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![a for Competitive market Profit maximidation occurs at [ Me = MR = p] of Pame Here (price, p= $25 | 25= lota [2 = 15 - Haircu](http://img.homeworklib.com/questions/7a17d700-7a80-11ea-9252-b3f41915482d.png?x-oss-process=image/resize,w_560)
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Bob's Barbershop has a daily short-run cost given by C(q) = 5 + 10 +0.52% where...
1. Suppose that consumers see haircuts as an undifferentiated good and that there are hundreds of...
1. Suppose that consumers see haircuts as an undifferentiated good and that there are hundreds of barbershops in the market. The current market equilibrium price of a haircut is $15. Bob’s Barbershop has a daily short-run total cost given by TC = 0.5Q2. The associated marginal cost curve is MC = Q. [up to 2 points] a. How many haircuts should Bob give each day if he wants to maximize profit? b. If Bob maximizes profit, how much profit will...
Assume that consumers view haircuts as the same among sellers and there are hundreds of barbers...
Assume that consumers view haircuts as the same among sellers and there are hundreds of barbers in a given market. The current market equilibrium price for a haircut is $15. Bob’s Barbershop has a daily, short-run total cost given by TC=0.5Q 2 with marginal cost MC=Q. How many haircuts should Bob prepare each day to maximize profits? How much will he earn in profit each day
cardboard boxes are produced in a perfectly competitive market. each identical firm has a short run...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
A. Q=4 B. Q=8 C. Q=10 D. Q=12 The graph below shows the average total cost...
A. Q=4
B. Q=8
C. Q=10
D. Q=12
The graph below shows the average total cost and marginal cost curves of a perfectly competitive firm. If the market price is $7, what is the output level that maximizes the firm's profit? 12 11 10 MC ATC 9 8 Price $/Q 4 3 2 0 2 3 4 5 9 10 11 12 دفا 14 15 16 6 7 8 Quantity
Suppose a firm has a total cost function, T C = 3/8(Q^2) − 50, and therefore...
Suppose a firm has a total cost function, T C = 3/8(Q^2) − 50, and therefore marginal costs of MC = 3/4Q. Assume the market for this firm’s goods is perfectly competitive with a market price, P = 24. (a) Given the information above, is the firm in the short-run or long-run? (1 point) (b) Write down the firm’s marginal revenue equation. (1 points) (c) How many units should the firm produce if it wants to maximize profit? (3 points)...
a firm in perfectly competitive market sells all its products Q at constant price p (1)A...
a firm in perfectly competitive market sells all its products
Q at constant price p
(1)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 +690 - 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...
Suppose the market for apples is perfectly competitive. The short-run average total cost and marginal cost...
Suppose the market for apples is perfectly competitive. The short-run average total cost and marginal cost MC of growing apples for an individual grower are illustrated in the figure to the right. Assume that the market price for apples is $34.00 per box. What is the profit-maximizing quantity for apple growers to produce?boxes. Enter your response as an integer.) At this level of output, profit will be Enter your response rounded to the nearest dollar.) Apple growers will earn positive...
Given market demand of D and a short-run supply of s2 in the diagram below, this...
Given market demand of D and a short-run supply of s2 in the diagram below, this fim would Market Firm MC ATC AVC Pt MR1 P2 MR2 Q1 Q 1 q2 O A. Increase its price to P1 in order to earn a normal profit and remain in the industry. ⓔ B, face a marginal revenue schedule of MRI and produce q2 to maximize its profits. O C. face a marginal revenue schedule of MR1 and produce q1 to maximize...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC),...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
suppose a competitive firm has the following cost: Q 0 1 2 3 4 5 6...
suppose a competitive firm has the following cost: Q 0 1 2 3 4 5 6 7 8 9 TC ($) 50 54 62 74 90 110 134 162 194 230 (Q: output ; TC: total cost) 1 Assume market price is $12 how much should the firm produce to maximize profit? 2 How much profit will it earn at $12? 3 Assume market price is $28, how much should the firm produce to maximize profit? 4 How much profit...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
A. Q=4
B. Q=8
C. Q=10
D. Q=12
The graph below shows the average total cost and marginal cost curves of a perfectly competitive firm. If the market price is $7, what is the output level that maximizes the firm's profit? 12 11 10 MC ATC 9 8 Price $/Q 4 3 2 0 2 3 4 5 9 10 11 12 دفا 14 15 16 6 7 8 Quantity
a firm in perfectly competitive market sells all its products
Q at constant price p
(1)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 +690 - 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...
Suppose the market for apples is perfectly competitive. The short-run average total cost and marginal cost MC of growing apples for an individual grower are illustrated in the figure to the right. Assume that the market price for apples is $34.00 per box. What is the profit-maximizing quantity for apple growers to produce?boxes. Enter your response as an integer.) At this level of output, profit will be Enter your response rounded to the nearest dollar.) Apple growers will earn positive...
Given market demand of D and a short-run supply of s2 in the diagram below, this fim would Market Firm MC ATC AVC Pt MR1 P2 MR2 Q1 Q 1 q2 O A. Increase its price to P1 in order to earn a normal profit and remain in the industry. ⓔ B, face a marginal revenue schedule of MRI and produce q2 to maximize its profits. O C. face a marginal revenue schedule of MR1 and produce q1 to maximize...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
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