Homework Answers
Total revenue = Price*Quantity = 50*16 = 800
Average revenue = TR/Q = 800/50 = 16
Marginal Revenue = AR = 16
Add Answer to:
A firm operating in a perfectly competitive market faces a market price of $16. Below is...
In a perfectly competitive market, the price that the firm faces from supply and demand is...
In a perfectly competitive market, the price that the firm faces from supply and demand is also equal to: a. average variable cost. b. marginal revenue and average revenue. c. average revenue but never marginal revenue. d. long run average cost in the short run.
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit,...
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output level of 1 comma 800 1,800 units. If the firm produces 1 comma 800 1,800 units, its average variable costs equal $ 7.00 7.00 per unit, and its average fixed costs equal $ 1.00 1.00 per unit. What is the firm's profit-maximizing (or...
the firm faces a constant price (P) of $60 A firm in a perfectly competitive market...
the
firm faces a constant price (P) of $60
A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 + 69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Total Cost Marginal Marginal Cost Revenue Total Revenue 0 Average Total Cost Average Variable Cost Output 0 Profit 3 XXX XXX 1 2 7 9 10 10 20 30 3 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 90 9 52 10 68...
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
A price-taking firm in a perfectly competitive market faces a market price of $4. The firm's...
A price-taking firm in a perfectly competitive market faces a market price of $4. The firm's marginal cost function is MC(Q) = 2 + aQ, where "a" is a positive number. As "a" increases, the firm's profit-maximizing quantity increases, decreases, or does not change?
The table below represents the output and cost structure for a firm. The market is perfectly...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Output Total Cost Total Revenue Profit Marginal Cost Marginal Revenue Averrage Total Cost Average Variable Cost 0 3 0 1 7 10 2 9 20 3 10 30 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 9 52 90 10 68 100 ...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is perfectly vertical. maybe downward or upward sloping, depending upon the type of product offered for sale. In the short run, the best policy for a perfectly competitive firm is to Question 17 options: shut down its operation if the price ever falls below average total cost. produce and sell its product as long as price is greater than average variable cost. shut down its...
Suppose that a firm in a perfectly competitive market faces the following prices and costs: Price...
Suppose that a firm in a perfectly competitive market faces the following prices and costs: Price Quantity Total Cost $6 p $$4 $6 1 $6 $6 2 $9 $6 $13 $6 $18 $6 IS $24 $6 16 $3 Marginal revenue equals marginal cost when the firm produces 5 units. 4 units. 2 units. 3 units. Which of the following is correct? In the short run, FC can decrease with less output. In the short run, FC can decrease with more...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions:...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions: TR = 10Q TC = 2 + 2Q + Q2 MC = 2 + 2Q At the level of output maximizing profit , the above firm's level of economic profit is A) $0 B) $4 C) $6 D) $8 *Additional information after I did the math: The price this firm charges for its product is $10, the level of output maximizing profit is 4...
the
firm faces a constant price (P) of $60
A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 + 69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this...
The table below represents the output and cost structure for a firm. The market is perfectly competitive, and the market price is $10. Total costs include all implicit opportunity costs. Total Cost Marginal Marginal Cost Revenue Total Revenue 0 Average Total Cost Average Variable Cost Output 0 Profit 3 XXX XXX 1 2 7 9 10 10 20 30 3 4 12 40 5 16 50 6 22 60 7 30 70 8 40 80 90 9 52 10 68...
The table below represents the output and cost structure for a
firm. The market is perfectly competitive, and the market price is
$10. Total costs include all implicit opportunity costs.
Calculate the firm’s profit at each rate of output and fill in
the values in the table.
Calculate firm's marginal cost and marginal revenue at each
rate of output and fill in the values in the table.
Calculate the firm’s average total costs and average variable
costs at each rate...
Suppose that a firm in a perfectly competitive market faces the following prices and costs: Price Quantity Total Cost $6 p $$4 $6 1 $6 $6 2 $9 $6 $13 $6 $18 $6 IS $24 $6 16 $3 Marginal revenue equals marginal cost when the firm produces 5 units. 4 units. 2 units. 3 units. Which of the following is correct? In the short run, FC can decrease with less output. In the short run, FC can decrease with more...
Most questions answered within 3 hours.
-
A local
electronic company primarily manufactures four highly technical
telecommunication products. Each product must be processed...
asked 17 minutes ago -
•Describe the basic structure of collagen monomers •Explain how
amino acid composition of collagen contributes to...
asked 1 hour ago -
Compute the sample correlation coefficient
r for each of the following data sets.
(Use 3 decimal...
asked 2 hours ago -
5a. What are the advantages and disadvantages of Proxy ARP?
b. What is the TTL field...
asked 2 hours ago -
An ice cube (density = 900[kg/m3]) with a side length of
2.54[cm] is held by a...
asked 4 hours ago -
would you say that leaders in the international context are born
or made? That is, can...
asked 4 hours ago -
Instructions
Read the Digital Trends article "Solid state drives are speedier
than hard disk drives. Are...
asked 4 hours ago -
A multiple-choice test consists of 29 questions with possible
answers of a, b, c, d. Estimate...
asked 4 hours ago -
Question 1: Ethanol is the active ingredient of alcoholic
beverages. It is also s a possible...
asked 4 hours ago -
In the process of a simple distillation, the substances in the
still head tube are in...
asked 4 hours ago -
In a normal distribution with mean 3 and standard deviation of
7, what are the upper...
asked 4 hours ago -
A big block stone with mass M explodes and splits in two pieces
with mass 0.40M...
asked 5 hours ago