Homework Answers
Answer: b
The short-run shutdown point bfor this firm is point 'b'.
The shutdown point is the point at which, the firm's average variable cost of production is minimum, i.e., the point at which the marginal cost(MC) curve intersects the average variable cost(AVC) curve. In the figure, we see that the AVC is minimum at point 'b'. So point 'b' is the shutdown point of this firm.
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Price and DON MC ATC AVC 24 P, PA P o, 9,99 99 Quantity Figure 12-9...
Figure 12-4 Price and cost MC ATC AVC $40.50 36.00 30.00 22.00 20.00 -MR 130 180...
Figure 12-4 Price and cost MC ATC AVC $40.50 36.00 30.00 22.00 20.00 -MR 130 180 240 Quantity Figure 12-4 shows the cost and demand curve for a profit-maximizing firm in a perfectly competitive market. 37) Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost? A) $7,200 B) $6,480 C) $5,400 D) $3,960 Figure 15-6 Revenue and cost per unit $30 ATC Demand...
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
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.
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
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 1 1 1 ! сл 8 10 13 17 Q Use figure 2, which depicts the cost curves of a perfectly competitive firm to answer the following a)(3 points) When the market prices is $8, what is the firm's short run profit maximizing output? b) (3 points)At a market price of $8, is the firm earning positive, negative, or zero economic profit? c) (3...
Question 26 5 pts Price ATC MC AVC DD . m 0 Quantity Refer to the...
Question 26 5 pts Price ATC MC AVC DD . m 0 Quantity Refer to the diagram above. At the point markede, o price is determining production at a level where P = AVC o TR is exactly equal to TC, so profits equal zero. o price is above average cost of production. o the leftover rectangle is the profit earned. Question 28 4 pts The following figure shows the average cost curve, demand curve, and marginal revenue curve for...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 5 8 10 13 17 g) (3 points) Calculate the economic profit of this firm when the market price is $15
Question 6 1 pts 1 Price MC ATC AVC P3 P6 pa P3 P2 P1 Q1...
Question 6 1 pts 1 Price MC ATC AVC P3 P6 pa P3 P2 P1 Q1 02 03 04 QS Shutdown point is at O p1 Op3 Op4 O p7 Question 7 1 pts Price MC ATC AVC P7 P6 P3 P2 PI Q1 02 03 04 Q3 Quantity Exit point is at Op4 O p1 Op3 O p7
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
The figure is drawn for a monopolistically competitive firm. MC ATC 140 123.33 8 PRICE Demand...
The figure is drawn for a monopolistically competitive firm. MC ATC 140 123.33 8 PRICE Demand 90 56.67 MR 100 133.33 QUANTITY Refer to Figure 16-5. The quantity of output at which the MC and ATC curves cross is the long-run equilibrium quantity of output for the firm. short-run equilibrium quantity of output for the firm. efficient scale of the firm. profit-maximizing quantity.
Figure 12-4 Price and cost MC ATC AVC $40.50 36.00 30.00 22.00 20.00 -MR 130 180 240 Quantity Figure 12-4 shows the cost and demand curve for a profit-maximizing firm in a perfectly competitive market. 37) Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost? A) $7,200 B) $6,480 C) $5,400 D) $3,960 Figure 15-6 Revenue and cost per unit $30 ATC Demand...
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
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.
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
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 1 1 1 ! сл 8 10 13 17 Q Use figure 2, which depicts the cost curves of a perfectly competitive firm to answer the following a)(3 points) When the market prices is $8, what is the firm's short run profit maximizing output? b) (3 points)At a market price of $8, is the firm earning positive, negative, or zero economic profit? c) (3...
Question 26 5 pts Price ATC MC AVC DD . m 0 Quantity Refer to the diagram above. At the point markede, o price is determining production at a level where P = AVC o TR is exactly equal to TC, so profits equal zero. o price is above average cost of production. o the leftover rectangle is the profit earned. Question 28 4 pts The following figure shows the average cost curve, demand curve, and marginal revenue curve for...
Figure 2: Short-run unit cost curves P MC ATC 15 AVC 12 11 9 8 5 5 8 10 13 17 g) (3 points) Calculate the economic profit of this firm when the market price is $15
Question 6 1 pts 1 Price MC ATC AVC P3 P6 pa P3 P2 P1 Q1 02 03 04 QS Shutdown point is at O p1 Op3 Op4 O p7 Question 7 1 pts Price MC ATC AVC P7 P6 P3 P2 PI Q1 02 03 04 Q3 Quantity Exit point is at Op4 O p1 Op3 O p7
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
The figure is drawn for a monopolistically competitive firm. MC ATC 140 123.33 8 PRICE Demand 90 56.67 MR 100 133.33 QUANTITY Refer to Figure 16-5. The quantity of output at which the MC and ATC curves cross is the long-run equilibrium quantity of output for the firm. short-run equilibrium quantity of output for the firm. efficient scale of the firm. profit-maximizing quantity.
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