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Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 Marginal...
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 Marginal...
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 Marginal Revanue Demand 0 30 40 50 60 b) (3 points) Assuming that this firm can not price discriminate, what is the profit maximizing quantity for the firm? c) (3 points) Assuming that this firm can not price discriminate, what is the profit maximizing price for this firm?
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 1...
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 1 Marginal Revanue Demand > Q 0 30 40 50 60 d) (3 points) Assuming that this firm can not price discriminate, calculate this firm's profit (shade in and label the area on the graph representing the firms profit for partial credit if you cannot get a numerical answer.) e) (3 points) Assuming that this firm can not price discriminate, calculate the dead weight loss...
The figure shows the marginal cost (circles) and the average variable cost (crosses) of a firm...
The figure shows the marginal cost (circles) and the average variable cost (crosses) of a firm in a competitive market. The firm always makes the choice to maximize its profit. Price, Cost ($) 5,000 ------ --O If the market price of the product is $3,400, what is the firm's producer surplus? 3,400 3,200 +----- --- ------------ O A. $880 O B. $5,700 OC. $1,700 OD. $3,250 2,000 1.700 1,000 -------- ====== ---------- ==== 1 2 6 7 Quantity 3 4...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
2. Consider a market where demand is given by Q = 60 – P and the...
2. Consider a market where demand is given by Q = 60 – P and the marginal cost for every firm is $15. a. Assume the market is perfectly competitive. Find equilibrium price and quantity. Calculate consumer surplus, producer surplus, total surplus, and deadweight loss. b. Now assume that there is only one supplier in the market. Find equilibrium price and quantity. Calculate consumer surplus, producer surplus, total surplus, and deadweight loss. Is total surplus higher or lower compared to...
Microeconomic question perfectly competitive firm is The following figure shows the marginal cost, average total cost,...
Microeconomic question
perfectly competitive firm is The following figure shows the marginal cost, average total cost, demand, marginal revenue curves for a firm in monopolistic competition. Assume that the cost curves of a perfectly competitive firm are identical to the cost curves of this monopolistically competitive firm shown here. The average revenue for the perfectly competitive firm is $6. of AA л Figure 10.1 Marginal Cost Average Total Cost Dollars per unit mm Demand 10 Marginal Revenue 20 30 40...
Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles....
Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles. Average Total Cost (5) ATCD ATCA ATCE Quantity of Automobiles per day Refer to Figure 13-9. Which of the curves is most likely to characterize the short-run average total cost curve of the smallest factory? a. ATCA b.ATCB ос. Атес d. ATCD Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles. Average 1 Total Cost (5) Quantity...
Suppose a profit maximizing monopolist has total cost and marginal cost as follow:
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
Suppose a profit-maximizing monopolist has total cost and marginal cost as follow
Suppose a profit-maximizing monopolist has total cost and marginal cost as follow. TC =8Q + 10 and MC = 8. It faces the demand curve P=20-1/5Q. What is the equilibrium price and output? What is the total profit? Calculate the consumer surplus, producer surplus, and deadweight loss if the firm acts as a monopolist. Illustrate your answer with a diagram. Calculate the consumer surplus, producer surplus, and deadweight loss if the firm acts as a perfectly price-discriminated monopolist. Illustrate your answer with a diagram.
The graph below shows the demand for haircuts at the Uppercuts Hairdressing Salon. Tools 30 27 24 Captured con 21 18 15...
The graph below shows the demand for haircuts at the Uppercuts Hairdressing Salon. Tools 30 27 24 Captured con 21 18 15 12 20 40 60 80 100 120 Number of daily haircuts a) If the salon charges a single price of $15, what will total daily revenue be? Total daily revenue: S b. b) Suppose, instead, that the salon practises price discrimination and now charges $21 for haircuts to regulars but only $15 to retirees and economics instructors. What...
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 Marginal Revanue Demand 0 30 40 50 60 b) (3 points) Assuming that this firm can not price discriminate, what is the profit maximizing quantity for the firm? c) (3 points) Assuming that this firm can not price discriminate, what is the profit maximizing price for this firm?
Figure 4: A Firm P Marginal Cost 21 18 Average Total Cost 15 14 12 1 Marginal Revanue Demand > Q 0 30 40 50 60 d) (3 points) Assuming that this firm can not price discriminate, calculate this firm's profit (shade in and label the area on the graph representing the firms profit for partial credit if you cannot get a numerical answer.) e) (3 points) Assuming that this firm can not price discriminate, calculate the dead weight loss...
The figure shows the marginal cost (circles) and the average variable cost (crosses) of a firm in a competitive market. The firm always makes the choice to maximize its profit. Price, Cost ($) 5,000 ------ --O If the market price of the product is $3,400, what is the firm's producer surplus? 3,400 3,200 +----- --- ------------ O A. $880 O B. $5,700 OC. $1,700 OD. $3,250 2,000 1.700 1,000 -------- ====== ---------- ==== 1 2 6 7 Quantity 3 4...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
2. Consider a market where demand is given by Q = 60 – P and the marginal cost for every firm is $15. a. Assume the market is perfectly competitive. Find equilibrium price and quantity. Calculate consumer surplus, producer surplus, total surplus, and deadweight loss. b. Now assume that there is only one supplier in the market. Find equilibrium price and quantity. Calculate consumer surplus, producer surplus, total surplus, and deadweight loss. Is total surplus higher or lower compared to...
Microeconomic question
perfectly competitive firm is The following figure shows the marginal cost, average total cost, demand, marginal revenue curves for a firm in monopolistic competition. Assume that the cost curves of a perfectly competitive firm are identical to the cost curves of this monopolistically competitive firm shown here. The average revenue for the perfectly competitive firm is $6. of AA л Figure 10.1 Marginal Cost Average Total Cost Dollars per unit mm Demand 10 Marginal Revenue 20 30 40...
Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles. Average Total Cost (5) ATCD ATCA ATCE Quantity of Automobiles per day Refer to Figure 13-9. Which of the curves is most likely to characterize the short-run average total cost curve of the smallest factory? a. ATCA b.ATCB ос. Атес d. ATCD Figure 13-9 The figure below depicts average total cost functions for a firm that produces automobiles. Average 1 Total Cost (5) Quantity...
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
The graph below shows the demand for haircuts at the Uppercuts Hairdressing Salon. Tools 30 27 24 Captured con 21 18 15 12 20 40 60 80 100 120 Number of daily haircuts a) If the salon charges a single price of $15, what will total daily revenue be? Total daily revenue: S b. b) Suppose, instead, that the salon practises price discrimination and now charges $21 for haircuts to regulars but only $15 to retirees and economics instructors. What...
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