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Question 33 (1 point) James has a factory that produces bowls. He is selling bowls in...
James has a factory that produces bowls. He is selling bowls in a perfectly competitive bowl...
James has a factory that produces bowls. He is selling bowls in a perfectly competitive bowl market. The factory is currently producing 100 bowls at an average total cost of $10 per bowl. It is making $1,500 of economic profit in the short run. What is the market price of bowls? $25 $20 $35 $30
THE Company produces two products, vases and bowls. The variable costs of producing a vase and...
THE Company produces two products, vases and bowls. The variable costs of producing a vase and a bowl are $22 and $16, respectively. The selling price for a vase is $34 and the selling price for a bowl is $25. THE Company currently has 50 employees who are equally capable of producing both vases and bowls. On average, it takes 4 hours to manufacture a bowl and 5 hours to manufacture a vase. After the products are built they need...
Question 3 (1 point) Zhang has a store that sells beach chairs. He is currently able...
Question 3 (1 point) Zhang has a store that sells beach chairs. He is currently able to sell beach chairs for $20 a chair. At his profit maximizing level of output his average total cost is $25. Assuming the beach chair market is perfectly competitive, what will happen to the beach chair market in the long run? More firms will enter the market and the price of beach chairs will increase Some beach chair firms will exit the market and...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Page 22 of 2 Question 22 (1 point) Serenity owns a factory that makes and sell...
Page 22 of 2 Question 22 (1 point) Serenity owns a factory that makes and sell microwaves. The market price of microwaves is $150 per microwave. At the factory's profit maximizing level of outpu the average variable cost to produce microwaves is $175 and the average total cost is $200. What should Serenity do to maximize her profit? Shut down in the short run and the long run Keep operating in both the short and long run Keep operating in...
Question 45 Not yet answered Marked out of 2.00 p Flag question Exhibit 8.9 Marginal cost...
Question 45 Not yet answered Marked out of 2.00 p Flag question Exhibit 8.9 Marginal cost 5 d Ps Average total cost 44 d4 D Dollars per unit 3 Average variable cost d, 0 99% Quantity per period 9 Refer to Exhibit 8.9 for a perfectly competitive firm's short-run output decisions. At price p5, the firm Refer to Exhibit 8.9 for a perfectly competitive firm's short-run output decisions. At price p5, the firm Select one: O a. produces at a...
1. Draw two graphs. On the first, show the short-run profit maximizing output of an individual...
1. Draw two graphs. On the first, show the short-run profit maximizing output of an individual firm earning an economic profit, including MR, MC, AVC, and ATC. On the second, show the short-run market equilibrium price and quantity. Explain how the industry supply curve and the market equilibrium price and quantity are determined. 2. What is the relationship between the price on the two graphs? Why does this relationship exist? 3. Explain why a firm in a perfectly competitive industry...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not likely earn an economic profit in the long run. shut down in the short run if price is less than average variable cost. all of the above. QUESTION 6 A monopolistic competitive firm is inefficient because the firm: earns positive economic profit in the long run. is producing at an output corresponding to the condition that marginal cost equals price. is not maximizing its...
Suppose your farm produces grain in a perfectly competitive industry. Currently, you can sell a bushel of grain at $15 per unit. You are producing where marginal revenue equals marginal cost, yieldin...
Suppose your farm produces grain in a perfectly competitive industry. Currently, you can sell a bushel of grain at $15 per unit. You are producing where marginal revenue equals marginal cost, yielding an output level of 200,000 bushels. At your current level of output, variable costs are $3,340,000 and fixed costs are $150,000. a) What is your current economic profit in the short-run from production? b) Given the correct answer to part a), should you continue producing this output level...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost curves of Ted's bicycle store. Suppose the market price is $29. Is Ted making an economic profit in the short run? Are the profits sustainable in the long run assuming this is a constant cost industry? Briefly explain. MC ATC AVC 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13...
James has a factory that produces bowls. He is selling bowls in a perfectly competitive bowl market. The factory is currently producing 100 bowls at an average total cost of $10 per bowl. It is making $1,500 of economic profit in the short run. What is the market price of bowls? $25 $20 $35 $30
THE Company produces two products, vases and bowls. The variable costs of producing a vase and a bowl are $22 and $16, respectively. The selling price for a vase is $34 and the selling price for a bowl is $25. THE Company currently has 50 employees who are equally capable of producing both vases and bowls. On average, it takes 4 hours to manufacture a bowl and 5 hours to manufacture a vase. After the products are built they need...
Question 3 (1 point) Zhang has a store that sells beach chairs. He is currently able to sell beach chairs for $20 a chair. At his profit maximizing level of output his average total cost is $25. Assuming the beach chair market is perfectly competitive, what will happen to the beach chair market in the long run? More firms will enter the market and the price of beach chairs will increase Some beach chair firms will exit the market and...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Page 22 of 2 Question 22 (1 point) Serenity owns a factory that makes and sell microwaves. The market price of microwaves is $150 per microwave. At the factory's profit maximizing level of outpu the average variable cost to produce microwaves is $175 and the average total cost is $200. What should Serenity do to maximize her profit? Shut down in the short run and the long run Keep operating in both the short and long run Keep operating in...
Question 45 Not yet answered Marked out of 2.00 p Flag question Exhibit 8.9 Marginal cost 5 d Ps Average total cost 44 d4 D Dollars per unit 3 Average variable cost d, 0 99% Quantity per period 9 Refer to Exhibit 8.9 for a perfectly competitive firm's short-run output decisions. At price p5, the firm Refer to Exhibit 8.9 for a perfectly competitive firm's short-run output decisions. At price p5, the firm Select one: O a. produces at a...
Suppose your farm produces grain in a perfectly competitive industry. Currently, you can sell a bushel of grain at $15 per unit. You are producing where marginal revenue equals marginal cost, yielding an output level of 200,000 bushels. At your current level of output, variable costs are $3,340,000 and fixed costs are $150,000. a) What is your current economic profit in the short-run from production? b) Given the correct answer to part a), should you continue producing this output level...
Suppose the U.S. bicycle market is perfectly competitive. The graph below shows the short run cost curves of Ted's bicycle store. Suppose the market price is $29. Is Ted making an economic profit in the short run? Are the profits sustainable in the long run assuming this is a constant cost industry? Briefly explain. MC ATC AVC 35 34 33 32 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13...
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