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Exhibit 0127: The perfectly competitive firm A Exhibit 0127 Dollars per unit $40...
If a perfectly competitive firm is producing 150 units of output at a price of P=$20,...
If a perfectly competitive firm is producing 150 units of output at a price of P=$20, where the MC of the 150th unit of output is MC=$20, the ATC of the 150th unit is ATC=$10, and the AVC of the 150th unit is AVC=$8, then which of the following statements is not correct? a. The firm should shut down when the price is less or equal to $8. b. The firm is producing at the profit maximizing level of output....
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...
a is 0, b is -1000 i dotn understand the work 3. A perfectly competitive firm...
a is 0, b is -1000 i dotn understand the work
3. A perfectly competitive firm sells its product for S100/unit, has $1000 in fixed costs, and has an average variable cost function and a marginal cost function given below: AVC(O)-9-200+500 MC(O)-9-400+500 a. Determine this tim's profit maximizing level of output b. Determine this firm's profits At what level of output would AVC be minimized?
show all steps and formulas VC A product in a perfectly competitive market is $6. Assume...
show all steps and formulas
VC A product in a perfectly competitive market is $6. Assume the firm is subject to the following outputs and cost MR= TC MC= ATC Profit/Loss ATR/AQ ATR/AQ 200 250 12.5 -130 399 500 600 700 850 158 1000 191 1200 16 219 1700 7.76 II. Complete the table Plot the demand, MR, ATC and MC curves on a graph. Identify the profit maximizing output and price. Is this firm maximizing profits? Explain Can this...
3. Consider a firm in a perfectly competitive industry with a cost structure as shown in...
3. Consider a firm in a perfectly competitive industry with a cost structure as shown in the table below. (a) If the market price is $360, will the firm produce at all? (b) If so, how much and why that particular quantity? (c) Calculate the economic profit or loss at the optimal level of output. Clearly show any calculations performed and explain reasoning used to arrive at your answers. AFC Output 0 AVC ATC MC Your answers 1 (a) 2...
If Firm A opertes in a perfectly competitive industry, with market price = $1,200/unit. If Firm...
If Firm A opertes in a perfectly competitive industry, with market price = $1,200/unit. If Firm A's total cost function is given by TC(g)-20 80q 200, find Firm A's profit maximizing level of output. Using the information from the above question: is the market in which Firm A is selling its output currently in long run equilibrium?
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16...
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16 D MR = AR ン/AVC 12 4 100 150 200 250 Quantity This diagram most likely represents what market structure? could represent all excent a perfect.competition AA itEN i 28 D MR = A 24 AVC 20 16 12 150 100 200 250 Quantity This diagram most likely represents what market structure? could represent all except a. perfect competition oligopoly monopolistic competition perfect competition...
Please explain the process to solve these A firm in a perfectly competitive industry is producing...
Please explain the process to solve these
A firm in a perfectly competitive industry is producing 1,000 units of output and earning total revenue of $55,000. If average total cost is equal to $60, marginal cost is equal to $55, and fixed costs are equal to $1,000 at that level of output, what should the firm do to maximize profit? VIEW RESULTS START shut down MC138716 increase output MC138717 decrease output (but not shut down) MC138718 The firm is already...
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a...
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a Price (P) 10.00 MC 8.75 8.00 7.75 7.50 ATC 6.25 AVC 5.50 5.25 250 300 440 500 Quantity If price = $10, the profit-maximizing/loss-minimizing level of output is 1) total revenue is equal to 2) $_ total cost is equal to 3) $_ and the firm earns economic profit equal to 4) $__ If price = $7.50, the profit-maximizing/loss-minimizing level of output is 5)_...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
a is 0, b is -1000 i dotn understand the work
3. A perfectly competitive firm sells its product for S100/unit, has $1000 in fixed costs, and has an average variable cost function and a marginal cost function given below: AVC(O)-9-200+500 MC(O)-9-400+500 a. Determine this tim's profit maximizing level of output b. Determine this firm's profits At what level of output would AVC be minimized?
show all steps and formulas
VC A product in a perfectly competitive market is $6. Assume the firm is subject to the following outputs and cost MR= TC MC= ATC Profit/Loss ATR/AQ ATR/AQ 200 250 12.5 -130 399 500 600 700 850 158 1000 191 1200 16 219 1700 7.76 II. Complete the table Plot the demand, MR, ATC and MC curves on a graph. Identify the profit maximizing output and price. Is this firm maximizing profits? Explain Can this...
3. Consider a firm in a perfectly competitive industry with a cost structure as shown in the table below. (a) If the market price is $360, will the firm produce at all? (b) If so, how much and why that particular quantity? (c) Calculate the economic profit or loss at the optimal level of output. Clearly show any calculations performed and explain reasoning used to arrive at your answers. AFC Output 0 AVC ATC MC Your answers 1 (a) 2...
If Firm A opertes in a perfectly competitive industry, with market price = $1,200/unit. If Firm A's total cost function is given by TC(g)-20 80q 200, find Firm A's profit maximizing level of output. Using the information from the above question: is the market in which Firm A is selling its output currently in long run equilibrium?
Question 49 1 pts Dollars per unit MC $40 36 ATC 32 28 24 20 16 D MR = AR ン/AVC 12 4 100 150 200 250 Quantity This diagram most likely represents what market structure? could represent all excent a perfect.competition AA itEN i 28 D MR = A 24 AVC 20 16 12 150 100 200 250 Quantity This diagram most likely represents what market structure? could represent all except a. perfect competition oligopoly monopolistic competition perfect competition...
Please explain the process to solve these
A firm in a perfectly competitive industry is producing 1,000 units of output and earning total revenue of $55,000. If average total cost is equal to $60, marginal cost is equal to $55, and fixed costs are equal to $1,000 at that level of output, what should the firm do to maximize profit? VIEW RESULTS START shut down MC138716 increase output MC138717 decrease output (but not shut down) MC138718 The firm is already...
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a Price (P) 10.00 MC 8.75 8.00 7.75 7.50 ATC 6.25 AVC 5.50 5.25 250 300 440 500 Quantity If price = $10, the profit-maximizing/loss-minimizing level of output is 1) total revenue is equal to 2) $_ total cost is equal to 3) $_ and the firm earns economic profit equal to 4) $__ If price = $7.50, the profit-maximizing/loss-minimizing level of output is 5)_...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
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