Homework Answers
Answer is A....
Because PROFIT MAXIMISING output decision where MC is equal MR AND MC cuts MR from below.
So quantity supply 22 unit.
Price in perfect competitive structure is AR=MR= PRICE
so price is $15
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Cost, мо $15 D-MR ATO AVC $5 10 15 22 Quantity The graph above illustrates costs...
Cost, мо $15 D-MR ATO AVC $5 10 15 22 Quantity The graph above illustrates costs and revenues for a firm in a perfectly competitive market. The firm has a horizontal marginal revenue curve, which indicates that the firm O must take the price of $15 as given O must charge a price above $15. must charge a price below $15. must take the price of $9 as given.
Costs MC AC 20 18 AVC 10 50 80 9 The graph above shows the cost...
Costs MC AC 20 18 AVC 10 50 80 9 The graph above shows the cost curves for a competitive firm. If the profit-maximizing level of output is 80, price is equal to O $18 O $10 O $30 O $20
Question 2 10 pts Use the following graph to answer the next question. MC ATC AVC...
Question 2 10 pts Use the following graph to answer the next question. MC ATC AVC Costs and Revenues 1.25 1.05 .90 .80 .65 .60 0 20 15 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? $.60 $1.25 $.65 o $.45
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
Question 12 (1 point) MC ATC AVC 5 6 Quantity (in Millions) The above graph indicates the cost conditions for a firm operating in a price-taker market. If the market price of the product in the a...
Question 12 (1 point) MC ATC AVC 5 6 Quantity (in Millions) The above graph indicates the cost conditions for a firm operating in a price-taker market. If the market price of the product in the above graph rose to $8, indicate the frm's profit- maximizing output. 2019 2019 3 million 5 million 6 million 9-04
Question 12 (1 point) MC ATC AVC 5 6 Quantity (in Millions) The above graph indicates the cost conditions for a firm operating in...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
Price MC ATC AVC - MR 40 45 47 Quantity a. (1 points) Using the graph...
Price MC ATC AVC - MR 40 45 47 Quantity a. (1 points) Using the graph above, what is the profit maximizing or loss minimizing output and price? b. (1 point)Using the graph above, what is the profit or loss for the profit maximizing firm? c. (2 points) What would happen in this market in the long run. Be sure to explain in detail what happens in the market and the firm. What would be the long run price, and...
Introduction to Microeconomics Deriving the Short-Run Supply Curve for the Perfectly Competitive Firm MC ATC AVC...
Introduction to Microeconomics Deriving the Short-Run Supply Curve for the Perfectly Competitive Firm MC ATC AVC Cost ($) 0 10 20 30 40 50 60 70 80 90 100 110 Outputs units) The figure illustrates the costs faced by a perfectly competitive firm. Use the figure to answer the following: 1) If the market price is $20, how much will the firm produce in order to maximize its profits? 2) If the market price is $15, how much will the...
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
MC Cost and Revenue ATC MR AVC o '1'2'3'4'56'58' Quantity 10 a. (1 points) Using the...
MC Cost and Revenue ATC MR AVC o '1'2'3'4'56'58' Quantity 10 a. (1 points) Using the graph above, what is the profit maximizing or loss minimizing output and price? b. (1 point)Using the graph above, what is the profit or loss at the profit maximizing or loss minimizing point c. (1 point) What is the shutdown price and quantity?
Cost, мо $15 D-MR ATO AVC $5 10 15 22 Quantity The graph above illustrates costs and revenues for a firm in a perfectly competitive market. The firm has a horizontal marginal revenue curve, which indicates that the firm O must take the price of $15 as given O must charge a price above $15. must charge a price below $15. must take the price of $9 as given.
Costs MC AC 20 18 AVC 10 50 80 9 The graph above shows the cost curves for a competitive firm. If the profit-maximizing level of output is 80, price is equal to O $18 O $10 O $30 O $20
Question 2 10 pts Use the following graph to answer the next question. MC ATC AVC Costs and Revenues 1.25 1.05 .90 .80 .65 .60 0 20 15 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? $.60 $1.25 $.65 o $.45
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
Question 12 (1 point) MC ATC AVC 5 6 Quantity (in Millions) The above graph indicates the cost conditions for a firm operating in a price-taker market. If the market price of the product in the above graph rose to $8, indicate the frm's profit- maximizing output. 2019 2019 3 million 5 million 6 million 9-04
Question 12 (1 point) MC ATC AVC 5 6 Quantity (in Millions) The above graph indicates the cost conditions for a firm operating in...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
Price MC ATC AVC - MR 40 45 47 Quantity a. (1 points) Using the graph above, what is the profit maximizing or loss minimizing output and price? b. (1 point)Using the graph above, what is the profit or loss for the profit maximizing firm? c. (2 points) What would happen in this market in the long run. Be sure to explain in detail what happens in the market and the firm. What would be the long run price, and...
Introduction to Microeconomics Deriving the Short-Run Supply Curve for the Perfectly Competitive Firm MC ATC AVC Cost ($) 0 10 20 30 40 50 60 70 80 90 100 110 Outputs units) The figure illustrates the costs faced by a perfectly competitive firm. Use the figure to answer the following: 1) If the market price is $20, how much will the firm produce in order to maximize its profits? 2) If the market price is $15, how much will the...
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
MC Cost and Revenue ATC MR AVC o '1'2'3'4'56'58' Quantity 10 a. (1 points) Using the graph above, what is the profit maximizing or loss minimizing output and price? b. (1 point)Using the graph above, what is the profit or loss at the profit maximizing or loss minimizing point c. (1 point) What is the shutdown price and quantity?
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