Homework Answers
Ans)- Here, option A is correct i.e. Economic efficiency does not depend on price, only quantity traded.
because, Economic Efficiency signifies a peak level of performance that uses the least amount of inputs to achieve the highest amount of output.
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Price and cost $34 MC ATC 29.50 27 21 Demand MA 800 600 O 160 Quantity...
Figure 25-4 Revenue and costs MC $34 ATC 29.50 27 21 Demand MA 00 800 940...
Figure 25-4 Revenue and costs MC $34 ATC 29.50 27 21 Demand MA 00 800 940 1160 Quantity Figure 25-A shows the demand and cost curves for a price searcher that charges a single price. (In the above graph, substitute "price" for the term "revenue".) 25. Refer to Figure 25-A. What is the profit-maximizing/loss-minimizing output level? A. 600 units B. 800 units C. 940 units D. 1,160 units 26. Refer to Figure 25-A. What is the amount of the price...
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65....
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65. Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: A) diagram a only. B) diagram b only. C) diagram conly. D) both diagrams a and c. 66. Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: A) diagram a only. B) diagram b...
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
Figure 16-10 The figure is drawn for a monopolistically-competitive firm. Price MC 160 ATC 12333 Demand 36.67 MR 100 13...
Figure 16-10 The figure is drawn for a monopolistically-competitive firm. Price MC 160 ATC 12333 Demand 36.67 MR 100 133 33 15492 Quantity 34. Refer to Figure 16-10. In response to the situation represented by the figure, we would expect a. this firm's profit to move from its current value toward zero. b. some of the firms that are currently in the market to exit. c. the demand for this firm's product to increase, assuming this firm does not exit....
ATC Demand MC Cost of Webcam BARABARBERBESAR BRAS Price of Webcam $80 $72 $64 $56 $48...
ATC Demand MC Cost of Webcam BARABARBERBESAR BRAS Price of Webcam $80 $72 $64 $56 $48 $40 $32 E $24 $16 $8 $0 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 Quantity of Webcams AVC Supply 2 8 9 10 4 5 Quantity of Webcams Assume the perfectly competitive webcam industry in this question is made up of identical firms. The graph on the left shows the costs of producing webcams at one...
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0...
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0 160 220 250 300 Quantity of output (per weok) a. The profit-maximizing monopoly firm maximizes their profit at equals to The firm in the above figure will produce units of output per week. b. This profit-maximizing monopoly firm's price per unit is c. This profit-maximizing monopoly firm's cost per unit at its profit-maximizing quantity is d. This profit-maximizing monopoly firm's economic profit per unit...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC),...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
Price and cost per unit $30 MC ATC 24 22 20.80 20 18 Demand MR 62 83 104 Quantity Where is the profit-maximizing qu...
Price and cost per unit $30 MC ATC 24 22 20.80 20 18 Demand MR 62 83 104 Quantity Where is the profit-maximizing quantity and price for the monopoly represented above (1 point) a. b. Where is the profit-maximizing quantity and price if this monopoly where a perfect competition instead? (1 point) What is consumer surplus if this were a perfect competition instead (0.5 point) d. What is the gain in producer surplus under the monopoly? (0.5 point) What is...
Microeconomics Questions Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalw...
Microeconomics Questions
Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalwood The graph above shows the domestic market for sandalwood in equilibrium at a price of $800 per kilogram in the absence of international trade. Now assume the country begins to engage in international trade, and sandalwood is selling at a price of $600 per kilogram in the world market. Which of the following would most likely result? a) The country would increase domestic...
Figure 25-4 Revenue and costs MC $34 ATC 29.50 27 21 Demand MA 00 800 940 1160 Quantity Figure 25-A shows the demand and cost curves for a price searcher that charges a single price. (In the above graph, substitute "price" for the term "revenue".) 25. Refer to Figure 25-A. What is the profit-maximizing/loss-minimizing output level? A. 600 units B. 800 units C. 940 units D. 1,160 units 26. Refer to Figure 25-A. What is the amount of the price...
MC ATC MC ATC -D MR MR 0 0 (b) MC ATC D MR (c) 65. Refer to the above diagrams, which pertain to monopolistically competitive firms. Short-run equilibrium entailing economic loss is shown by: A) diagram a only. B) diagram b only. C) diagram conly. D) both diagrams a and c. 66. Refer to the above diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by: A) diagram a only. B) diagram b...
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
Figure 16-10 The figure is drawn for a monopolistically-competitive firm. Price MC 160 ATC 12333 Demand 36.67 MR 100 133 33 15492 Quantity 34. Refer to Figure 16-10. In response to the situation represented by the figure, we would expect a. this firm's profit to move from its current value toward zero. b. some of the firms that are currently in the market to exit. c. the demand for this firm's product to increase, assuming this firm does not exit....
ATC Demand MC Cost of Webcam BARABARBERBESAR BRAS Price of Webcam $80 $72 $64 $56 $48 $40 $32 E $24 $16 $8 $0 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 Quantity of Webcams AVC Supply 2 8 9 10 4 5 Quantity of Webcams Assume the perfectly competitive webcam industry in this question is made up of identical firms. The graph on the left shows the costs of producing webcams at one...
Price, marginal revenue, marginal cost, average total cost $35.... ATC 29.. 26. MC 8 5 0 160 220 250 300 Quantity of output (per weok) a. The profit-maximizing monopoly firm maximizes their profit at equals to The firm in the above figure will produce units of output per week. b. This profit-maximizing monopoly firm's price per unit is c. This profit-maximizing monopoly firm's cost per unit at its profit-maximizing quantity is d. This profit-maximizing monopoly firm's economic profit per unit...
Q1: The following graph shows the current short-run average total cost (ATC), short-run marginal cost (MC), and long-run average cost (LATC) curves of a typical perfectly competitive firm that uses only labour and physical capital to produce its product and the current market price (PⓇ). S/unit MC ATC LATC B Pa E Q1 Q2 Quantity a) How many units of output would the firm choose to produce in the short run? Explain. b) Is the firm making an economic profit...
Price and cost per unit $30 MC ATC 24 22 20.80 20 18 Demand MR 62 83 104 Quantity Where is the profit-maximizing quantity and price for the monopoly represented above (1 point) a. b. Where is the profit-maximizing quantity and price if this monopoly where a perfect competition instead? (1 point) What is consumer surplus if this were a perfect competition instead (0.5 point) d. What is the gain in producer surplus under the monopoly? (0.5 point) What is...
Microeconomics Questions
Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalwood The graph above shows the domestic market for sandalwood in equilibrium at a price of $800 per kilogram in the absence of international trade. Now assume the country begins to engage in international trade, and sandalwood is selling at a price of $600 per kilogram in the world market. Which of the following would most likely result? a) The country would increase domestic...
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