Homework Answers
The portion of marginal cost (MC) above the average variable cost (AVC) curve is the short-run supply curve.
The portion of marginal cost (MC) above the average total cost (ATC) curve is the long-run supply curve.
Therefore, segment CE represents the short-run supply curve.
Answer: Option (D)
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Question 27 Figure: Determining Short-Run Supply Curves Price and Cost (5) ATC AVC BLI 2 3...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 5 8 10 13 17 d) (3 points) At a market price of $11, what is the firm's short run profit max- imizing output? e) (3 points) At a market price of $11, is the firm earning positive, negative, or zero economic profit? f) (3 points) At a market price of $11, is the market in a long run equilibrium? Why of Why not?
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 1 1 1 ! сл 8 10 13 17 Q Use figure 2, which depicts the cost curves of a perfectly competitive firm to answer the following a)(3 points) When the market prices is $8, what is the firm's short run profit maximizing output? b) (3 points)At a market price of $8, is the firm earning positive, negative, or zero economic profit? c) (3...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 5 8 10 13 17 g) (3 points) Calculate the economic profit of this firm when the market price is $15
Use the following to answer questions 23-25: Figure: Determining Long-Run Adjustments ATC AVC Price and Cost...
Use the following to answer questions 23-25: Figure: Determining Long-Run Adjustments ATC AVC Price and Cost (S) 11 ! AFC 9 12 14 Output 23. (Figure: Determining Long-Run Adjustments) The figure depicts the cost curves for a firm in a perfectly competitive industry in the long run. If the market price is $36, how many units of output should this firm produce? A) 0 B) 9 C) 12 D) 14 24. (Figure: Determining Long-Run Adjustments) If the current price is...
Price, cost ATC AVC Quantity Based on the graph the supply curve for the perfectly competitive...
Price, cost ATC AVC Quantity Based on the graph the supply curve for the perfectly competitive firm depicted is most accurately represented by the segment: O O O O Price, cost Quantity Based on the graph above a perfectly competitive firm would never continue operations in short run if the price dropped to which segment of the marginal cost curve? O CE O AD O AC Осо
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.
Use the following to answer questions 11-13: Figure: Interpreting Short-Run Cost Curves ATC 1.2 AVC 1.0...
Use the following to answer questions 11-13: Figure: Interpreting Short-Run Cost Curves ATC 1.2 AVC 1.0 MC 0.8 0.6 0.4 0.2 0 0.2 0.4 0.6 0.8 1.0 1.2 Output 11. (Figure: Interpreting Short-Run Cost Curves) Using information from the figure equals $0.40, the firm should: A) stay open because it is making an economic profit B) stay open in the short run because it is operating at an economic loss C) stay open because it is making a normal profit....
The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost (ATC) curves for a firm in a competitive market. These curves imply a short-run supply curve that has two distinct parts. One part, not shown, lies along the
The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost (ATC) curves for a firm in a competitive market. These curves imply a short-run supply curve that has two distinct parts. One part, not shown, lies along the vertical axis (quantity = 0); this represents a condition of production shutdown. Where is the other part? Use the straight-line tool to draw it.
(Figure: Interpreting Short-Run Cost Curves) Given the information from the figure, if price equals $0.70, the...
(Figure: Interpreting Short-Run Cost Curves) Given the information from the figure, if price equals $0.70, the firm should: ATC 12 AVC 1.0-MC 0.8 0.6 0.4 0.2 04 1.2 06 Output 1.0 0.2 0.8 (s) 1900 pue eoud
Question 2 1,000 pts Refer to the accompanying figure. This firm's short-run supply curve is represented...
Question 2 1,000 pts Refer to the accompanying figure. This firm's short-run supply curve is represented by Price and Cost MC ATC AVC the: $20.00 $15.00 $9.00 Quantity O marginal cost (MC) curve about $15. O Average available cost (AVC) curve about $15. O average total cost (ATC) curve above $20 O marginal cost (MC) curve about $8.
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 5 8 10 13 17 d) (3 points) At a market price of $11, what is the firm's short run profit max- imizing output? e) (3 points) At a market price of $11, is the firm earning positive, negative, or zero economic profit? f) (3 points) At a market price of $11, is the market in a long run equilibrium? Why of Why not?
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 1 1 1 ! сл 8 10 13 17 Q Use figure 2, which depicts the cost curves of a perfectly competitive firm to answer the following a)(3 points) When the market prices is $8, what is the firm's short run profit maximizing output? b) (3 points)At a market price of $8, is the firm earning positive, negative, or zero economic profit? c) (3...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 5 8 10 13 17 g) (3 points) Calculate the economic profit of this firm when the market price is $15
Use the following to answer questions 23-25: Figure: Determining Long-Run Adjustments ATC AVC Price and Cost (S) 11 ! AFC 9 12 14 Output 23. (Figure: Determining Long-Run Adjustments) The figure depicts the cost curves for a firm in a perfectly competitive industry in the long run. If the market price is $36, how many units of output should this firm produce? A) 0 B) 9 C) 12 D) 14 24. (Figure: Determining Long-Run Adjustments) If the current price is...
Price, cost ATC AVC Quantity Based on the graph the supply curve for the perfectly competitive firm depicted is most accurately represented by the segment: O O O O Price, cost Quantity Based on the graph above a perfectly competitive firm would never continue operations in short run if the price dropped to which segment of the marginal cost curve? O CE O AD O AC Осо
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.
Use the following to answer questions 11-13: Figure: Interpreting Short-Run Cost Curves ATC 1.2 AVC 1.0 MC 0.8 0.6 0.4 0.2 0 0.2 0.4 0.6 0.8 1.0 1.2 Output 11. (Figure: Interpreting Short-Run Cost Curves) Using information from the figure equals $0.40, the firm should: A) stay open because it is making an economic profit B) stay open in the short run because it is operating at an economic loss C) stay open because it is making a normal profit....
(Figure: Interpreting Short-Run Cost Curves) Given the information from the figure, if price equals $0.70, the firm should: ATC 12 AVC 1.0-MC 0.8 0.6 0.4 0.2 04 1.2 06 Output 1.0 0.2 0.8 (s) 1900 pue eoud
Question 2 1,000 pts Refer to the accompanying figure. This firm's short-run supply curve is represented by Price and Cost MC ATC AVC the: $20.00 $15.00 $9.00 Quantity O marginal cost (MC) curve about $15. O Average available cost (AVC) curve about $15. O average total cost (ATC) curve above $20 O marginal cost (MC) curve about $8.
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