm and a monopoly? a. A competitive firm owns a key resource, but a monopoly firm does not. b. A competitive firm is a price taker, and a monopoly is a price maker. c. A competitive firm produces output at a lower cost than a monopoly firm. d. A competitive firm is subject to government regulations, but a monopoly firm is not. 2.) What is the main social problem caused by...
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...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Question 38 1.66 pts Holding all else constant, an increase in the market demand for a...
Question 38 1.66 pts Holding all else constant, an increase in the market demand for a product in a competitive market would cause a decrease in profits for a firm. the average total cost (ATC) curve of the firms to increase. the marginal revenue (MR) curve of the firms to increase. a decrease in the price a firm could charge for the product. the marginal cost (MC) curve of the firms to increase.
Can you please help me with #8? 8. In the figure that follows, we see a...
Can you please help me with #8?
8. In the figure that follows, we see a hypothetical oligopoly firm choosing between maximizing profit and maximizing sales. Answer the questions below about that firm. a. If the oligopoly seeks to maximize profits, what will be its (1) price, (2) output, and (3) total (economic) profit? b. If the oligopoly seeks to maximize sales, what will be its (1) price, (2) output, and (3) total (economic) profit? Marginal Cost Average Cost Price,...
Question 9 0/1 pts To maximize profit, a monopolistically competitive firm will produce where marginal revenue...
Question 9 0/1 pts To maximize profit, a monopolistically competitive firm will produce where marginal revenue equals price. price equals marginal cost. marginal revenue equals marginal cost. price equals average total cost.
Incorrect Question 2 0/5 pts Assume that a firm is operating in a perfectly competitive market...
Incorrect Question 2 0/5 pts Assume that a firm is operating in a perfectly competitive market at its shut-down level of output. Which of the following statements is false? Marginal cost and average revenue are equal Marginal cost and average variable cost are equal Marginal cost and marginal revenue are eque none of the options
23. A competitive firm can sell its product for a price of $3 in the market...
23. A competitive firm can sell its product for a price of $3 in the market (there is a reason the word competitive is underlined and in bold!). Total costs are given below. Fill in the following columns in the table: price, total revenue, marginal revenue, marginal costs, variable costs, fixed costs, profit, and average total cost. (Hint if you get stuck: what are variable costs at a quantity of 0? Therefore, what are fixed costs?). Quantity Price TR MR ...
can you do question #2 1. Find the inflection point(s) for the function used in the inflation tax application M S =...
can you do question #2
1. Find the inflection point(s) for the function used in the inflation tax application M S = = me-(+)+aY 2. In the model of perfect competition, all firms are price-takers since they treat price as a market-determined constant. Firm Perfcomp's total revenue function is TR(9) = P Q, in which Pequals the output price. Assume that P = 12 and the total cost function TC(Q) = Q - 4.592 + 18Q - 7. (a) Determine...
Plz help me fill the the AVC row in this chart. also can you
tell me what’s suppose to be hightlighted for question 7? And
explain question 8 to me?
The talde below represents the output and cost structure for a tim. The market is perfectly petitive, and the market price is $10. Total costs include all implicit opportunity costs y Marginal Maral Cost Revenue Total Average Total Cost Average Variable Cost een Profi 1. Calculate the firm's profit at...
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...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
Question 38 1.66 pts Holding all else constant, an increase in the market demand for a product in a competitive market would cause a decrease in profits for a firm. the average total cost (ATC) curve of the firms to increase. the marginal revenue (MR) curve of the firms to increase. a decrease in the price a firm could charge for the product. the marginal cost (MC) curve of the firms to increase.
Can you please help me with #8?
8. In the figure that follows, we see a hypothetical oligopoly firm choosing between maximizing profit and maximizing sales. Answer the questions below about that firm. a. If the oligopoly seeks to maximize profits, what will be its (1) price, (2) output, and (3) total (economic) profit? b. If the oligopoly seeks to maximize sales, what will be its (1) price, (2) output, and (3) total (economic) profit? Marginal Cost Average Cost Price,...
Question 9 0/1 pts To maximize profit, a monopolistically competitive firm will produce where marginal revenue equals price. price equals marginal cost. marginal revenue equals marginal cost. price equals average total cost.
Incorrect Question 2 0/5 pts Assume that a firm is operating in a perfectly competitive market at its shut-down level of output. Which of the following statements is false? Marginal cost and average revenue are equal Marginal cost and average variable cost are equal Marginal cost and marginal revenue are eque none of the options
can you do question #2
1. Find the inflection point(s) for the function used in the inflation tax application M S = = me-(+)+aY 2. In the model of perfect competition, all firms are price-takers since they treat price as a market-determined constant. Firm Perfcomp's total revenue function is TR(9) = P Q, in which Pequals the output price. Assume that P = 12 and the total cost function TC(Q) = Q - 4.592 + 18Q - 7. (a) Determine...
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