QUESTION 21 Assume a competitive firm faces a market price of $90. The total cost of...
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...
Assume a competitive firm faces a market price of $70, and a cost curve of: C -0.0034 +509 + 1000 The firm's profit maximizing output level is units (enter your response rounded to two decimal places),
Assume a competitive firm faces a market price of $70, and a cost curve of: C = 0.004q^3+ 050q + 750. The firm's profit maximizing output level is ____units (enter your response rounded to two decimal places),
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?
Assume a competitive firm faces a market price of $70, a cost curve of: C = 0.0049% + 259 + 750, and marginal cost curve of: MC = 0.012q2 + 25. units, and the profit (to the nearest penny) at this The firm's profit maximizing output level (to the nearest tenth) is output level is $ . In this case, firms will . This will cause the market supply to V. This will continue until the price is equal to...
Assume a competitive firm faces a market price of $100, a cost curve of C 1.00q2 30q 1,600 and a marginal cost curve of MC 2.00q 30 The firm's profit maximizing output level is 35.00 units, the profit per unit is S-10.71, and total profit is: S-374.85. However, if the firm wanted to maximize the profit per unit, how much would it produce? It would produce units. (round your answer to two decimal places) If the firm produced this output...
Assume a competitive firm faces a market price of $100, a cost curve of C 0-64q2 + 25q + 1,600 and a marginal cost curve of MC 1.28q 25. The firm's profit maximizing output level is 58.59 units, the profit per unit is $10.19, and total profit is: $597.03 However, if the firm wanted to maximize the profit per unit, how much would it produce? It would produceunits. (round your answer to two decimal places)
If a perfectly competitive firm is producing where price is equal to $20, marginal cost is equal to $25, and average variable cost is equal to $15, what should the firm do, if anything, to maximize its profit? O A. increase output O B. shut down O C. decrease output (but not shut down) OD. The firm is already maximizing profit.
A business is operating in a perfectly competitive market. Carefully and CLEARLY complete the table below. Quantity Price Total Revenue Total Fixed Cost Total Variable Cost Total Cost Marginal Revenue Marginal Cost 0 $21 35 0 ----- ----- 1 6 2 11 3 15 4 20 5 26 6 34 7 45 8 60 9 80 10 106 In this situation: what is the business's profit-maximizing price? __________________________________ what is the profit maximizing quantity? ______________________________ what is the profit or...
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...