Homework Answers
Answer is 10$
In perfect competitive firm, the price must exceed the Average Variable cost for the firm to operate is short run. Overall the firm is in loss even if price is at AVC but it can pay at least its variable cost in the short run, thus the firm can continue to operate in short run, minimizing losses. In long run the firm will exit due to continue losses.
Cost, $ MC 30 AC 20 18 AVC G 10 50 80 9 The graph above...
Cost, $ MC 30 AC 20 18 AVC G 10 50 80 9 The graph above shows the cost curves for a competitive firm. In the short run, the firm will shut down if price falls below O 50 O $10 O $18 $20
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 10 1 pts $. pc MC 50 - AC 40 1 AVC 30 14 1...
Question 10 1 pts $. pc MC 50 - AC 40 1 AVC 30 14 1 9 10 23 25 33 The figure above shows the short-run cost curves for a firm in a perfectly competitive market. The firm should shut down production in the short run if price is below $30 price is below $40. price is below $50. price is above AC
$19 MC 1 15 AC 11 10 AVC 40 9 The above figure shows the cost...
$19 MC 1 15 AC 11 10 AVC 40 9 The above figure shows the cost curves for a competitive firm. If the market price is $10 per unit, the firm will earn profits of A) $0. B) $4. C) $40. D) $400.
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
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4...
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4 $2. $0 7 Cost Curves Sweatpants Firm 1 2 10 O 3 4 5 6 7 8 9 Quantity of Sweatpants The above graph contains the average total cost, marginal cost, and average variable cost for a small firm that produces sweatpants. Assume the market for sweatpants is perfectly competitive and all sweatpants firms have the same costs. What is the long-run equilibrium price...
30. Consider the firm whose MC, AC, AVC, AFC functions are shown in the following graph. AC, AC 10 AF Output 50 100...
30. Consider the firm whose MC, AC, AVC, AFC functions are shown in the following graph. AC, AC 10 AF Output 50 100 120 If the output price is equal to $14, then the firm maximizes profits by producing? a. O units b. more than 50 but less than 100 units c. more than o but less than 50 units d. more than 100 but less than 120 units e. more than 120 units 31. Consider the firm whose MC,...
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
$, p, C MC 75 - - 1 1 1 AC 60 - - - -...
$, p, C MC 75 - - 1 1 1 AC 60 - - - - 1 AVC - 1 45 1 - 21 - 10 23 28 33 The figure above shows the short-run cost curves for a firm in a perfectly competitive market. The firm should shut down production in the short run if price is above AC. price is below $75. price is below $60. price is below $45.
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
Cost, $ MC 30 AC 20 18 AVC G 10 50 80 9 The graph above shows the cost curves for a competitive firm. In the short run, the firm will shut down if price falls below O 50 O $10 O $18 $20
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 10 1 pts $. pc MC 50 - AC 40 1 AVC 30 14 1 9 10 23 25 33 The figure above shows the short-run cost curves for a firm in a perfectly competitive market. The firm should shut down production in the short run if price is below $30 price is below $40. price is below $50. price is above AC
$19 MC 1 15 AC 11 10 AVC 40 9 The above figure shows the cost curves for a competitive firm. If the market price is $10 per unit, the firm will earn profits of A) $0. B) $4. C) $40. D) $400.
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
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4 $2. $0 7 Cost Curves Sweatpants Firm 1 2 10 O 3 4 5 6 7 8 9 Quantity of Sweatpants The above graph contains the average total cost, marginal cost, and average variable cost for a small firm that produces sweatpants. Assume the market for sweatpants is perfectly competitive and all sweatpants firms have the same costs. What is the long-run equilibrium price...
30. Consider the firm whose MC, AC, AVC, AFC functions are shown in the following graph. AC, AC 10 AF Output 50 100 120 If the output price is equal to $14, then the firm maximizes profits by producing? a. O units b. more than 50 but less than 100 units c. more than o but less than 50 units d. more than 100 but less than 120 units e. more than 120 units 31. Consider the firm whose MC,...
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
$, p, C MC 75 - - 1 1 1 AC 60 - - - - 1 AVC - 1 45 1 - 21 - 10 23 28 33 The figure above shows the short-run cost curves for a firm in a perfectly competitive market. The firm should shut down production in the short run if price is above AC. price is below $75. price is below $60. price is below $45.
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
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