Can you please explain how to arrive at the answer? Thank you.
Homework Answers
Option (a) $3.
In the short run, the firm can operate without producing any quantity at all, that is, it can produce 0 quantity because it still has to bear the fixed cost of production.
Fixed costs are the expenses which has to be incurred irrespective of any business activities by the firm. So, the costs that the firm is spending when there is no production is the fixed cost which is $3 in this case. So, this is the lowest price at which this firm would operate in the short run.
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Can you please explain how to arrive at the answer? Thank
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Table 14-15 Quantity Total...
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total...
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total Marginal Revenue Revenue $0 $80 $50 $102 a wo $157 $217 $80 Ca W NA $285 $365 $80 $462 $80 $582 Refer to Table 14-12. What is the total revenue from selling 4 units? $320 5137 $480 $80 Question 3 Refer to Table 14-12 (above in Q2). What is the average revenue when 4 units are sold? $0 $68 $400 $80 Question 4 Refer...
31 of 50 (36 complete) This Question: 1 pt Suppose that the distribution of sales within an industry is as shown in the following table: Share of Total Market Sales 15 14 12 Firm 10 10 13 100% All ot...
31 of 50 (36 complete) This Question: 1 pt Suppose that the distribution of sales within an industry is as shown in the following table: Share of Total Market Sales 15 14 12 Firm 10 10 13 100% All others Total There are 13 "All others" in the industry in the above table, each of which has a share of sales equal to 1 percent. The value of the Herfindahl-Hirschman Index for this industry isEnter your response as a whole...
CAN YOU PLEASE EXPLAIN HWO YOU GOT EVERYTHING FOR THE GRAPH AND DISREGUARD WHATS WRITTEN IN PENCI...
CAN YOU PLEASE EXPLAIN HWO YOU GOT EVERYTHING FOR THE GRAPH AND
DISREGUARD WHATS WRITTEN IN PENCIL THANK YOU
24. A perfectly competitive industry is composed of 200 identical firms. Each firm has the following cost schedules: q TC VC FC ATC AVC MC 10 20 IS 6.6 z0 10 20 30 50 80 120 170 4 28.3 a) Complete the preceding Table. b) Assuming that the market price is p 30, what is the quantity produced by each firm...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
17. Answer parts (a)–(e): Assume fixed cost of $20 and a price of $15. Table 3...
17. Answer parts (a)–(e):
Assume fixed cost of $20 and a price of $15.
Table 3
Fill in Table 3.
On a piece of graph paper draw the demand, marginal revenue,
marginal cost, average variable cost, and average total cost
curves. Label the shut-down and break-even points, and the
short-run and long-run supply curves.
Answer each of these questions:
(1) In the short run, the lowest price
the firm would accept would be $ _____.
(2) In...
Please explain in details with step-by-step solution, Thank you very much d) Consider a perfectly competitive...
Please explain in details with step-by-step solution, Thank you
very much
d) Consider a perfectly competitive market with a market demand curve that is given by the equation P 2000-2. A representative firm in this market has a total cost curve given by the equation TC 121 64q+ and a marginal cost curve given by MC- 642g. O is the market quantity and q is the firm quantity. Suppose the short-run price (P) in this market is S100 i) What...
please I need it urgent thank mlppe07t48.028: Not Ansavered Table 7-17 14 O Quantity Quantity Price...
please I need it urgent thank
mlppe07t48.028: Not Ansavered Table 7-17 14 O Quantity Quantity Price Demanded Supplied 36 30 24 18 12 $12.00 170 s 6.00 S 4,00 s 2.00 S 0.00 12 19. O 20.0 21. O Refer to Table 7-17. Both the demand curve and the supply curve are straight lines. At equilibriam. consumer surplus is 8.$48.
TABLE 8.3 Measuring Costs Quantity (Q-Big Macs Total Cost TVC Average VariableAverage produced pe...
first picture is the table second one is the question
TABLE 8.3 Measuring Costs Quantity (Q-Big Macs Total Cost TVC Average VariableAverage produced perVariable Total Fixed Cost TFC AverageMarginal hour) Abbreviation: Total Cost Cost Fixed Cost Total Cost AVC AFC ATC Formula: $0.00 $100.00 $100.00 30.00 一 130,00 $.00 $10.00 13.00 100.00 5000 100.00 65.00 100.00 77.00100.00 20 30 5.00 3.33 2.17 1.93 1.74 165.00 177.00 187.00174 200.001.67 220.001.71 260.00 320.00 2.44 400.00 3.00 1.00 1.30 2.00 87.00 100.00 100.00...
please make sure you answer all the questions, thank you 9. Regulating a natural monopoly Consider...
please make sure you answer all the questions, thank you
9. Regulating a natural monopoly Consider the local telephone company, a natural monopoly. The following araph shows the monthly demand curve for phone services and the company's marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves 100 90 80 70 60 50 40 ATC MO 30 20 10 MRI I 20 16 18 4 6 810 12 14 2 QUANTITY (Thousands of subscriptions) PRICE (Dollars per sub...
please I need this now thank you Use the table below to answer problems 14 and...
please I need this now thank you
Use the table below to answer problems 14 and 15 Price Demand Supply 2 5 8 11 14 18 14 9 5 3 0 5 9 14 18 14. Explain how the equilibrium market price is determined with the help of demand and supply curves (3 pts.). 15. Write the equilibrium market price, the equilibrium market demand, and the equilibrium market supply (4 pts.). 16. What are the determinants of demand (2 pts.)?...
