Homework Answers
Answer
The perfectly competitive firm produces at MC=P=MR=AR
at this level, the output is 67 units and the price is $40
Option A
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Consider the figure at right, where a perfectly competitive firm faces a price of $40 The...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions:...
1) A perfectly competitive firm faces the following Total revenue, Total cost and Marginal cost functions: TR = 10Q TC = 2 + 2Q + Q2 MC = 2 + 2Q At the level of output maximizing profit , the above firm's level of economic profit is A) $0 B) $4 C) $6 D) $8 *Additional information after I did the math: The price this firm charges for its product is $10, the level of output maximizing profit is 4...
the firm faces a constant price (P) of $60 A firm in a perfectly competitive market...
the
firm faces a constant price (P) of $60
A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 + 69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this...
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c)...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
Consider the following figure for a perfectly competitive firm: MC D P AC AVC b $...
Consider the following figure for a perfectly competitive firm: MC D P AC AVC b $ per Unit of Output h kn Quantity Consider the accompanying figure. At the profit-maximizing quantity total variable cost is represented by the rectangle: O fech zero, as the business would suffer a loss Ofbn Ogan o Oecn
Demand and Cost Functions For the perfectly competitive firm, a price taker such that MR-P-Ave.Rev (AR)...
Demand and Cost Functions For the perfectly competitive firm, a price taker such that MR-P-Ave.Rev (AR) 70 What is the profit maximizing quantity? 1) 65 60 27 What is the price? 55 3) What is average total cost at the profit maximizing quantity? 50 45 4 What, then, is per unit profit at the profit maximizing quantity? 40 МС What is total revenue at the profit maximizing quantity? 5) 35 ATC AVC What is total cost at the profit maximizing...
A price-taking firm in a perfectly competitive market faces a market price of $4. The firm's...
A price-taking firm in a perfectly competitive market faces a market price of $4. The firm's marginal cost function is MC(Q) = 2 + aQ, where "a" is a positive number. As "a" increases, the firm's profit-maximizing quantity increases, decreases, or does not change?
3. The following graph shows the cost and revenue curves for a firm in a perfectly...
3. The following graph shows the cost and revenue curves for a firm in a perfectly competitive market. 90 80 D=MR 70 60 ATC Price and cost ($) 50 AVC 40 30 MC 20 10 0 10 20 30 40 50 60 70 80 90 a) Assume that new firms enter this market and that drives the price down to $35 per unit. Will the firm continue to produce or shut down? Explain your answer.
2. A perfectly competitive firm (price-taker) has the following schedule of average and marginal costs: Q...
2. A perfectly competitive firm (price-taker) has the following schedule of average and marginal costs: Q AFC AVC ATC MC 0 1 300 100 400 100 2 150 225 50 100 70 170 60 80 4 75 73 148 140 60 110 6 50 90 103 140 146 140 180 230 7 8 43 38 119 156 171 190 138 160 290 360 33 30 10 For each of the following market prices, determine the following: The profit maximizing output...
This question is in regards to situations that might face a perfectly competitive firm. Draw two...
This question is in regards to situations that might face a perfectly competitive firm. Draw two graphs. On the first, show the short-run profit maximizing output of an individual firm earning an economic profit, including MR, MC, AVC, and ATC. On the second, show the short-run market equilibrium price and quantity. Explain how the industry supply curve and the market equilibrium price and quantity are determined.
the
firm faces a constant price (P) of $60
A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 + 69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at this...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. COSTS (Dollars per tamp) 100 MC 90 80 70 60 50 ATC AVC 40 30 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of lamps) For each price in the following table, use the graph to determine...
Consider the following figure for a perfectly competitive firm: MC D P AC AVC b $ per Unit of Output h kn Quantity Consider the accompanying figure. At the profit-maximizing quantity total variable cost is represented by the rectangle: O fech zero, as the business would suffer a loss Ofbn Ogan o Oecn
Demand and Cost Functions For the perfectly competitive firm, a price taker such that MR-P-Ave.Rev (AR) 70 What is the profit maximizing quantity? 1) 65 60 27 What is the price? 55 3) What is average total cost at the profit maximizing quantity? 50 45 4 What, then, is per unit profit at the profit maximizing quantity? 40 МС What is total revenue at the profit maximizing quantity? 5) 35 ATC AVC What is total cost at the profit maximizing...
3. The following graph shows the cost and revenue curves for a firm in a perfectly competitive market. 90 80 D=MR 70 60 ATC Price and cost ($) 50 AVC 40 30 MC 20 10 0 10 20 30 40 50 60 70 80 90 a) Assume that new firms enter this market and that drives the price down to $35 per unit. Will the firm continue to produce or shut down? Explain your answer.
2. A perfectly competitive firm (price-taker) has the following schedule of average and marginal costs: Q AFC AVC ATC MC 0 1 300 100 400 100 2 150 225 50 100 70 170 60 80 4 75 73 148 140 60 110 6 50 90 103 140 146 140 180 230 7 8 43 38 119 156 171 190 138 160 290 360 33 30 10 For each of the following market prices, determine the following: The profit maximizing output...
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