A firm operates in a competitive market, selling good Q. His total cost is simply $200....

Question

Question

A firm operates in a competitive market, selling good Q. His total cost is simply $200....

A firm operates in a competitive market, selling good Q. His total cost is simply $200. The market price of Q is $10 a unit. If the firm is selling 96 units of Q, then what is firm’s profit?

A. $760

B. $960

C. $450

D. $120

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Add a comment

Answer 2

Similar Homework Help Questions

A firm operates in a competitive market, selling good Q. His total cost is simply $200....

A firm operates in a competitive market, selling good Q. His total cost is simply $200. The market price of Q is $10 a unit. If the firm is selling 96 units of Q, then what is firm’s profit? $760 $960 $450 $120
13. If Firm A operates in a perfectly competitive industry, with market price = $1,200/unit. If...

13. If Firm A operates in a perfectly competitive industry, with market price = $1,200/unit. If Firm A’s total cost function is given by TC(q)= 20q^2+ 80q + 200, find Firm A’s profit maximizing level of output. 14. Using the information from the above question: is the market in which Firm A is selling its output currently in long run equilibrium?
A firm operates in a perfectly competitive market with a price of P = 50 for...

A firm operates in a perfectly competitive market with a price of P = 50 for the product. TVC = 0.5Q3 − 18Q2 + 170Q Q (output) TFC = 300. Write an equation expressing the firm’s total revenue (TR) as function of Q. Write an equation expressing the firm’s total cost (TC), as a function of Q. Write an equation expressing the firm’s profit (π), as a function of Q.Find the first-order condition for the firm’s profit-maximization decision. Find the...

Suppose that a firm operates in a competitive market where the commodity price is $12 per...

Suppose that a firm operates in a competitive market where the commodity price is $12 per unit. The firms cost equation is C=15+.4Q^2, where C= total cost and Q= quantity. a) find the profit maximizing level of output for the firm. Determine its level of profit.
A firm operates in a perfectly competitive industry. Suppose it has a short run total cost...

A firm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by TC = 1200 + 2Q + 0.03Q2. If the market price is $38, what is the firm’s profit maximizing quantity?
1. A perfectly competitive firm sells its product for $360/unit and has an average total cost...

1. A perfectly competitive firm sells its product for $360/unit and has an average total cost function given by: ATC(Q) = 1000/Q + 30 + 1.5Q. a. What are this firm’s fixed costs? Explain. b. Determine this firm’s profit maximizing level of output. c. Calculate this firm’s profits. 2. A perfectly competitive firm sells its product for $200/unit and has a total cost of production given by: C(Q) = 1500 + 40Q+5Q2 . a. What are this firm’s fixed costs?...

In a perfectly competitive market, a firm has the following short-run total cost function: C(q)=16+4q+q2 The...

In a perfectly competitive market, a firm has the following short-run total cost function: C(q)=16+4q+q2 The market demand is Q(p)=220-p a. Show that marginal cost curve passes through the minimum point of average cost curve. Draw a figure to show it. b. Find the firm’s individual short-run supply function. Draw it on the above figure. For the following questions, suppose that there are currently 10 identical firms in this market. c. What is the market supply curve? What are the...
Part 1 Suppose a firm operating in a competitive market has the following cost curves: a....

Part 1 Suppose a firm operating in a competitive market has the following cost curves: a. If the market price is $10, what is the firm’s economic profit? b. If the market price is $10, what is the firm’s total cost? c. If the market price is $10, what is the firm’s total revenue? d. The firm will earn zero economic profit if the market price is e. If the market price is $4, what is the firm’s decision in...
XYZ company operates in a perfectly competitive market where the current market price is $10. Currently...

XYZ company operates in a perfectly competitive market where the current market price is $10. Currently the firm is producing 200 units at an average variable cost of $8, an average total cost of $12 and a marginal cost of $10. What is XYZ’s profit/loss? What is XYZ’s producer surplus?

A firm has the following total costs, where Q is output and TC is total cost:...

A firm has the following total costs, where Q is output and TC is total cost: Q TC 0 $ 100 1 110 2 130 3 160 4 200 5 250 6 310 7 380 8 460 9 550 10 650 11 760 Say the firm is in a perfectly competitive market. If the current market (equilibrium) price is $ 70, at what output level will the firm as a profit maximizer produce at? Say the market price rises to...

A firm operates in a competitive market, selling good Q. His total cost is simply $200....

Homework Answers