Table 14-12 Bill's Birdhouses COSTS REVENUES Quantity Total Produced Cost Marginal Quantity Cost Demanded Price Total Marginal Revenue Revenue $0 $80 $50 $102 a wo $157 $217 $80 Ca W NA $285 $365 $80 $462 $80 $582 Refer to Table 14-12. What is the total revenue from selling 4 units? $320 5137 $480 $80 Question 3 Refer to Table 14-12 (above in Q2). What is the average revenue when 4 units are sold? $0 $68 $400 $80 Question 4 Refer...
31 of 50 (36 complete) This Question: 1 pt Suppose that the distribution of sales within an industry is as shown in the following table: Share of Total Market Sales 15 14 12 Firm 10 10 13 100% All others Total There are 13 "All others" in the industry in the above table, each of which has a share of sales equal to 1 percent. The value of the Herfindahl-Hirschman Index for this industry isEnter your response as a whole...
CAN YOU PLEASE EXPLAIN HWO YOU GOT EVERYTHING FOR THE GRAPH AND
DISREGUARD WHATS WRITTEN IN PENCIL THANK YOU
24. A perfectly competitive industry is composed of 200 identical firms. Each firm has the following cost schedules: q TC VC FC ATC AVC MC 10 20 IS 6.6 z0 10 20 30 50 80 120 170 4 28.3 a) Complete the preceding Table. b) Assuming that the market price is p 30, what is the quantity produced by each firm...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
17. Answer parts (a)–(e):
Assume fixed cost of $20 and a price of $15.
Table 3
Fill in Table 3.
On a piece of graph paper draw the demand, marginal revenue,
marginal cost, average variable cost, and average total cost
curves. Label the shut-down and break-even points, and the
short-run and long-run supply curves.
Answer each of these questions:
(1) In the short run, the lowest price
the firm would accept would be $ _____.
(2) In...
Please explain in details with step-by-step solution, Thank you
very much
d) Consider a perfectly competitive market with a market demand curve that is given by the equation P 2000-2. A representative firm in this market has a total cost curve given by the equation TC 121 64q+ and a marginal cost curve given by MC- 642g. O is the market quantity and q is the firm quantity. Suppose the short-run price (P) in this market is S100 i) What...
please I need it urgent thank
mlppe07t48.028: Not Ansavered Table 7-17 14 O Quantity Quantity Price Demanded Supplied 36 30 24 18 12 $12.00 170 s 6.00 S 4,00 s 2.00 S 0.00 12 19. O 20.0 21. O Refer to Table 7-17. Both the demand curve and the supply curve are straight lines. At equilibriam. consumer surplus is 8.$48.
first picture is the table second one is the question
TABLE 8.3 Measuring Costs Quantity (Q-Big Macs Total Cost TVC Average VariableAverage produced perVariable Total Fixed Cost TFC AverageMarginal hour) Abbreviation: Total Cost Cost Fixed Cost Total Cost AVC AFC ATC Formula: $0.00 $100.00 $100.00 30.00 一 130,00 $.00 $10.00 13.00 100.00 5000 100.00 65.00 100.00 77.00100.00 20 30 5.00 3.33 2.17 1.93 1.74 165.00 177.00 187.00174 200.001.67 220.001.71 260.00 320.00 2.44 400.00 3.00 1.00 1.30 2.00 87.00 100.00 100.00...
please make sure you answer all the questions, thank you
9. Regulating a natural monopoly Consider the local telephone company, a natural monopoly. The following araph shows the monthly demand curve for phone services and the company's marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves 100 90 80 70 60 50 40 ATC MO 30 20 10 MRI I 20 16 18 4 6 810 12 14 2 QUANTITY (Thousands of subscriptions) PRICE (Dollars per sub...
please I need this now thank you
Use the table below to answer problems 14 and 15 Price Demand Supply 2 5 8 11 14 18 14 9 5 3 0 5 9 14 18 14. Explain how the equilibrium market price is determined with the help of demand and supply curves (3 pts.). 15. Write the equilibrium market price, the equilibrium market demand, and the equilibrium market supply (4 pts.). 16. What are the determinants of demand (2 pts.)?...
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