Homework Answers
According to the graph, If the market price is $70 then Zapateria will produce 200 pairs of shoes.
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Use the accompanying graph, which shows the marginal cost and average total cost curves for the...
The graph to the right shows the Marginal Cost (MC), Average Total Cost (ATC), and Marginal...
The graph to the right shows the Marginal Cost (MC), Average Total Cost (ATC), and Marginal Revenue (MR) curves for a perfectly (or purely) competitive firm. Note that the Demand (D) curve is the same as the MR curve for such a MR/MC ($) firm. Assume that the cost curves here are representative of other firms in the industry. Given the current price, this firm will: earn a positive profit. earn a negative profit. earn zero economic profit. In the...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
The above graph shows two possible marginal cost curves for the production of hoodies (hooded sweatshirts)....
The above graph shows two possible marginal cost curves for the
production of hoodies (hooded sweatshirts). Assume that the hoodie
market is perfectly competitive. If a hoodie industry consists of
10 firms with a marginal cost curve of MC 1 and 20 firms with a
marginal cost curve of MC 2, what is the quantity of hoodies
supplied at a price of $12 per hoodie?
$14 $13 MC 1 $12 $11 MC 2 $10 $9 $8 Marginal Cost of Hoodies...
Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average...
Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 100 T 90 80 70 60 e 50 8 40 30 20 10 ATC AVC 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of shirts)
50 A MC The accompanying graph depicts average total cost (ATC), marginal cost (MC), marginal revenue...
50 A MC The accompanying graph depicts average total cost (ATC), marginal cost (MC), marginal revenue (M), and demand (D) facing a monopolistically competitive firm. Place point A at the firm's profit maximizing price and quantity. What is the firm's total cost? 45 40 35 30 ATC Price and Cost ($) 25 total cost: $ 20 D 15 10 What is the firm's total revenue? 5 MR 0 total revenue: $ 0 5 10 15 20 25 30 35 40...
Question 23 (2 points) The graph below shows the average total cost and marginal cost curves...
Question 23 (2 points) The graph below shows the average total cost and marginal cost curves of a perfectly competitive firm. If the market price is $7, what is the output level that maximizes the firm's profit? 12 11 10 MC ATC 9 8 Price $/Q S 4 3 2 0 1 2 3 6 7 8 9 10 11 12 13 14 15 16 Quantity Q23 Q=4 3 N 1 0 0 4 5 6 7 8 9 10...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies,...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 10 3.5 15 2 2.44 2.86 3.56 4.02 3.17 5.48 3.5 40 5.98 3.81 45 8.49 4.33 20 25 35 Instructions: In part a, enter your answer as the closest...
The graph on the right shows the demand, marginal revenue, marginal cost, and average total cost...
The graph on the right shows the demand, marginal revenue, marginal cost, and average total cost curves for a monopolist. Show the impact if this firm was regulated to charge the fair-returns price? On graph 2: 1.) Using the point drawing tool, place a point at the output and price combination that would result from regulation if the monopoly was required to charge the fair-returns price. 2.) Using the triangle drawing tool, indicate the deadweight loss that would result from...
3. The following graph shows the cost and revenue curves for a firm in a perfectly...
3. The following graph shows the cost and revenue curves for a firm in a perfectly competitive market. 90 80 D=MR 70 60 ATC Price and cost ($) 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.
The graph contains the relevant cost curves for a perfectly (or purely) competitive firm. Move point...
The graph contains the relevant cost curves for a perfectly (or purely) competitive firm. Move point A on the graph to the shutdown point. 1,000 MC 900.0 ATC In order for the firm to earn positive economic profits the price of the good must be above what value? AVC price of a good: $ Price and cost What is the shutdown price for this firm? shutdown price: $ AFC 800.00 0 100 200 300 600 700 800 900 1,000 400...
The graph to the right shows the Marginal Cost (MC), Average Total Cost (ATC), and Marginal Revenue (MR) curves for a perfectly (or purely) competitive firm. Note that the Demand (D) curve is the same as the MR curve for such a MR/MC ($) firm. Assume that the cost curves here are representative of other firms in the industry. Given the current price, this firm will: earn a positive profit. earn a negative profit. earn zero economic profit. In the...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
The above graph shows two possible marginal cost curves for the
production of hoodies (hooded sweatshirts). Assume that the hoodie
market is perfectly competitive. If a hoodie industry consists of
10 firms with a marginal cost curve of MC 1 and 20 firms with a
marginal cost curve of MC 2, what is the quantity of hoodies
supplied at a price of $12 per hoodie?
$14 $13 MC 1 $12 $11 MC 2 $10 $9 $8 Marginal Cost of Hoodies...
Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 100 T 90 80 70 60 e 50 8 40 30 20 10 ATC AVC 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of shirts)
50 A MC The accompanying graph depicts average total cost (ATC), marginal cost (MC), marginal revenue (M), and demand (D) facing a monopolistically competitive firm. Place point A at the firm's profit maximizing price and quantity. What is the firm's total cost? 45 40 35 30 ATC Price and Cost ($) 25 total cost: $ 20 D 15 10 What is the firm's total revenue? 5 MR 0 total revenue: $ 0 5 10 15 20 25 30 35 40...
Question 23 (2 points) The graph below shows the average total cost and marginal cost curves of a perfectly competitive firm. If the market price is $7, what is the output level that maximizes the firm's profit? 12 11 10 MC ATC 9 8 Price $/Q S 4 3 2 0 1 2 3 6 7 8 9 10 11 12 13 14 15 16 Quantity Q23 Q=4 3 N 1 0 0 4 5 6 7 8 9 10...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 10 3.5 15 2 2.44 2.86 3.56 4.02 3.17 5.48 3.5 40 5.98 3.81 45 8.49 4.33 20 25 35 Instructions: In part a, enter your answer as the closest...
The graph on the right shows the demand, marginal revenue, marginal cost, and average total cost curves for a monopolist. Show the impact if this firm was regulated to charge the fair-returns price? On graph 2: 1.) Using the point drawing tool, place a point at the output and price combination that would result from regulation if the monopoly was required to charge the fair-returns price. 2.) Using the triangle drawing tool, indicate the deadweight loss that would result from...
3. The following graph shows the cost and revenue curves for a firm in a perfectly competitive market. 90 80 D=MR 70 60 ATC Price and cost ($) 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.
The graph contains the relevant cost curves for a perfectly (or purely) competitive firm. Move point A on the graph to the shutdown point. 1,000 MC 900.0 ATC In order for the firm to earn positive economic profits the price of the good must be above what value? AVC price of a good: $ Price and cost What is the shutdown price for this firm? shutdown price: $ AFC 800.00 0 100 200 300 600 700 800 900 1,000 400...
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