Homework Answers
Answer 1.
Market structure= Oligopoly
Equilibrium quantity= g
Equilibrium Price= d
reason- Kinked demand curve is there in oligopoly. Equilibrium occurs where MC=MR, So Equilibrium quantity is g and corresponding equilibrium Price is d.
Answer 2. Engaging in price leadership
reason- When one firm sets the prices it is price leader and others who follow are known as followers. This is known as price leadership.
Answer 3.
Market structure= Perfect competition
Equilibrium Quantity= C
Equilibrium Price= G
reason- Firms are price taker, price is equal to MR= G. Equilibrium Quantity is where P=MC, Quantity is C.
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MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65....
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65. Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: A) diagram a only. B) diagram b only. C) diagram conly. D) both diagrams a and c. 66. Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: A) diagram a only. B) diagram b...
PART 2 Costs & Revenue MC ATC Super-formal profits AR 0 Q MR Output Reconciso a....
PART 2 Costs & Revenue MC ATC Super-formal profits AR 0 Q MR Output Reconciso a. What type of market structure is shown in the graph above and how did you determine this? b. What would make this type of market structure develop? C. How does this market structure differ from that in Part 12 d. What will the firm's equilibrium price and quantity be? e. Is this an economically efficient equilibrium? Why or why net? f. What will the...
Price (dollars per pound) 5 MC ATC Market prio D-MR 2 1 0 10 20 30...
Price (dollars per pound) 5 MC ATC Market prio D-MR 2 1 0 10 20 30 40 Quantity (thousands of pounds) Figure 12-6 shows the demand, marginal cost (MC) and average total cost (ATC) curves for Jason's House of Apples. Refer to Figure 12-6. To maximize his proft, Jason should produce the level of output indicated by point Od OG
D' D $24 MC ATC S' 21 19 S 160 240 320 8 10 At price...
D' D $24 MC ATC S' 21 19 S 160 240 320 8 10 At price of $24, each firm makes a profit of $ 16 24 30 72 D' D MC ATC $24 S' 21 19 S 160 240 320 8 10 In the start, market equilibrium is units 80 160 240 320 D' D MC ATC $24 S' 21 19 S 160 240 320 8 10 In the start, the number of firms in this industry is 20...
PART 1 Costs & Revenue Price MC The INDUSTRY is the price maker The SINGLE FIRM...
PART 1 Costs & Revenue Price MC The INDUSTRY is the price maker The SINGLE FIRM IS a price taker S ATC ARMR D Q Q Quantity Output Price Costs Revenue The INDUSTRY is the TSINGLES a proto MC pro NOIVAL proft in the US ATC AR-MR P1 AR-MR D Q01 Q10 Output a. What type of market structure is shown in the diagram above and how did you determine this? b. What are the firm's short run profit maximizing...
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand...
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand + 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of jackets) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that P = ATC at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is less than the efficient scale. True or...
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...
3. MC Price ATC Demand (AR) MR Quantity Graph, Label and Describe in terms of: A....
3. MC Price ATC Demand (AR) MR Quantity Graph, Label and Describe in terms of: A. Name of Market Structure (3 points) b. Ability to control prices. (3 points) d. Pure profit, Normal profit or c. Spending on advertising and marketing losses. (3 points) (3 points)
For a perfectly competitive market made up of firms represented in the graph below, what is...
For a perfectly competitive market made up of firms represented in the graph below, what is the long run equilibrium price of the good? Cost ($) MC ATC AVC $16 $14 $12 $10 Quantity $14 $10 $12 $16 For a perfectly competitive market made up of firms represented in the graph below, if the price is $14, Cost ($) MC ATC $16 AVC - $14 $12 $10 Quantity The firm is operating at its minimum long run average total cost....
What identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost...
What identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 100 30,90 90 80 70 60 COSTS (Dollars per pound) 50 ATC 20 AVC 10 0 5 45 50 10 15 20 25 30 35 40 QUANTITY (Thousands of pounds) Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint: You can disregard the...
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65. Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: A) diagram a only. B) diagram b only. C) diagram conly. D) both diagrams a and c. 66. Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: A) diagram a only. B) diagram b...
PART 2 Costs & Revenue MC ATC Super-formal profits AR 0 Q MR Output Reconciso a. What type of market structure is shown in the graph above and how did you determine this? b. What would make this type of market structure develop? C. How does this market structure differ from that in Part 12 d. What will the firm's equilibrium price and quantity be? e. Is this an economically efficient equilibrium? Why or why net? f. What will the...
Price (dollars per pound) 5 MC ATC Market prio D-MR 2 1 0 10 20 30 40 Quantity (thousands of pounds) Figure 12-6 shows the demand, marginal cost (MC) and average total cost (ATC) curves for Jason's House of Apples. Refer to Figure 12-6. To maximize his proft, Jason should produce the level of output indicated by point Od OG
D' D $24 MC ATC S' 21 19 S 160 240 320 8 10 At price of $24, each firm makes a profit of $ 16 24 30 72 D' D MC ATC $24 S' 21 19 S 160 240 320 8 10 In the start, market equilibrium is units 80 160 240 320 D' D MC ATC $24 S' 21 19 S 160 240 320 8 10 In the start, the number of firms in this industry is 20...
PART 1 Costs & Revenue Price MC The INDUSTRY is the price maker The SINGLE FIRM IS a price taker S ATC ARMR D Q Q Quantity Output Price Costs Revenue The INDUSTRY is the TSINGLES a proto MC pro NOIVAL proft in the US ATC AR-MR P1 AR-MR D Q01 Q10 Output a. What type of market structure is shown in the diagram above and how did you determine this? b. What are the firm's short run profit maximizing...
Mon Comp Outcome Min Unit Cost PRICE (Dollars per jacket) -L- ATC MC MR +LN Demand + 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of jackets) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that P = ATC at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is less than the efficient scale. True or...
MC ATC S AVC MR P 0 0 Q Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates The predicted long run adjustments in this industry might be offset by a decline in product demand an increase in resource prices a technological improvement in production methods O entry of new firms into the industry O O O O P MC ATC D MR 0 Refer to the accompanying...
3. MC Price ATC Demand (AR) MR Quantity Graph, Label and Describe in terms of: A. Name of Market Structure (3 points) b. Ability to control prices. (3 points) d. Pure profit, Normal profit or c. Spending on advertising and marketing losses. (3 points) (3 points)
For a perfectly competitive market made up of firms represented in the graph below, what is the long run equilibrium price of the good? Cost ($) MC ATC AVC $16 $14 $12 $10 Quantity $14 $10 $12 $16 For a perfectly competitive market made up of firms represented in the graph below, if the price is $14, Cost ($) MC ATC $16 AVC - $14 $12 $10 Quantity The firm is operating at its minimum long run average total cost....
What identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 100 30,90 90 80 70 60 COSTS (Dollars per pound) 50 ATC 20 AVC 10 0 5 45 50 10 15 20 25 30 35 40 QUANTITY (Thousands of pounds) Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint: You can disregard the...
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