Homework Answers
ANswer
Option 3
Produce 80 doughnuts
The firm produces at MC=P to maximize profit and at MC=P
Q=80 units from the graph.
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Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price...
(Market Structures – Perfect Competition) Refer to the graph above. To maximize profit, this perfectly competitive...
(Market Structures – Perfect Competition)
Refer to the graph above. To maximize profit, this perfectly
competitive firm should produce:
marginal cost Price, cost - demand $3.00 $2.00 $0.00 L 0 10 20 30 40 50 60 70 Quantity (Market Structures - Perfect Competition) Refer to the graph above. To maximize profit, this perfectly competitive firm should produce:
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
Please help with these questions Question 45 0.4 pts Refer to the accompanying figure to answer...
Please help with these questions
Question 45 0.4 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC Quantity If the price is $3, the firm is making a profit and will exit the market. O zero profits and the market is at long-run equilibrium. O a proft and more firms will enter the market. O a loss and will exit the market. a loss and more firms will enter the market. Question 46...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
The table below shows cost data for a firm that is selling in a purely competitive...
The table below shows cost data for a firm that is selling in a purely competitive market. Output 1 2 80 AFC AVC ATC $300 $100 $400 $100 150 75 225 50 1007017060 75 73 148 60 80 140 110 50 90 140 140 103 146 180 38 119 156 230 33 138171 290 30160190 360 Refer to the above table. If the market price for the firm's product is $50, the competitive firm will: Multiple Choice shut down Multiple...
5. Deriving the short-run supply curve Aa Aa Consider the perfectly competitive market for halogen ceiling...
5. Deriving the short-run supply curve Aa Aa Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS Dollars per lampl 100 MC 90 80 70 60 ATC AVC 50 40 30 20 10 0 4 8 12 16 20 24 28 32 36 40 QUANTITY OF OUTPUT (Thousands of lamps) For each price in...
1) A perfectly competitive firm sells 200 units at a market price of $40 per unit....
1) A perfectly competitive firm sells 200 units at a market price of $40 per unit. Its marginal cost is $50, and it incurs a variable cost of $10,000. To improve its profit or loss situation, this firm should ? a) shut down b) raise the price to $45 per unit c. reduce output but not to zero d. increase output sold to 300 units e. continue to produce the present level of output
4. Short-run profit maximization or loss minimization for a perfectly competitive firm Suppose that the market...
4. Short-run profit maximization or loss minimization for a perfectly competitive firm Suppose that the market for cashmere sweaters is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in this market. Profit or Loss PRICE AND COST (Dollars per sweater) 0 10 90 100 20 30 40 50 60 70 80 QUANTITY OF OUTPUT (Sweaters) In the short run, at a market price of $80 per sweater, this firm will choose to...
Use the accompanying graph, which shows the marginal cost and average total cost curves for the...
Use the accompanying graph, which shows the marginal cost and average total cost curves for the shoe store Zapateria, a perfectly competitive firm. Zapateria Shoe Store 100 MC 90 80 ATC 70- 60- Price 40 - 30 20- 10 0 O 100 200 400 500 600 Quantity pairs. a. If the market price of shoes is $70 a pair, Zapateria will produce will earn total profit equal to $
Assume the price of a product sold by a perfectly competitive firm is $5. Given the...
Assume the price of a product sold by a perfectly competitive firm is $5. Given the data in the accompanying table, at what output is total profit highest in the short run? Output Total cost $70 85 100 190 Multiple Choice O 40 units O 30 units
(Market Structures – Perfect Competition)
Refer to the graph above. To maximize profit, this perfectly
competitive firm should produce:
marginal cost Price, cost - demand $3.00 $2.00 $0.00 L 0 10 20 30 40 50 60 70 Quantity (Market Structures - Perfect Competition) Refer to the graph above. To maximize profit, this perfectly competitive firm should produce:
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
Please help with these questions
Question 45 0.4 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC Quantity If the price is $3, the firm is making a profit and will exit the market. O zero profits and the market is at long-run equilibrium. O a proft and more firms will enter the market. O a loss and will exit the market. a loss and more firms will enter the market. Question 46...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
The table below shows cost data for a firm that is selling in a purely competitive market. Output 1 2 80 AFC AVC ATC $300 $100 $400 $100 150 75 225 50 1007017060 75 73 148 60 80 140 110 50 90 140 140 103 146 180 38 119 156 230 33 138171 290 30160190 360 Refer to the above table. If the market price for the firm's product is $50, the competitive firm will: Multiple Choice shut down Multiple...
5. Deriving the short-run supply curve Aa Aa Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS Dollars per lampl 100 MC 90 80 70 60 ATC AVC 50 40 30 20 10 0 4 8 12 16 20 24 28 32 36 40 QUANTITY OF OUTPUT (Thousands of lamps) For each price in...
4. Short-run profit maximization or loss minimization for a perfectly competitive firm Suppose that the market for cashmere sweaters is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in this market. Profit or Loss PRICE AND COST (Dollars per sweater) 0 10 90 100 20 30 40 50 60 70 80 QUANTITY OF OUTPUT (Sweaters) In the short run, at a market price of $80 per sweater, this firm will choose to...
Use the accompanying graph, which shows the marginal cost and average total cost curves for the shoe store Zapateria, a perfectly competitive firm. Zapateria Shoe Store 100 MC 90 80 ATC 70- 60- Price 40 - 30 20- 10 0 O 100 200 400 500 600 Quantity pairs. a. If the market price of shoes is $70 a pair, Zapateria will produce will earn total profit equal to $
Assume the price of a product sold by a perfectly competitive firm is $5. Given the data in the accompanying table, at what output is total profit highest in the short run? Output Total cost $70 85 100 190 Multiple Choice O 40 units O 30 units
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