Homework Answers
In the perfect competition, producer will produce where P = MC
It is given that P = $22, so at this price, P = MC = 22 so
Danz fruit market should sell 6 fruit baskets and their profits is:
Profit = P*Q - TC
= 22*6 - 118
= $14
Add Answer to:
No. of Fruit Baskets Total Fixed cost $ Total Cost $ Marginal Cost $ Total Variable...
Refer to the table above. Assume that fruit baskets are sold in a perfectly competitive market....
Refer to the table above. Assume that fruit baskets are sold in
a perfectly competitive market. The market price of a fruit basket
is $22. To maximize profits, Exotic Fruit should sell
______________ fruit baskets and their profit is
___________________.
Group of answer choices
a) three; $5
b) four; $7
c) five; $14
d) six; $14
Table 8.7 Number of Fruit BasketsTFC $50 50 50 50 50 TVC $0 10 15 1 21 31 ao A WNAO TC $50 60...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Frui...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Fruit Baskets 60 10 TFC TVC TCMC $50 SO 50 10 50 15 655 50 21716 8110 96 15 68 118 22 16) Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell_ fruit baskets and their profit is A) three;...
#12 PART 4 (20 POINTS) Total Cost Fixed Cost Variable Cost Marginal Cost Average Total Cost...
#12
PART 4 (20 POINTS) Total Cost Fixed Cost Variable Cost Marginal Cost Average Total Cost (# tables) 0 $150 175 210 255 310 375 450 535 630 The table above depicts monthly costs for Tanya’s Table company, an independent table producer in the perfectly competitive market for handmade tables. Tanya rents a production space each month at a cost of $150. 12. Can the market price of $85 be the long-run equilibrium price? If so, how do you know?...
Suppose a perfectly Competitive firms minimum average variable cost is $1 when it produces 50. If...
Suppose a perfectly Competitive firms minimum average variable cost is $1 when it produces 50. If the price is $2 and the firm's marginal cost is $2 the firm should Continue to produce, but produce less than 50 Continue to operate, but produce more than 50 Shut down Continue to produce 50 To maximize economic profit of perfectly competitive firm: will sell its goods below the market price all of the above will sell its goods above the market price...
12.00 Lauren grows grapes. Her average variable cost (AVC), average total cost (ATC), and marginal cost...
12.00 Lauren grows grapes. Her average variable cost (AVC), average total cost (ATC), and marginal cost (MC) of production are illustrated in the figure to the right. 11.00 Assume the market for grapes is perfectly competitive and that the market price is $2.00 per crate. MC Characterize Lauren's economic profits. Assume she produces such that she maximizes profits in the short run. ATC Using the rectangle drawing tool, shade in Lauren's economic profits. Attach the correct label to indicate whether...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost increases B. cost decreases. C. product increases. D. both B and C 5. Marginal cost is average variable cost when A. equal to; average total cost is minimized B. less than; total cost is maximized C. greater than; average fixed cost is minimized D. equal to; average variable cost is minimized. 6. Assume Dell Computer Company operates in a perfectly competitive market producing 5,000...
2. 3. 4. 5. 6. 7. 8. A firm's average fixed cost (AFC) is 10 when...
2.
3.
4.
5.
6.
7.
8.
A firm's average fixed cost (AFC) is 10 when it produces Q=2. Then at Q=5, AFC is ... ОА. 8 Ов. 2 ос. 20 In a perfectly competitive market, the demand for a single firm's product is always O A. perfectly inelastic. O B. exactly as elastic as the market demand curve. O C. inelastic, but not perfectly inelastic. O D. perfectly elastic. As a firm's output increases: O A. average variable cost...
Variable Cost Marginal Cost (# tables) Total Cost $150 175 210 255 Fixed Cost $150 150...
Variable Cost Marginal Cost (# tables) Total Cost $150 175 210 255 Fixed Cost $150 150 150 0 N/A 25 25 150 105 Average Total Cost N/A 175.00 105.00 85.00 77.50 75.00 75.00 76.43 78.75 310 160 225 375 450 535 630 50 150 150 150 150 300 385 480 8 The table above depicts monthly costs for Tanya’s Table company, an independent table producer in the perfectly competitive market for handmade tables. Tanya rents a production space each month...
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...
Refer to the table above. Assume that fruit baskets are sold in
a perfectly competitive market. The market price of a fruit basket
is $22. To maximize profits, Exotic Fruit should sell
______________ fruit baskets and their profit is
___________________.
Group of answer choices
a) three; $5
b) four; $7
c) five; $14
d) six; $14
Table 8.7 Number of Fruit BasketsTFC $50 50 50 50 50 TVC $0 10 15 1 21 31 ao A WNAO TC $50 60...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Fruit Baskets 60 10 TFC TVC TCMC $50 SO 50 10 50 15 655 50 21716 8110 96 15 68 118 22 16) Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell_ fruit baskets and their profit is A) three;...
#12
PART 4 (20 POINTS) Total Cost Fixed Cost Variable Cost Marginal Cost Average Total Cost (# tables) 0 $150 175 210 255 310 375 450 535 630 The table above depicts monthly costs for Tanya’s Table company, an independent table producer in the perfectly competitive market for handmade tables. Tanya rents a production space each month at a cost of $150. 12. Can the market price of $85 be the long-run equilibrium price? If so, how do you know?...
12.00 Lauren grows grapes. Her average variable cost (AVC), average total cost (ATC), and marginal cost (MC) of production are illustrated in the figure to the right. 11.00 Assume the market for grapes is perfectly competitive and that the market price is $2.00 per crate. MC Characterize Lauren's economic profits. Assume she produces such that she maximizes profits in the short run. ATC Using the rectangle drawing tool, shade in Lauren's economic profits. Attach the correct label to indicate whether...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost increases B. cost decreases. C. product increases. D. both B and C 5. Marginal cost is average variable cost when A. equal to; average total cost is minimized B. less than; total cost is maximized C. greater than; average fixed cost is minimized D. equal to; average variable cost is minimized. 6. Assume Dell Computer Company operates in a perfectly competitive market producing 5,000...
2.
3.
4.
5.
6.
7.
8.
A firm's average fixed cost (AFC) is 10 when it produces Q=2. Then at Q=5, AFC is ... ОА. 8 Ов. 2 ос. 20 In a perfectly competitive market, the demand for a single firm's product is always O A. perfectly inelastic. O B. exactly as elastic as the market demand curve. O C. inelastic, but not perfectly inelastic. O D. perfectly elastic. As a firm's output increases: O A. average variable cost...
Variable Cost Marginal Cost (# tables) Total Cost $150 175 210 255 Fixed Cost $150 150 150 0 N/A 25 25 150 105 Average Total Cost N/A 175.00 105.00 85.00 77.50 75.00 75.00 76.43 78.75 310 160 225 375 450 535 630 50 150 150 150 150 300 385 480 8 The table above depicts monthly costs for Tanya’s Table company, an independent table producer in the perfectly competitive market for handmade tables. Tanya rents a production space each month...
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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