Homework Answers
Ans 2. Produce at quantity q2.
The profit-maximizing quantity for the firm when the market price is P1 is q2 since at that output level, the marginal cost is equal to price. After this level of quantity the firm would not be able to earn profits hence the profit is maximized at this output level.
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QUESTION 2 Price (per unit) MC PA B 91 92 Quantity (per period) Based on the...
Figure: Profit Maximizing Price, ATC, AVC, and MC (per unit) 91 92 93 94 95 Quantity...
Figure: Profit Maximizing Price, ATC, AVC, and MC (per unit) 91 92 93 94 95 Quantity (per period) Reference: Ref 9-3 if the price in the competitive market is The optimal level of output will be O A. 91; P3 O B. 92; P4 O C. 93; P2 O D.O; P1 O E. None of the above
QUESTION 6 Price, ATC, AVC and MC (per unit) M P4 P P2 P 91 92...
QUESTION 6 Price, ATC, AVC and MC (per unit) M P4 P P2 P 91 92 93 94 Os Quantity (per period) Based on the graph above, what is the curve for the perfectly competitive market? O MC O AVC MR 0 0 O ATC
ATC Price (Per Unit) Price (Per Unit) D3 D2 91 92 93 94 Quantity (Units per...
ATC Price (Per Unit) Price (Per Unit) D3 D2 91 92 93 94 Quantity (Units per week) Quantity (Units per week) (b) (a) Figure 23.3 In Figure 23.3, diagram "a" presents the cost curves that are relevant to a firm's production decision, and diagram "b" shows the market demand and supply curves for the market. Use both diagrams to answer the following question: In Figure 23.3, at a price of p1 in the long run o Firms will enter the...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per...
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per period) a. The figure shows cost curves for a firm operating in a perfectly competitive market O is the AC_curve. N is the TC curve. M is the curve. Curve M must cross Curves N and O at their points. AFC is represented in this figure by the vertical distance between Curve-and Curve b. The figure shows cost curves for a firm operating in...
please explain! Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in...
please explain!
Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in the Short Run) Use Figure: A Perfectly Competitive Firm in the Short Run. The firm will produce in the short run if the price is greater than or equal to: A) F B) E C) N D) P.
PA MC $ por Unit of Output No AC AVO Quantity Refer to the diagram above...
PA MC $ por Unit of Output No AC AVO Quantity Refer to the diagram above for a perfectly competitive producer. The lowest price at which the business should produce (as opposed to closing down) is: IP2 P3 PA P1
Price and cost per unit $30 MC 24 АТС 22 20.80 20 18 Demand MR Quantity...
Price and cost per unit $30 MC 24 АТС 22 20.80 20 18 Demand MR Quantity 104 62 83 Where is the profit-maximizing quantity and price for the monopoly represented above (1 point) a. Where is the profit-maximizing quantity and price if this monopoly where a perfect competition instead? (1 point) b. What is consumer surplus if this were a perfect competition instead (0.5 point) C. What is the gain in producer surplus under the monopoly? (0.5 point) d. What...
QUESTION 39 Price and cost MC ATC AVC N O P MR Demand RSTU Quantity (per...
QUESTION 39 Price and cost MC ATC AVC N O P MR Demand RSTU Quantity (per period) The figure above shows different curves for a short-run monopolist. What is the profit-maximizing quantity level? OQ OR Os От Ου
Price and cost per unit $30 MC ATC 24 22 20.80 20 18 Demand MR 62 83 104 Quantity Where is the profit-maximizing qu...
Price and cost per unit $30 MC ATC 24 22 20.80 20 18 Demand MR 62 83 104 Quantity Where is the profit-maximizing quantity and price for the monopoly represented above (1 point) a. b. Where is the profit-maximizing quantity and price if this monopoly where a perfect competition instead? (1 point) What is consumer surplus if this were a perfect competition instead (0.5 point) d. What is the gain in producer surplus under the monopoly? (0.5 point) What is...
Figure: Profit Maximizing Price, ATC, AVC, and MC (per unit) 91 92 93 94 95 Quantity (per period) Reference: Ref 9-3 if the price in the competitive market is The optimal level of output will be O A. 91; P3 O B. 92; P4 O C. 93; P2 O D.O; P1 O E. None of the above
QUESTION 6 Price, ATC, AVC and MC (per unit) M P4 P P2 P 91 92 93 94 Os Quantity (per period) Based on the graph above, what is the curve for the perfectly competitive market? O MC O AVC MR 0 0 O ATC
ATC Price (Per Unit) Price (Per Unit) D3 D2 91 92 93 94 Quantity (Units per week) Quantity (Units per week) (b) (a) Figure 23.3 In Figure 23.3, diagram "a" presents the cost curves that are relevant to a firm's production decision, and diagram "b" shows the market demand and supply curves for the market. Use both diagrams to answer the following question: In Figure 23.3, at a price of p1 in the long run o Firms will enter the...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
Price, ATC, AVC, and MCE (per unit) P3 Pt 41 92 93 44 s Quantity (per period) a. The figure shows cost curves for a firm operating in a perfectly competitive market O is the AC_curve. N is the TC curve. M is the curve. Curve M must cross Curves N and O at their points. AFC is represented in this figure by the vertical distance between Curve-and Curve b. The figure shows cost curves for a firm operating in...
please explain!
Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in the Short Run) Use Figure: A Perfectly Competitive Firm in the Short Run. The firm will produce in the short run if the price is greater than or equal to: A) F B) E C) N D) P.
PA MC $ por Unit of Output No AC AVO Quantity Refer to the diagram above for a perfectly competitive producer. The lowest price at which the business should produce (as opposed to closing down) is: IP2 P3 PA P1
Price and cost per unit $30 MC 24 АТС 22 20.80 20 18 Demand MR Quantity 104 62 83 Where is the profit-maximizing quantity and price for the monopoly represented above (1 point) a. Where is the profit-maximizing quantity and price if this monopoly where a perfect competition instead? (1 point) b. What is consumer surplus if this were a perfect competition instead (0.5 point) C. What is the gain in producer surplus under the monopoly? (0.5 point) d. What...
QUESTION 39 Price and cost MC ATC AVC N O P MR Demand RSTU Quantity (per period) The figure above shows different curves for a short-run monopolist. What is the profit-maximizing quantity level? OQ OR Os От Ου
Price and cost per unit $30 MC ATC 24 22 20.80 20 18 Demand MR 62 83 104 Quantity Where is the profit-maximizing quantity and price for the monopoly represented above (1 point) a. b. Where is the profit-maximizing quantity and price if this monopoly where a perfect competition instead? (1 point) What is consumer surplus if this were a perfect competition instead (0.5 point) d. What is the gain in producer surplus under the monopoly? (0.5 point) What is...
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