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can someone please explain this question alongside drawing the
graph
Suppose a price searching firm can...
#3 3. The graph below gives the demand curve confronting a price searching firm. Draw the...
#3
3. The graph below gives the demand curve confronting a price searching firm. Draw the marginal revenue curve associated with the demand curve. 129 D ساله ها بالا با ما بايا بتن با یونان باند FSuppose a firm confronts the following demand equation: P-48-0.500 a. What is the equation for the firm's marginal revenue? b. If the firm has a constant inarginal cost and average cost of MC - ATC -10 how much should the firm produce to maximize...
Suppose that, assuming a firm decides to produce a product, it must build a production facility....
Suppose that, assuming a firm decides to produce a product, it must build a production facility. The fixed cost of this facility is F = 90. Also, the firm has constant marginal cost, MC = 5. Demand for the product that the firm produces is given by P = 40-5Q. a) On a single graph, carefully draw the MC curve, the demand curve, and the ATC curve. Your graph should go up to 8 units of output. Please label your...
Can someone help me with drawing the graph in part E? Also for part C, I...
Can someone help me with drawing the graph in part E? Also for
part C, I stated the profit-maximzing quantity was 8 trumpets. Is
this correct?
Brody's firm produces trumpets in a perfectly competitive market. The table below shows Brody's total variable cl He has a fixed cost of $240, and the price per trumpet is $50. Total Variable Cost Quantity 6 7 8 $120 $145 $165 $220 10 $290 11 $390 a. Calculate the average total cost of producing...
Can someone help with the problem below? Suppose a firm's production function is y = 3L...
Can someone help with the problem below?
Suppose a firm's production function is y = 3L - (For this problem, only the part of this function that is increasing in L will be relevant.) Suppose the inverse labor supply function is given by w(L) = L + 1. Assume that the firm is a price-taker in the output market, and faces a price of 1. (a) Solve for the marginal product curve (which is the same as the marginal revenue...
4. Suppose a firm uses only one input (L) to produce output y, with the production...
4. Suppose a firm uses only one input (L) to produce output y, with the production function y L Suppose the firm sells its output in a competitive market at price p, and buys labor in a competitive market at price w. a. Write an expression for the profits of the firm as a function of w, p, and L. b. What is the marginal cost of hiring an additional unit of labor? Graph the marginal cost of labor curve...
Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows...
Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve.Place a block point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost.Because this market...
Number 6 . Can you explain the reasoning behind please 6. A perfectly competitive firm produces...
Number 6 . Can you explain the reasoning behind please
6. A perfectly competitive firm produces where p MC-ATC. -M尺 a. Its marginal revenue is always equal to the market price. b. Its marginal cost is always equal to the market price. c. Its marginal revenue is always equal to the average total cost. d. All of the above are correct. 7. The fol llowing graphs show the market for a good traded in a perfectly competitive market, and the...
Can you label each one please . (1)A firm in a perfectly competitive market sells all...
Can you label each one please .
(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+ 690-14Q + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this level of output. (b)Derive the marginal...
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power an...
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then: A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. consumer...
8. Problems 2.8 Suppose that a firm has a marginal cost function given by MC(ą)1. Which...
8. Problems 2.8 Suppose that a firm has a marginal cost function given by MC(ą)1. Which of the following represent the firm's total cost function? (Hint: K is a constant of integration) Fixed costs are represented by As you may know from an earlier economics course, if a firm takes price (p) as given in its decisions then it will produce that output for which p = MC(q). Suppose the price is 15 p = 15 If the firm follows...
#3
3. The graph below gives the demand curve confronting a price searching firm. Draw the marginal revenue curve associated with the demand curve. 129 D ساله ها بالا با ما بايا بتن با یونان باند FSuppose a firm confronts the following demand equation: P-48-0.500 a. What is the equation for the firm's marginal revenue? b. If the firm has a constant inarginal cost and average cost of MC - ATC -10 how much should the firm produce to maximize...
Can someone help me with drawing the graph in part E? Also for
part C, I stated the profit-maximzing quantity was 8 trumpets. Is
this correct?
Brody's firm produces trumpets in a perfectly competitive market. The table below shows Brody's total variable cl He has a fixed cost of $240, and the price per trumpet is $50. Total Variable Cost Quantity 6 7 8 $120 $145 $165 $220 10 $290 11 $390 a. Calculate the average total cost of producing...
Can someone help with the problem below?
Suppose a firm's production function is y = 3L - (For this problem, only the part of this function that is increasing in L will be relevant.) Suppose the inverse labor supply function is given by w(L) = L + 1. Assume that the firm is a price-taker in the output market, and faces a price of 1. (a) Solve for the marginal product curve (which is the same as the marginal revenue...
4. Suppose a firm uses only one input (L) to produce output y, with the production function y L Suppose the firm sells its output in a competitive market at price p, and buys labor in a competitive market at price w. a. Write an expression for the profits of the firm as a function of w, p, and L. b. What is the marginal cost of hiring an additional unit of labor? Graph the marginal cost of labor curve...
Number 6 . Can you explain the reasoning behind please
6. A perfectly competitive firm produces where p MC-ATC. -M尺 a. Its marginal revenue is always equal to the market price. b. Its marginal cost is always equal to the market price. c. Its marginal revenue is always equal to the average total cost. d. All of the above are correct. 7. The fol llowing graphs show the market for a good traded in a perfectly competitive market, and the...
Can you label each one please .
(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+ 690-14Q + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this level of output. (b)Derive the marginal...
Hello, this is a Micro Economic problems Could you please be kind enough and solve all of problems with the explanation in detail? Thank you and have a good one! 1. Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then: A) consumer and producer surplus must increase. B) consumer surplus increases, producer surplus may increase or decrease. consumer...
8. Problems 2.8 Suppose that a firm has a marginal cost function given by MC(ą)1. Which of the following represent the firm's total cost function? (Hint: K is a constant of integration) Fixed costs are represented by As you may know from an earlier economics course, if a firm takes price (p) as given in its decisions then it will produce that output for which p = MC(q). Suppose the price is 15 p = 15 If the firm follows...
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