Homework Answers
19) Answer is B.
Because firms ATC is higher than price of industry. So having economic losses.
22) Answer is B.
Firm will produce where price equals MC. Price is $14 and MC also 14 at quantity 3. So firm will produce 3 units.
At this total cost = quantity × ATC = 3× 70 = 210
Total revenue = quantity × price = 3× 14 = 42.
So losses = 210 - 42 = 168.
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2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1 $150.00 $25.00 $175.00 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 21.43 28.00 49.43 46.01 18.75 33.00 51.76 68.07 9 1 6.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. At 6 units of...
QueSLUIT 14 Supply or (МС Dollars MR Q Q3 Q, Quantity If the industry depicted in...
QueSLUIT 14 Supply or (МС Dollars MR Q Q3 Q, Quantity If the industry depicted in the graph is purely monopolistic, the profit-maximizing price and quantity will be P2 and Qz. P, and Qu. OP3 and 23. Indeterminate on the basis of the information given. Movistatomastion will save this response Moving to another question will save this respo Question 20 98.00 Total Product Average Fixed Cost Average Variable Average Total Cost Marginal Cost $150.00 $25.00 $175.00 $25.00 75.00 23.00 50.00...
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...
MC ATC S AVC MR P 0 0 Q Refer to the diagrams, which pertain to...
MC ATC S AVC MR P 0 0 Q Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates The predicted long run adjustments in this industry might be offset by a decline in product demand an increase in resource prices a technological improvement in production methods O entry of new firms into the industry O O O O P MC ATC D MR 0 Refer to the accompanying...
Please help with these questions Question 45 0.4 pts Refer to the accompanying figure to answer...
Please help with these questions
Question 45 0.4 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC Quantity If the price is $3, the firm is making a profit and will exit the market. O zero profits and the market is at long-run equilibrium. O a proft and more firms will enter the market. O a loss and will exit the market. a loss and more firms will enter the market. Question 46...
- 4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1...
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not likely earn an economic profit in the long run. shut down in the short run if price is less than average variable cost. all of the above. QUESTION 6 A monopolistic competitive firm is inefficient because the firm: earns positive economic profit in the long run. is producing at an output corresponding to the condition that marginal cost equals price. is not maximizing its...
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...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q, level 6, is equal to: $6.00 $3.00 $1.00 $7.00 a company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
Question 9 Figure 15-10 Price and cost per unit Po MC P, P2 P3 Demand MR...
Question 9 Figure 15-10 Price and cost per unit Po MC P, P2 P3 Demand MR Quantity Refer to Figure 15-10. The deadweight loss due to a monopoly is represented by the area GEH. FGE. O FQ1 Q2E. FHE. Question 10 Table 15-1 Quantity Demanded (units) Total Cost of Production (dollars) $530 Price per Unit 10 $85 540 80 75 11 550 12 560 13 70 65 575 14 595 15 60 625 16 55 A monopoly producer of foreign...
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1 $150.00 $25.00 $175.00 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 21.43 28.00 49.43 46.01 18.75 33.00 51.76 68.07 9 1 6.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. At 6 units of...
QueSLUIT 14 Supply or (МС Dollars MR Q Q3 Q, Quantity If the industry depicted in the graph is purely monopolistic, the profit-maximizing price and quantity will be P2 and Qz. P, and Qu. OP3 and 23. Indeterminate on the basis of the information given. Movistatomastion will save this response Moving to another question will save this respo Question 20 98.00 Total Product Average Fixed Cost Average Variable Average Total Cost Marginal Cost $150.00 $25.00 $175.00 $25.00 75.00 23.00 50.00...
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...
MC ATC S AVC MR P 0 0 Q Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates The predicted long run adjustments in this industry might be offset by a decline in product demand an increase in resource prices a technological improvement in production methods O entry of new firms into the industry O O O O P MC ATC D MR 0 Refer to the accompanying...
Please help with these questions
Question 45 0.4 pts Refer to the accompanying figure to answer the following questions. Price and Cost MC ATC Quantity If the price is $3, the firm is making a profit and will exit the market. O zero profits and the market is at long-run equilibrium. O a proft and more firms will enter the market. O a loss and will exit the market. a loss and more firms will enter the market. Question 46...
-
4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
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...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q, level 6, is equal to: $6.00 $3.00 $1.00 $7.00 a company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
Question 9 Figure 15-10 Price and cost per unit Po MC P, P2 P3 Demand MR Quantity Refer to Figure 15-10. The deadweight loss due to a monopoly is represented by the area GEH. FGE. O FQ1 Q2E. FHE. Question 10 Table 15-1 Quantity Demanded (units) Total Cost of Production (dollars) $530 Price per Unit 10 $85 540 80 75 11 550 12 560 13 70 65 575 14 595 15 60 625 16 55 A monopoly producer of foreign...
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