Homework Answers
3) In short run firms have atleast one factor of production which is fixed for example and expenditure on purchase of equipment and all other are variable factors. Hence option c is correct
4) Average product when there are 4 workers = Total output / number of workers = 44/4 = 11 (option c)
5) Marginal product of 3rd worker = Total output of 3rd worker- total output of 2nd worker / 3-2 = 30-18/1
= 12 units of output (option b)
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customers and paid ty's economic profit in her first year is: b. C. d. $15,000. $20,000....
AMB PRINT LAST NAME, FIRST NAME SECTION BUSINESS FIRMS, COSTS, AND PROFIT Which business or siness...
AMB PRINT LAST NAME, FIRST NAME SECTION BUSINESS FIRMS, COSTS, AND PROFIT Which business or siness organization offers investors the protection of limited liability, so the in investor can lose is the initial investment? Sole proprietorship Oligopoly Corporation Partnership det structures that lie in between perfect competition and pure monopoly are called: proprietorship and partnership corporation and oligopoly. oligopoly and monopolistic competition. profit-maximizing and revenue-maximizing structures. Accounting profit is equal to: total revenue minus total explicit cost. total revenue multiplied...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC 1. Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of ,and an economic profit of an $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 $4,000; $2,500; $500 a. b. с....
draw graphs of each market structure using the following information: profit maximizing level of output 400...
draw graphs of each market structure using the following
information: profit maximizing level of output 400 price at
$100
I U U P S Rena + Shek. 3. Draw graphs of each market structure using the following information: Profit-maximizing level of output of 400 Price of $100 ATC of $70 when output = 400 a. Perfect competition MC MR ATC 400 b. Monopoly C. Monopolistic competition d. Oligopoly
13. In which of the following markets is economic profit driven to zero in the long...
13. In which of the following markets is economic profit driven to zero in the long run? a. Oligopoly b. Monopoly c. Perfect competition d. Cartels 1 Number of Workers Output So 110 180 260 330 74. Refer to Table 13-2. What is the marginal product of the fourth worker? a. 65 b. 70 - ن d. 80
A 26. Assume that in the short run a firm is producing 100 units of output,...
A 26. Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and average variable costs of $150. The firm's total fixed costs are: A. $5,000. B. $500. C. $.50. D. 550. 27. In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2.00 and its average fixed costs are 5.50. The firm's total costs: A. are $2.50 B. are $1,250...
CO201-0088070, Microeconomics, FA-2018 Earn#3: Based onB&M Chapters 8, 9 &10 December 2018 Point Seore 20 Name:...
CO201-0088070, Microeconomics, FA-2018 Earn#3: Based onB&M Chapters 8, 9 &10 December 2018 Point Seore 20 Name: (print) Question 1 In economic t A. Maximize sales revenue. B. Maximize market share. C. Maximize D. Maximize profit. E. Maximize sales volume. benefits it provides to its customers. Answer Question 2 Marginal cost equals: A. Total cost divided by total quantity. B. The slope of the demand curve under perfect competition. C. The slope of the total product curve when the later is...
Which of the following options best describes market structures from the lowest to the highest degree...
Which of the following options best describes market structures from the lowest to the highest degree of market power? Perfect competition, monopolistic competition, oligopoly, monopoly Oligopoly, monopoly, monopolistic competition, perfect competition Monopoly, perfect competition, oligopoly, monopolistic competition Monopolistic competition, oligopoly, monopoly, perfect competition A cable company has determined that the marginal revenue from an additional subscriber is $15, and the marginal cost of providing cable services is $5. Based on this information, what should the company do? Increase the quantity...
All questions below rely on the following assumptions: ? = 20 − .5? ?c= 10 (No...
All questions below rely on the following assumptions: ? = 20 − .5? ?c= 10 (No fixed costs) 1. Draw a graph with P on the vertical axis and Q on the horizontal axis that shows: (1) the demand curve; (2) the marginal revenue curve; (3) the marginal cost curve; and (4) the values of P and Q for the pure competition outcome. 2. If there is only one firm in this industry, what is the profit-maximizing P and Q?...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
1. The general term for market structures that fall somewhere between monopoly and perfect competition is
1. The general term for market structures that fall somewhere between monopoly and perfect competition isa. incomplete markets.b. monopolistically competitive markets.c. imperfectly competitive markets.d. oligopoly markets.2. An oligopoly is a market in whicha. there are many price-taking firms, each offering a product similar or identical to the products offered by other firms in the market.b. there are only a few sellers, each offering a product similar or identical to the products offered by other firms in the market.c. the actions...
AMB PRINT LAST NAME, FIRST NAME SECTION BUSINESS FIRMS, COSTS, AND PROFIT Which business or siness organization offers investors the protection of limited liability, so the in investor can lose is the initial investment? Sole proprietorship Oligopoly Corporation Partnership det structures that lie in between perfect competition and pure monopoly are called: proprietorship and partnership corporation and oligopoly. oligopoly and monopolistic competition. profit-maximizing and revenue-maximizing structures. Accounting profit is equal to: total revenue minus total explicit cost. total revenue multiplied...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC 1. Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of ,and an economic profit of an $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 $4,000; $2,500; $500 a. b. с....
draw graphs of each market structure using the following
information: profit maximizing level of output 400 price at
$100
I U U P S Rena + Shek. 3. Draw graphs of each market structure using the following information: Profit-maximizing level of output of 400 Price of $100 ATC of $70 when output = 400 a. Perfect competition MC MR ATC 400 b. Monopoly C. Monopolistic competition d. Oligopoly
13. In which of the following markets is economic profit driven to zero in the long run? a. Oligopoly b. Monopoly c. Perfect competition d. Cartels 1 Number of Workers Output So 110 180 260 330 74. Refer to Table 13-2. What is the marginal product of the fourth worker? a. 65 b. 70 - ن d. 80
A 26. Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and average variable costs of $150. The firm's total fixed costs are: A. $5,000. B. $500. C. $.50. D. 550. 27. In the short run the Sure-Screen T-Shirt Company is producing 500 units of output. Its average variable costs are $2.00 and its average fixed costs are 5.50. The firm's total costs: A. are $2.50 B. are $1,250...
CO201-0088070, Microeconomics, FA-2018 Earn#3: Based onB&M Chapters 8, 9 &10 December 2018 Point Seore 20 Name: (print) Question 1 In economic t A. Maximize sales revenue. B. Maximize market share. C. Maximize D. Maximize profit. E. Maximize sales volume. benefits it provides to its customers. Answer Question 2 Marginal cost equals: A. Total cost divided by total quantity. B. The slope of the demand curve under perfect competition. C. The slope of the total product curve when the later is...
1l. If a monopolistically competitive firm is incurring losses, then at the profit-max a price is above the average total cost curve. b. price is below the average total cost curve c. price is equal to marginal revenue. d. price is less than marginal revenue. e. average total cost equals marginal cost. Both competitive and monopolistically competitive firms a. can maximize profit by raising price. b. cannot control or set their own price c. can maximize profit by producing to...
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