Homework Answers
"A"
this firn will shut down because then the price will be less than the average variable cost, for a competitive firm the market the price and the marginal cost are the same.
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The table below shows cost data for a firm that is selling in a purely competitive...
4 Assume that a purely competitive firm has the schedule of the average and marginal costs...
4 Assume that a purely competitive firm has the schedule of the average and marginal costs given in the table below ------------------------------------------------------- OUTPUT AFC AVC ATC MC -------------------------------------------------------- 1 $300 $100 $400 $100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 --------------------------------------------------------- a. At a price of $68, the firm will produce _____...
AFC $300 150 100 75 AVC $100 75 70 73 T Outpuit 1 2 3 4...
AFC $300 150 100 75 AVC $100 75 70 73 T Outpuit 1 2 3 4 5 6 7 8 9 10 60 80 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 90 50 43 103 38 33 30 119 138 160 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's...
Assume that a purely competitive firm has the following schedule of average and marginal costs: Output...
Assume that a purely competitive firm has the following schedule of average and marginal costs: Output 1 AFC $300 150 100 No от во 60 50 43 38 33 30 AVC $100 75 70 73 80 90 103 119 138 160 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 9 10 e. At a price of $55, the firm would produce units of output. At a...
2. A perfectly competitive firm (price-taker) has the following schedule of average and marginal costs: Q...
2. A perfectly competitive firm (price-taker) has the following schedule of average and marginal costs: Q AFC AVC ATC MC 0 1 300 100 400 100 2 150 225 50 100 70 170 60 80 4 75 73 148 140 60 110 6 50 90 103 140 146 140 180 230 7 8 43 38 119 156 171 190 138 160 290 360 33 30 10 For each of the following market prices, determine the following: The profit maximizing output...
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing...
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing firm will: MC ATC // AVC Multiple Choice shut down. ο produce with short-run losses. O produce with long-run economic profits. ο produce with short-run economic profits.
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, Output 100 200 Total fixed cost $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 Total variable cost SO $18,000 $30,000 $46,000 $66,000 $92,000 300 400 500 If the market price is $160, then the firm will shut down. If the market price is $200, then the breakeven point is...
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 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...
Refer to the diagram for a purely competitive producer. The firm will produce with an economic...
Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all prices Multiple Choice above pas < Prev 6 of 25 ! Next > Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all price Multiple Choice ο above P3 ο above A ο below P2 ο between and < Prev 6 of 25 !! Next >
AFC $300 150 100 75 AVC $100 75 70 73 T Outpuit 1 2 3 4 5 6 7 8 9 10 60 80 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 90 50 43 103 38 33 30 119 138 160 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's...
Assume that a purely competitive firm has the following schedule of average and marginal costs: Output 1 AFC $300 150 100 No от во 60 50 43 38 33 30 AVC $100 75 70 73 80 90 103 119 138 160 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360 9 10 e. At a price of $55, the firm would produce units of output. At a...
2. A perfectly competitive firm (price-taker) has the following schedule of average and marginal costs: Q AFC AVC ATC MC 0 1 300 100 400 100 2 150 225 50 100 70 170 60 80 4 75 73 148 140 60 110 6 50 90 103 140 146 140 180 230 7 8 43 38 119 156 171 190 138 160 290 360 33 30 10 For each of the following market prices, determine the following: The profit maximizing output...
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing firm will: MC ATC // AVC Multiple Choice shut down. ο produce with short-run losses. O produce with long-run economic profits. ο produce with short-run economic profits.
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, Output 100 200 Total fixed cost $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 Total variable cost SO $18,000 $30,000 $46,000 $66,000 $92,000 300 400 500 If the market price is $160, then the firm will shut down. If the market price is $200, then the breakeven point is...
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...
Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all prices Multiple Choice above pas < Prev 6 of 25 ! Next > Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all price Multiple Choice ο above P3 ο above A ο below P2 ο between and < Prev 6 of 25 !! Next >
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