![D. the minimum point on its Mc Cu (3] The Ajax Manufacturing Company is selling in a purely competitive market. Its output is](http://img.homeworklib.com/questions/f4b22e10-a523-11ea-ac17-9fa29dd9f02c.png?x-oss-process=image/resize,w_560)
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D. the minimum point on its Mc Cu (3] The Ajax Manufacturing Company is selling in...
HELP!! T-Shirt Enterprises is selling in a purely competitive market. Its output is 300 units, which...
HELP!! T-Shirt Enterprises is selling in a purely competitive market. Its output is 300 units, which sell for $10 each. At this level of output, marginal cost is $1 and average variable cost is $1.50. The firm should: a. continue to produce 300 units. b. increase output. c. produce zero units of output. d. decrease output.
number 16 and 17 MC ATC -MR Cost B A Output Refer to the accompanying graph...
number 16 and 17
MC ATC -MR Cost B A Output Refer to the accompanying graph for a purely competitive firm. When the firm is in equilibrium in the short run, the amount of economic profit per unit is DH DE. EH. DB. Question 17 1.8 pts A purely competitive firm will be willing to produce even at a loss in the short run, as long as the loss is smaller than its marginal costs. price exceeds marginal costs. the...
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...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
1.The Kees are small farmers in the wheat industry –they are price takers. Their cost function...
1.The Kees are small farmers in the wheat industry –they are price takers. Their cost function is: TC = 300,000 + 1,500Q + Q2 and MC = 1500 + 2Q. The market price is $3,000 per ton. Assuming the Kees are maximizing profits (or minimizing loses), how much profit are they making? 2.Good Grapes is selling organic grapes in a purely competitive market. Its output is 5000 pounds, which it sells for $5 a pound. At the 5000-pound level of output,...
Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels...
Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels which sell for $5 per bushel. At this level of output, marginal cost is $5, average total cost is $7and average variable cost is $6. Farmer Bogus should produce how many bushels of output?
#1 1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70...
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
Scenario 14-4 The information below applies to a competitive firm that sells its output for 540...
Scenario 14-4 The information below applies to a competitive firm that sells its output for 540 per unit. • When the firm produces and sells 150 units of output, its average total cost is $24.50. . When the firm produces and sells 151 units of output, its average total cost is $24.55. Refer to Scenario 14-4. How does the firm's marginal revenue (MR) compare to its marginal cost (MC) when it increases its output from 150 units to 151 units?...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b....
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
number 16 and 17
MC ATC -MR Cost B A Output Refer to the accompanying graph for a purely competitive firm. When the firm is in equilibrium in the short run, the amount of economic profit per unit is DH DE. EH. DB. Question 17 1.8 pts A purely competitive firm will be willing to produce even at a loss in the short run, as long as the loss is smaller than its marginal costs. price exceeds marginal costs. the...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
Scenario 14-4 The information below applies to a competitive firm that sells its output for 540 per unit. • When the firm produces and sells 150 units of output, its average total cost is $24.50. . When the firm produces and sells 151 units of output, its average total cost is $24.55. Refer to Scenario 14-4. How does the firm's marginal revenue (MR) compare to its marginal cost (MC) when it increases its output from 150 units to 151 units?...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
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