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Redraw the diagram describing a competitive firm, and answer the questions below. Price 11. After labeling...
Redraw the diagram describing a competitive firm, and answer the questions below. Price TOT SHARE 0...
Redraw the diagram describing a competitive firm, and answer the questions below. Price TOT SHARE 0 11. After labeling each curve, lect/mark how much the profit-maximizing firm should produce. (1 point) 12. Identify/draw the area showing total profit at the level of output selected in #11 (1 point) 13. In the long run, if the firms stays in the market, it will produce (more, less) as price (decreases, increases), and the economic profit eventually becomes (positive, zero, negative). Circle the...
please explain in details and please show how u did it .thank u Part III. (3...
please explain in details and please show how u did it
.thank u
Part III. (3 points) Redraw the diagram describing a competitive firm, and answer the questions below. think Price 0 11. After labeling each curve, select/mark how much the profit-maximizing firm should produce. (1 point) 12. Identify/draw the area showing total profit at the level of output selected in #11 (1 point) JOT SHARE 13. In the long run, if the firms stays in the market, it will...
Help with #8-11 please. For questions 8-11, refer to this diagram for 2 purely competitive producer....
Help with #8-11 please.
For questions 8-11, refer to this diagram for 2 purely competitive producer. ATC AVC 8. The lowest price at which the firm should produce (as opposed to shutting down) is: A.P. B. P2 C.P. D. P. 9. The firm will produce at a loss at all prices: A. Above P2. B. Above P3. C. Above P. D. Between P2 and Ps. 10. If product price is P3: A. The firm will maximize profit at point d....
3. A firm in a perfectly competitive market will produce no output in the short run...
3. A firm in a perfectly competitive market will produce no output in the short run if the price is below $18 but will produce if the price is above $18. The smallest quantity they will produce in the short run is 8. Firms will earn 0 economic profit if the price is $74 and its profit maximizing quantity is 12 at that price. The firm’s fixed cost is $576. Assume the good can be produced in continuous quantities. Draw...
A) On the above diagram, indicate the long-run equilibrium (break-even ) point by labeling it E.
Refer to the above graph when answering the following questions. A) On the above diagram, indicate the long-run equilibrium (break-even ) point by labeling it E. B) The long-run equilibrium (break-even ) quantity is_______ units and the long-run equilibrium price is _______ Assume a market price of $10 and a firm pursuing profit maximization. C) Given the market price of $10, on the above diagram, draw and label the perfectly competitive firm's demand curve D) Total revenue at the profit-maximizing output is: E) Total cost at...
Question 3 Tabassum and Shashwat operate a small firm in a perfectly competitive market, the diagram...
Question 3 Tabassum and Shashwat operate a small firm in a perfectly competitive market, the diagram illustrates its MC, ATC, AVC and its MR curves. ATC 16.00 MR a. What is their current average revenue per unit? [1 mark] 12.25 12.00 F 10.00 ---- Price and Cost ($ per unit) 0.00 6.00 b. What is their profit maximizing level of output and profit? (2 marks] 10 11 12 13 Output Per hour c. If the market clearing price drops to...
in the drop down menu is possible or not possible A perfectly competitive firm's marginal cost...
in the drop down menu is possible or not possible
A perfectly competitive firm's marginal cost curve is upward sloping but not vertical. If the price of the product increases, in the short run it is for the firm's economic profit to decrease (or for its economic loss to increase) Which of the following statements explain the above argument? (Check all that apply.) A. It is not possible if the firm produces at any point on the marginal cost curve....
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is perfectly vertical. maybe downward or upward sloping, depending upon the type of product offered for sale. In the short run, the best policy for a perfectly competitive firm is to Question 17 options: shut down its operation if the price ever falls below average total cost. produce and sell its product as long as price is greater than average variable cost. shut down its...
Assume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical firm...
Assume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical firm that grows and sells apples. Currently, Grande earns zero economic profit, and the market price of apples is $10 per bushel. (a) Draw a correctly labeled graph showing Grande’s demand curve, average total cost curve, and marginal cost curve, and show the profit-maximizing quantity, labeled QG . (b) Suppose an increase in the popularity of apple cider increases the demand for apples. How will...
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a...
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a Price (P) 10.00 MC 8.75 8.00 7.75 7.50 ATC 6.25 AVC 5.50 5.25 250 300 440 500 Quantity If price = $10, the profit-maximizing/loss-minimizing level of output is 1) total revenue is equal to 2) $_ total cost is equal to 3) $_ and the firm earns economic profit equal to 4) $__ If price = $7.50, the profit-maximizing/loss-minimizing level of output is 5)_...
Redraw the diagram describing a competitive firm, and answer the questions below. Price TOT SHARE 0 11. After labeling each curve, lect/mark how much the profit-maximizing firm should produce. (1 point) 12. Identify/draw the area showing total profit at the level of output selected in #11 (1 point) 13. In the long run, if the firms stays in the market, it will produce (more, less) as price (decreases, increases), and the economic profit eventually becomes (positive, zero, negative). Circle the...
please explain in details and please show how u did it
.thank u
Part III. (3 points) Redraw the diagram describing a competitive firm, and answer the questions below. think Price 0 11. After labeling each curve, select/mark how much the profit-maximizing firm should produce. (1 point) 12. Identify/draw the area showing total profit at the level of output selected in #11 (1 point) JOT SHARE 13. In the long run, if the firms stays in the market, it will...
Help with #8-11 please.
For questions 8-11, refer to this diagram for 2 purely competitive producer. ATC AVC 8. The lowest price at which the firm should produce (as opposed to shutting down) is: A.P. B. P2 C.P. D. P. 9. The firm will produce at a loss at all prices: A. Above P2. B. Above P3. C. Above P. D. Between P2 and Ps. 10. If product price is P3: A. The firm will maximize profit at point d....
Question 3 Tabassum and Shashwat operate a small firm in a perfectly competitive market, the diagram illustrates its MC, ATC, AVC and its MR curves. ATC 16.00 MR a. What is their current average revenue per unit? [1 mark] 12.25 12.00 F 10.00 ---- Price and Cost ($ per unit) 0.00 6.00 b. What is their profit maximizing level of output and profit? (2 marks] 10 11 12 13 Output Per hour c. If the market clearing price drops to...
in the drop down menu is possible or not possible
A perfectly competitive firm's marginal cost curve is upward sloping but not vertical. If the price of the product increases, in the short run it is for the firm's economic profit to decrease (or for its economic loss to increase) Which of the following statements explain the above argument? (Check all that apply.) A. It is not possible if the firm produces at any point on the marginal cost curve....
sh for a perfectly competitive firm to answer questions through 10. 'se the graph for a Price (P) 10.00 MC 8.75 8.00 7.75 7.50 ATC 6.25 AVC 5.50 5.25 250 300 440 500 Quantity If price = $10, the profit-maximizing/loss-minimizing level of output is 1) total revenue is equal to 2) $_ total cost is equal to 3) $_ and the firm earns economic profit equal to 4) $__ If price = $7.50, the profit-maximizing/loss-minimizing level of output is 5)_...
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