Homework Answers
Answer: Above P3
The firm will produce an economic profit if the prices are above P3.
As per the profit calculation, for a product to be profitable it's price must be higer than ATC.
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Refer to the diagram for a purely competitive producer. The firm will produce with an economic...
Help with #8-11 please. For questions 8-11, refer to this diagram for 2 purely competitive producer....
Help with #8-11 please.
For questions 8-11, refer to this diagram for 2 purely competitive producer. ATC AVC 8. The lowest price at which the firm should produce (as opposed to shutting down) is: A.P. B. P2 C.P. D. P. 9. The firm will produce at a loss at all prices: A. Above P2. B. Above P3. C. Above P. D. Between P2 and Ps. 10. If product price is P3: A. The firm will maximize profit at point d....
Help with #12-14 please. For questions 12-14, refer to this diagram for a purely competitive producer. Dollars ATC A...
Help with #12-14 please.
For questions 12-14, refer to this diagram for a purely competitive producer. Dollars ATC AVC Demand -MR в с Quantity 12. This firm's profit maximizing point is point_ 13. Based on the profit maximizing point this firm should produce Q_ 14. This firm is experiencing: PROFIT O LOSS and sell at price $_ Or BREAK-EVEN
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...
The table shows cost data of a purely competitive firm. Use this data to determine if...
The table shows cost data of a purely competitive firm. Use this data to determine if each statement is true or false. Assume that any losses that the firm may earn are temporary. If the market price is $200, then the breakeven point is at 200 units of output. If the market price is $160, then the firm will shutdown. If the market price is $182, then the firm will produce and earn a negative economic profit. If the price...
The table shows cost data of a purely competitive firm. Use this data to determine if...
The table shows cost data of a purely competitive firm. Use this data to determine if each statement is true or false. Assume that any losses that the firm may earn are temporary. If the market price is $200, then the breakeven point is at 200 units of output. If the market price is $160, then the firm will shutdown. If the market price is $182, then the firm will produce and earn a negative economic profit. If the price...
Saved Refer to the diagrams. In diagram (B) the profit maximizing quantity is Multiple Choice and...
Saved Refer to the diagrams. In diagram (B) the profit maximizing quantity is Multiple Choice and the profit maximizing price ist and the profit maximizing price is e and the profit maximizing price is e < Prev 6 of 2518 Nexo> MacBook Air Refer to the diagrams. In diagram (B) the profit-maximizing quantity is Multiple Choice o 9. and the profit-maximizing price is f 0 g, and the profit maximizing price is e. h, and the profit-maximizing price is e....
Quantity (units per dayl Q.2) The table shows cost data for a purely competitive producer. QuantityTotal...
Quantity (units per dayl Q.2) The table shows cost data for a purely competitive producer. QuantityTotal cost, TC (units per (dollars per hour) hour) 25 35 50 70 95 125 2.1) If a market price is $21, a) what will be the profit-maximizing or loss-minimizing output? and b) what economic profit or loss will the firm have per unit of output? 2.2) According to 2.1), is the firm in long-run equilibrium? Please briefly explain.
The demand curve in a market with a purely competitive industry is while the demand curve...
The demand curve in a market with a purely competitive industry is while the demand curve to a single firm in that industry is Multiple Choice o perfectly elastic downloping O perfectly school o downloping, vertical < Prev 3 of 25 Next >
Assume that the cost data in the following table are for a purely competitive producer:
Assume that the cost data in the following table are for a purely competitive producer: TotalProductAverageFixed CostAverageVariable CostAverageTotal CostMarginal Cost01$60.00$45.00$105.00$45.00230.00 42.50 72.5040.00320.00 40.00 60.0035.00415.00 37.50 52.5030.00512.00 37.00 49.0035.00610.00 37.50 47.5040.0078.57 38.57 47.1445.008 7.50 40.63 48.1355.009 6.67 43.33 50.0065.0010 6.00 46.50 52.5075.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $66.00 (i) Will this firm produce in the short run? (Click to select) No Yes (ii) If it is preferable to produce, what...
2. If a firm faces a downward-sloping demand curve, then: a. the firm could be either...
2. If a firm faces a downward-sloping demand curve,
then:
a. the firm could be either a perfectly competitive firm or an
imperfectly firm.
b. the firm’s marginal revenue from selling an additional unit
of output is less than price.
c. it is a perfectly competitive firm.
d. the firm’s production process exhibits economies of
scale.
3,
Refer to the figure below. Price εκ Ο Q2 Q3 Q3 Quantity When the market is unregulated, producer surplus is represented by the...
Help with #8-11 please.
For questions 8-11, refer to this diagram for 2 purely competitive producer. ATC AVC 8. The lowest price at which the firm should produce (as opposed to shutting down) is: A.P. B. P2 C.P. D. P. 9. The firm will produce at a loss at all prices: A. Above P2. B. Above P3. C. Above P. D. Between P2 and Ps. 10. If product price is P3: A. The firm will maximize profit at point d....
Help with #12-14 please.
For questions 12-14, refer to this diagram for a purely competitive producer. Dollars ATC AVC Demand -MR в с Quantity 12. This firm's profit maximizing point is point_ 13. Based on the profit maximizing point this firm should produce Q_ 14. This firm is experiencing: PROFIT O LOSS and sell at price $_ Or BREAK-EVEN
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...
The table shows cost data of a purely competitive firm. Use this data to determine if each statement is true or false. Assume that any losses that the firm may earn are temporary. If the market price is $200, then the breakeven point is at 200 units of output. If the market price is $160, then the firm will shutdown. If the market price is $182, then the firm will produce and earn a negative economic profit. If the price...
The table shows cost data of a purely competitive firm. Use this data to determine if each statement is true or false. Assume that any losses that the firm may earn are temporary. If the market price is $200, then the breakeven point is at 200 units of output. If the market price is $160, then the firm will shutdown. If the market price is $182, then the firm will produce and earn a negative economic profit. If the price...
Saved Refer to the diagrams. In diagram (B) the profit maximizing quantity is Multiple Choice and the profit maximizing price ist and the profit maximizing price is e and the profit maximizing price is e < Prev 6 of 2518 Nexo> MacBook Air Refer to the diagrams. In diagram (B) the profit-maximizing quantity is Multiple Choice o 9. and the profit-maximizing price is f 0 g, and the profit maximizing price is e. h, and the profit-maximizing price is e....
Quantity (units per dayl Q.2) The table shows cost data for a purely competitive producer. QuantityTotal cost, TC (units per (dollars per hour) hour) 25 35 50 70 95 125 2.1) If a market price is $21, a) what will be the profit-maximizing or loss-minimizing output? and b) what economic profit or loss will the firm have per unit of output? 2.2) According to 2.1), is the firm in long-run equilibrium? Please briefly explain.
The demand curve in a market with a purely competitive industry is while the demand curve to a single firm in that industry is Multiple Choice o perfectly elastic downloping O perfectly school o downloping, vertical < Prev 3 of 25 Next >
2. If a firm faces a downward-sloping demand curve,
then:
a. the firm could be either a perfectly competitive firm or an
imperfectly firm.
b. the firm’s marginal revenue from selling an additional unit
of output is less than price.
c. it is a perfectly competitive firm.
d. the firm’s production process exhibits economies of
scale.
3,
Refer to the figure below. Price εκ Ο Q2 Q3 Q3 Quantity When the market is unregulated, producer surplus is represented by the...
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