![Question 8 [5] 8.1. List three (3) conditions necessary for perfect competition. 8.2. Describe what you understand the profit](http://img.homeworklib.com/questions/476a4100-2f76-11eb-a20e-852ffb748426.png?x-oss-process=image/resize,w_560)
Homework Answers
8.1>To be a market that is perfect competition, the following three necessary conditions must be held-
- A large number of sellers and buyers
- The market is the price decider that is by the demand and supply in the market.
- Products should be homogeneous in nature.
8.2> profit-maximizing rule simply says that any firm or a company will produce goods in such a way that its cost and revenue should equalize.
Because the main motto of any business is to earn a profit so the business tries to be in the equilibrium of earning revenue by the amount he put in the cost of production of goods and services.
The condition for profit maximization rule is-
MARGINALCOST=MARGINAL REVENUE.
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Question 8 [5] 8.1. List three (3) conditions necessary for perfect competition. 8.2. Describe what you...
Only 8.2 and 8.3 needs to be answered. I solved 8.1 Question 8: 8.1. Consider a...
Only 8.2 and 8.3 needs to be answered. I solved 8.1
Question 8: 8.1. Consider a transformation of the utility function in Question 7 using u In(u). In other words, the new utility function u' = In(u) = În(xay) = a × ln(x) + b × ln(y). What is MRSy of this new utility function? Is it the same as or different from MRSy you found in Q7.3? Explain. 8.2. Will the MRS be still the same for each of...
Question 9 (3) Describe what you understand under the following concepts: 9.1. Oligopoly 9.2. Monopolistic competition...
Question 9 (3) Describe what you understand under the following concepts: 9.1. Oligopoly 9.2. Monopolistic competition 9.3. How a monopolist can become more profitable by means of price discrimination
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How...
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. I Price and Cost (dollars) -dz, MR AVC Quantity (c) Case 3
Question 1 Why are firms that operate under the “perfect competition market structure” considered to...
Question 1 Why are firms that operate under the “perfect competition market structure” considered to be price takers? Question 2 Is it ever possible for a firm to have a negative accounting profit at the same time it is experiencing a positive economic profit? Explain. Question 3 What is the connection between implicit costs and opportunity costs? Question 4 When business firms are able to control their basic costs, is success assured? Why or why not? Question 5 Why...
this is all the info given. theres no other info given. Perfect Competition and the Supply...
this is all the info given. theres no other info given.
Perfect Competition and the Supply Curve - Work It Out: Question 5 of 5 Suppose that the price at which Kate can sell catered meals is $13 per meal. In the short-run, how many meals should Kate produce? Kate should shut down in the short-run and shut down in the long run. Perfect Competition and the Supply Curve - Work It Out: Question 5 of 5 Suppose that the...
7. What three conditions or ingredients are necessary for polymerization to occur? 8. There is an...
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1. Describe all necessary steps and conditions for execution of a java". 2. What is maven...
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All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or...
All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or exit. O no control over price. O many buyers and sellers. One of the innovations that helped globalization was: o the development of currency controls. O an increase in market demand. O a recognition that proprietors and firms were not perfectly rational with the result of relaxation of price controls. O a reduction in transaction costs due to containerization. (Table) Based...
if you can include step by step that would be awesome. getting confused Chapter 9 Perfect...
if
you can include step by step that would be awesome. getting
confused
Chapter 9 Perfect Competition Fill {3} & {5} (1) Total columns (2) Total Marginal Revenue Total Cost (5) Marginal Cost Product Revenue 0 270 340 655 786 917 1048 1179 880 1310 1030 Questions 1. What rule do you use to determine the quantity (max.profits) that will maximize profits? Write out the rule here. What is the Profit maximizing quantity the firm will produce? 2. What is...
Worksheet on Perfect Competition Welcome to Acme Widgets. The Acme Company manufactures widgets and competes in...
Worksheet on Perfect Competition Welcome to Acme Widgets. The Acme Company manufactures widgets and competes in a Perfectly Competitive market structure. In fact, all widgets are the same, regardless of who made them. The widget industry is huge, with many firms, and Acme, like all the other firms can sell all it wants without affecting the market price. The following table represents the current short-run revenue, costs, and profits for Acme or copy the data into a spreadsheet INSTRUCTIONS: You...
Only 8.2 and 8.3 needs to be answered. I solved 8.1
Question 8: 8.1. Consider a transformation of the utility function in Question 7 using u In(u). In other words, the new utility function u' = In(u) = În(xay) = a × ln(x) + b × ln(y). What is MRSy of this new utility function? Is it the same as or different from MRSy you found in Q7.3? Explain. 8.2. Will the MRS be still the same for each of...
Question 9 (3) Describe what you understand under the following concepts: 9.1. Oligopoly 9.2. Monopolistic competition 9.3. How a monopolist can become more profitable by means of price discrimination
MC ATC Question 5. Assume this firm is trying to maximize Profit under Perfect Competition. How much is its Profit or Loss? Show your solution. I Price and Cost (dollars) -dz, MR AVC Quantity (c) Case 3
this is all the info given. theres no other info given.
Perfect Competition and the Supply Curve - Work It Out: Question 5 of 5 Suppose that the price at which Kate can sell catered meals is $13 per meal. In the short-run, how many meals should Kate produce? Kate should shut down in the short-run and shut down in the long run. Perfect Competition and the Supply Curve - Work It Out: Question 5 of 5 Suppose that the...
7. What three conditions or ingredients are necessary for polymerization to occur? 8. There is an exception to the heredity generalism that genes are transferred only from ancestors to descendents. What is it? 9. This question concerns extremophiles. a. What evidence indicates thermophiles were the earliest life forms on the Earth? b. What are two general energy sources for extremophiles? c. What are two general sources of carbon for extremophiles?
All of these are necessary for perfect competition, EXCEPT: O differentiated products. O no barriers to market entry or exit. O no control over price. O many buyers and sellers. One of the innovations that helped globalization was: o the development of currency controls. O an increase in market demand. O a recognition that proprietors and firms were not perfectly rational with the result of relaxation of price controls. O a reduction in transaction costs due to containerization. (Table) Based...
if
you can include step by step that would be awesome. getting
confused
Chapter 9 Perfect Competition Fill {3} & {5} (1) Total columns (2) Total Marginal Revenue Total Cost (5) Marginal Cost Product Revenue 0 270 340 655 786 917 1048 1179 880 1310 1030 Questions 1. What rule do you use to determine the quantity (max.profits) that will maximize profits? Write out the rule here. What is the Profit maximizing quantity the firm will produce? 2. What is...
Worksheet on Perfect Competition Welcome to Acme Widgets. The Acme Company manufactures widgets and competes in a Perfectly Competitive market structure. In fact, all widgets are the same, regardless of who made them. The widget industry is huge, with many firms, and Acme, like all the other firms can sell all it wants without affecting the market price. The following table represents the current short-run revenue, costs, and profits for Acme or copy the data into a spreadsheet INSTRUCTIONS: You...
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