Homework Answers
At market price of $1.25 firm will produce output where MC=$1.25 since at the point where MC=MR firm will maximize profit,ATC at that level of output is $0.8 so firm will earn 1.25-0.8=$0.45 for each unit of output Hence, $0.45 is correct
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Question 2 10 pts Use the following graph to answer the next question. MC ATC AVC...
Use the following graph to answer the next question. MC ATC AVC Costs and Revenues 1.25...
Use the following graph to answer the next question. MC ATC AVC Costs and Revenues 1.25 1.05 .90 .80 .65 .60 o 15 20 35 Quantity The graph shows the cost curves for a perfectly competitive firm. If the market price of the product is $1.25 per unit, then the firm will earn how much profit per unit in the short run? O $.65 O $1.25 O $.45 O $.60
Use the following graph showing cost curves for a perfectly competitive firm to answer the next question. MC ATC /AVC C...
Use the following graph showing cost curves for a perfectly competitive firm to answer the next question. MC ATC /AVC Costs and Revenues 35 15 20 Quantity What is the lowest price at which the firm will start producing output in the short run? O $1.25 O $1.05 O $0.90 O
please explain! Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in...
please explain!
Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in the Short Run) Use Figure: A Perfectly Competitive Firm in the Short Run. The firm will produce in the short run if the price is greater than or equal to: A) F B) E C) N D) P.
Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average...
Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 100 T 90 80 70 60 e 50 8 40 30 20 10 ATC AVC 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of shirts)
Question 32 Refer to the following figure: MC ATC AVC Price 0, 0, 0, 0 0...
Question 32 Refer to the following figure: MC ATC AVC Price 0, 0, 0, 0 0 Quantity The short-run break-even price for the perfectly competitive firm will be
3. The following graph shows the cost and revenue curves for a firm in a perfectly...
3. The following graph shows the cost and revenue curves for a firm in a perfectly competitive market. 90 80 D=MR 70 60 ATC Price and cost ($) 50 AVC 40 30 MC 20 10 0 10 20 30 40 50 60 70 80 90 a) Assume that new firms enter this market and that drives the price down to $35 per unit. Will the firm continue to produce or shut down? Explain your answer.
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
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
Cost, $ MC 30 AC 20 18 AVC 10 50 80 9 for the The graph...
Cost, $ MC 30 AC 20 18 AVC 10 50 80 9 for the The graph above shows the cost curves for a competitive firm. The price must exceed firm to operate in the short run. O $10 O $0 O $18 O $20
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
Use the following graph to answer the next question. MC ATC AVC Costs and Revenues 1.25 1.05 .90 .80 .65 .60 o 15 20 35 Quantity The graph shows the cost curves for a perfectly competitive firm. If the market price of the product is $1.25 per unit, then the firm will earn how much profit per unit in the short run? O $.65 O $1.25 O $.45 O $.60
Use the following graph showing cost curves for a perfectly competitive firm to answer the next question. MC ATC /AVC Costs and Revenues 35 15 20 Quantity What is the lowest price at which the firm will start producing output in the short run? O $1.25 O $1.05 O $0.90 O
please explain!
Price MC ATC AVC Quantity (per period) 2. (Figure: A Perfectly Competitive Firm in the Short Run) Use Figure: A Perfectly Competitive Firm in the Short Run. The firm will produce in the short run if the price is greater than or equal to: A) F B) E C) N D) P.
Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 100 T 90 80 70 60 e 50 8 40 30 20 10 ATC AVC 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of shirts)
Question 32 Refer to the following figure: MC ATC AVC Price 0, 0, 0, 0 0 Quantity The short-run break-even price for the perfectly competitive firm will be
3. The following graph shows the cost and revenue curves for a firm in a perfectly competitive market. 90 80 D=MR 70 60 ATC Price and cost ($) 50 AVC 40 30 MC 20 10 0 10 20 30 40 50 60 70 80 90 a) Assume that new firms enter this market and that drives the price down to $35 per unit. Will the firm continue to produce or shut down? Explain your answer.
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
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
Cost, $ MC 30 AC 20 18 AVC 10 50 80 9 for the The graph above shows the cost curves for a competitive firm. The price must exceed firm to operate in the short run. O $10 O $0 O $18 O $20
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
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