(Market Structures – Perfect Competition)
Refer to the graph above. To maximize profit, this perfectly
competitive firm should produce:
Homework Answers
To maximize profit, this perfectly competitive firm should produce 50 units.
Explanation:
In a perfectly competitive market, a firm maximizes profit at point where P = MC. In the above figure the the price line or demand curve intersects at the point C. The profit maximizing quantity is determined as 50 units.
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(Market Structures – Perfect Competition)
Refer to the graph above. To maximize profit, this perfectly
competitive...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total...
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Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price...
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TU) UdlIT IS. In a perfectly competitive market: each firm produces a unique product and chooses a price that maximize...
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I just need help with comparing monopoly to perfect competition, which statement are true Use the...
I just need help with comparing monopoly to perfect
competition, which statement are true
Use the cost and revenue data to answer the questions. Price 90 80 Quantity 15 30 45 60 75 70 Total revenue 1350 2400 3150 3600 3750 3600 Total cost 900 1500 2250 3150 4200 5400 60 50 9040 If the firm is a monopoly, what is marginal revenue when quantity is 30? MR = $ 70 What is marginal cost when quantity is 60? MC...
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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. $56,000 economic profit this year. ATC AVC - 01 02 03...
Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 25 cents, then this firm should: 0.35 Marginal Cost 0.30 0.25 Price ($/doughnut) Average Total Cost 0.15 0.05 O 0 10 80 90 20 30 40 50 60 70 Quantity (doughnuts/day) Multiple Choice shut down. produce 90 doughnuts. produce 80 doughnuts. produce 50 doughnuts.
TU) UdlIT IS. In a perfectly competitive market: each firm produces a unique product and chooses a price that maximize there are very few firms, and each controls a large segment of the market. entry into the industry is restricted in the long run. there are many relatively small firms, and each firm is a price-taker. c. t If a firm is a price-taker, it: sells its product at the price determined by the market. sells its product at the...
I just need help with comparing monopoly to perfect
competition, which statement are true
Use the cost and revenue data to answer the questions. Price 90 80 Quantity 15 30 45 60 75 70 Total revenue 1350 2400 3150 3600 3750 3600 Total cost 900 1500 2250 3150 4200 5400 60 50 9040 If the firm is a monopoly, what is marginal revenue when quantity is 30? MR = $ 70 What is marginal cost when quantity is 60? MC...
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...
Discuss the four characteristics of perfect competition demand curve of a perfectly competitive firm is horizontal? price? B) Want to lower your price? Explain why or why not. change when market price changes? Explain. 3. A. B.Explain which of the four characteristics is primarily responsible for the fact that the C. If you owned a firm in a perfectly competitive market would you: A) Want to raise your D.Draw the demand curve for a firm under perfect competition. Would the...
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14. (Perfect Competition) Apples are produced in a perfectly competitive industry. As- sume that there are 100 identical firms in this industry. Below are graphs for the market supply and demand as well as the cost curves of these firms 6 MC ATC AVC 2 0 0 0 100 200 300 400 500 600 0 1 23 4 5 6 Q(kg) q(kg) (a) Draw the market supply curve for apples (b) What are the market price and quantity for apples?...
Question 36 (1 point) To maximize profit, firms in a perfectly competitive market should produce where: Omarginal revenue and marginal cost are equal. marginal revenue and average revenue are equal. average cost is at its minimum. Omarginal revenue and market price are equal.
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