Homework Answers
C) $ 30
If profit maximizing level of output is 80 then price is equal to MC which is $30.
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
Cost, $ MC 30 AC 20 18 AVC 10 50 80 9 for the The graph...
Cost, $ MC 30 AC 20 18 AVC 10 50 80 9 for the The graph above shows the cost curves for a competitive firm. The price must exceed firm to operate in the short run. O $10 O $0 O $18 O $20
$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 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
Cost, $ MC $15 DMR АТО AVC $9 57 $$ 10 15 22 Quantity The graph...
Cost, $ MC $15 DMR АТО AVC $9 57 $$ 10 15 22 Quantity The graph above illustrates costs and revenues for a firm in a perfectly competitive market. This profit-maximizing firm will produce units and charge a price of 22: $15 22:59 10: $15 15:57
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,...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), M...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Find the firm's short run shutdown price. (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
3) Monopolistic Competition Long-Run (7 points) The marginal costs (MC), average variable costs (AVC), and average...
3) Monopolistic Competition Long-Run (7 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. Price/Cost (S) a. What is the firm's profit-maximizing output level? b. What is its profit-maximizing price? c. What is the firm's economic profit? d. What would the output level be that is productively efficient (minimizes ATC)? e. At what price and output level would this outcome be allocatively efficient? (Hint...
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 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
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
Cost, $ MC 30 AC 20 18 AVC 10 50 80 9 for the The graph above shows the cost curves for a competitive firm. The price must exceed firm to operate in the short run. O $10 O $0 O $18 O $20
$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 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
Cost, $ MC $15 DMR АТО AVC $9 57 $$ 10 15 22 Quantity The graph above illustrates costs and revenues for a firm in a perfectly competitive market. This profit-maximizing firm will produce units and charge a price of 22: $15 22:59 10: $15 15:57
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,...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Find the firm's short run shutdown price. (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
3) Monopolistic Competition Long-Run (7 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. Price/Cost (S) a. What is the firm's profit-maximizing output level? b. What is its profit-maximizing price? c. What is the firm's economic profit? d. What would the output level be that is productively efficient (minimizes ATC)? e. At what price and output level would this outcome be allocatively efficient? (Hint...
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 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
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