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3) Suppose that a firm's average variable cost function is AVC(Q)=(Q-10)2+25 for all Q20. a) Find...
ATC AVC The figure above represents a firm's marginal cost, average variable cost, and average total...
ATC AVC The figure above represents a firm's marginal cost, average variable cost, and average total cost curves. The firm operates in a perfectly competitive market. Copy this figure into your assignment and indicate the firm's short-run market supply curve.
A firm has marginal costs given by MC=10+Q and average variable costs AVC= 10+Q/2 If fixed...
A firm has marginal costs given by MC=10+Q and average variable costs AVC= 10+Q/2 If fixed costs are $5000 and the market price is $100 find firm's maximum profit. Will the firm continue to operate in the short run? Explain.
2) Suppose that there are there are two different short run total cost curves that are...
2) Suppose that there are there are two different short run total cost curves that are available to a firm depending on the level of capital it selects, SRTC (Q=3Q for all Q20 and SRTC2(Q= 100+ for all Q20. a) Derive the long run total cost curve of this firm from this short run cost information. b) Find the long run marginal cost when Q=10 and the long run marginal cost when (-100. 10 pts
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
need help with 5 and 6 Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm...
need help with 5 and 6
Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm is given by MC=8q. 1) Find equations for variable cost, fixed cost, average total cost, average variable cost and average fixed cost for this firm. Illustrate on a graph the firm's average variable cost curve, average total cost curve, and marginal cost curve. 2) Find the outputs that minimize average total cost, average variable cost and average fixed cost. 3)...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q)...
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q) -3+2q. Assume that the market price of the firm's product is $9. i) What level of output will the firm produce? (2p) ii) What is the firm's producer surplus? (4p) ii) Suppose that the average variable cost of the firm is given by AVC(g)-3+q. Suppose that the firm's fixed costs are known to be $3. Will the firm be earning a positive, negative, or...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
2. (Figure 8.12) Curve ABCD is the firm's marginal cost (MC) curve. Curve FCH is the...
2. (Figure 8.12) Curve ABCD is the firm's marginal cost (MC) curve. Curve FCH is the firm's average cost (AC) curve. Curve EBG is the firm's average variable cost (AVC) curve. The perfectly competitive firm's short-run supply curve is represented by curve: Price (5) 10- E, B, C, and D. O B, C, and H O A, B, C, and D O B, C, and D
In the graph above, MC is the firm's marginal cost curve, ATC is the firm's average...
In the graph above, MC is the firm's marginal cost curve, ATC is
the firm's average total cost curve, and AVC is the firm's average
variable cost curve. If the firm faces a price between P1 and
P2:
the firm will stay open in both the short run and the long
run.
the firm will stay open in the short run but close in the long
run.
the firm will close in both the short and long run.
- -...
ATC AVC The figure above represents a firm's marginal cost, average variable cost, and average total cost curves. The firm operates in a perfectly competitive market. Copy this figure into your assignment and indicate the firm's short-run market supply curve.
2) Suppose that there are there are two different short run total cost curves that are available to a firm depending on the level of capital it selects, SRTC (Q=3Q for all Q20 and SRTC2(Q= 100+ for all Q20. a) Derive the long run total cost curve of this firm from this short run cost information. b) Find the long run marginal cost when Q=10 and the long run marginal cost when (-100. 10 pts
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
need help with 5 and 6
Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm is given by MC=8q. 1) Find equations for variable cost, fixed cost, average total cost, average variable cost and average fixed cost for this firm. Illustrate on a graph the firm's average variable cost curve, average total cost curve, and marginal cost curve. 2) Find the outputs that minimize average total cost, average variable cost and average fixed cost. 3)...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q) -3+2q. Assume that the market price of the firm's product is $9. i) What level of output will the firm produce? (2p) ii) What is the firm's producer surplus? (4p) ii) Suppose that the average variable cost of the firm is given by AVC(g)-3+q. Suppose that the firm's fixed costs are known to be $3. Will the firm be earning a positive, negative, or...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
2. (Figure 8.12) Curve ABCD is the firm's marginal cost (MC) curve. Curve FCH is the firm's average cost (AC) curve. Curve EBG is the firm's average variable cost (AVC) curve. The perfectly competitive firm's short-run supply curve is represented by curve: Price (5) 10- E, B, C, and D. O B, C, and H O A, B, C, and D O B, C, and D
In the graph above, MC is the firm's marginal cost curve, ATC is
the firm's average total cost curve, and AVC is the firm's average
variable cost curve. If the firm faces a price between P1 and
P2:
the firm will stay open in both the short run and the long
run.
the firm will stay open in the short run but close in the long
run.
the firm will close in both the short and long run.
- -...
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