Homework Answers
Since the price line in horizontal at Price = 50 it is clear that the price is given to the firm, so we are dealing with perfectly competitive market. In a perfectly competitive market the equilibrium is attained at the point where the Price is equal to the Marginal Cost (MC).
The equilibrium price is 50, and equilibrium quantity is 20. The profit is given by the shaded region in the following diagram. The profit is equal to the area of the rectangle ABCD.
Profit = Area of the rectangle ABCD = Length × Width
Profit = 20 × 15
Profit = 300
What is this firm's profit? P, MC, AC MC ATC P=50 35 25 9 99-20 I...
What is this firm's profit? P, MC, AC MC ATC P=50 35 25 9 99-20 I If the government levies a tax on a good with elastic demand, relative to supply, the majority of the tax will be paid by the government O consumers O Cannot be determined from the information O producers
What is this firm's profit? P, MC, AC MC ATC P=100 25 20-- 9 q*=30
What is this firm's profit? P, MC, AC MC ATC P=100 25 20-- 9 q*=30
50 A MC The accompanying graph depicts average total cost (ATC), marginal cost (MC), marginal revenue...
50 A MC The accompanying graph depicts average total cost (ATC), marginal cost (MC), marginal revenue (M), and demand (D) facing a monopolistically competitive firm. Place point A at the firm's profit maximizing price and quantity. What is the firm's total cost? 45 40 35 30 ATC Price and Cost ($) 25 total cost: $ 20 D 15 10 What is the firm's total revenue? 5 MR 0 total revenue: $ 0 5 10 15 20 25 30 35 40...
P $70 $65 $60 $55 $50 ATC $45 $40 $35 AVC MR $30 $25 $20 $15...
P $70 $65 $60 $55 $50 ATC $45 $40 $35 AVC MR $30 $25 $20 $15 $10 $5 01234 56789 10 11 12 13 14 Based on the graph above, what is the profit maximizing price? o $45 $25 $5 S40 O $20 $10 $70 $50 S60 $65 S55 SI5 S30 $35
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g)...
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Calculate the firm's profit. (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
P ATC Ave C2 In the graph above, MC is the firm's marginal cost curve, ATC...
P ATC Ave C2 In the graph above, MC is the firm's marginal cost curve, ATC is the firm's average total cost curve, and AVC is the firm's average variable cost curve. If the equilibrium price in this market is above P2, then firms will enter this market in the long run. firms will exit this market in the long run. the number of firms in this market will not change in the long run.
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), M...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Find the firm's short run shutdown price. (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
Price ATC MC $50 $28 $18 MR: D 50 75 Quantity What are the profit-maximizing price...
Price ATC MC $50 $28 $18 MR: D 50 75 Quantity What are the profit-maximizing price and quantity? $50 & 50 $18 & 50 O $28 & 50 O $28 & 75
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
What is this firm's profit? P, MC, AC MC ATC P=50 35 25 9 99-20 I If the government levies a tax on a good with elastic demand, relative to supply, the majority of the tax will be paid by the government O consumers O Cannot be determined from the information O producers
What is this firm's profit? P, MC, AC MC ATC P=100 25 20-- 9 q*=30
50 A MC The accompanying graph depicts average total cost (ATC), marginal cost (MC), marginal revenue (M), and demand (D) facing a monopolistically competitive firm. Place point A at the firm's profit maximizing price and quantity. What is the firm's total cost? 45 40 35 30 ATC Price and Cost ($) 25 total cost: $ 20 D 15 10 What is the firm's total revenue? 5 MR 0 total revenue: $ 0 5 10 15 20 25 30 35 40...
P $70 $65 $60 $55 $50 ATC $45 $40 $35 AVC MR $30 $25 $20 $15 $10 $5 01234 56789 10 11 12 13 14 Based on the graph above, what is the profit maximizing price? o $45 $25 $5 S40 O $20 $10 $70 $50 S60 $65 S55 SI5 S30 $35
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
$ per unit MC ATC MR $20 AVC 5 10 15 20 25 30 Output (g) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Calculate the firm's profit. (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
P ATC Ave C2 In the graph above, MC is the firm's marginal cost curve, ATC is the firm's average total cost curve, and AVC is the firm's average variable cost curve. If the equilibrium price in this market is above P2, then firms will enter this market in the long run. firms will exit this market in the long run. the number of firms in this market will not change in the long run.
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Find the firm's short run shutdown price. (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
Price ATC MC $50 $28 $18 MR: D 50 75 Quantity What are the profit-maximizing price and quantity? $50 & 50 $18 & 50 O $28 & 50 O $28 & 75
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
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