3) For each a -d provide the plot and indicate the maximized profit and label all curves, show price and other detail as the slides and book do
a. Competitive market
b. Monopoly
c. Competitive Monopoly
d. Oligopoly.
Homework Answers
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3) For each a -d provide the plot and indicate the maximized
profit and label all...
17. To maximize profits, a firm must choose its quantity at the point where... a. Total...
17. To maximize profits, a firm must choose its quantity at the point where... a. Total revenue (TR) - total cost (TC). b. Marginal revenue (MR)= marginal cost (MC). c. MR-MC is maximized. d. TR is maximized. 18. For a profit maximizing monopoly that uses the same price for all its customers, which of the following is true at the monopoly's profit maximizing quantity? a. MR =P b. MC-P. c. MR>P. d. MC>P. e. MR<P
II.A. Identify and label the profit-maximizing level of output (Q) that will be pursued by this...
II.A. Identify and label the profit-maximizing level of output (Q) that will be pursued by this 'monopolistic' firm. (5 Points) $$ MC ATC AVC Market Demand Output(Q) MR II.B. Draw and label the rectangle that represents the Total Revenue (TR) generated by this 'monopolistic' firm. (5 Points) $$ MC ATC AVC Market Demand -Output(Q) MR II.C. Draw and label the rectangles that represent Total Cost (TC), Total Fixed Cost (TFC) and Total Variable Cost (TVC) generated by this ‘monopolistic' firm....
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2,...
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2, The firm faces a market price p = 50. (a) Write expressions for total revenue TR and marginal revenue MR as functions of output q. (b) Write expressions for average total cost ATC, average variable cost AVC, and marginal cost MC as functions of output q. (c) For what value of output is ATC minimized? (d) Find the profit maximizing level of output q...
In a Monopoly market, a firm is a price maker since there are no close substitutes to the product. You are asked to find the company's Profit-Maximization, Fair- Return, and Social-Optimal points...
In a Monopoly market, a firm is a price maker since there are no close substitutes to the product. You are asked to find the company's Profit-Maximization, Fair- Return, and Social-Optimal points. Variable Costs remains at $1,280 per employee per month. Fixed Costs remains at $1,000.00. Graph the D, MR, MC, ATC, AFC, and AVC on one graph. Calculate the revenue, costs, and profits. Is this firm experiencing positive or negative profits? MR TVCATC TC TR AVC AFC MC 0...
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...
Can you label each one please . (1)A firm in a perfectly competitive market sells all...
Can you label each one please .
(1)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+ 690-14Q + 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 level of output. (b)Derive the marginal...
need help with all of them Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
1. A monopoly is facing an inverse demand curve that is p=200-5q. There is no fixed cost and the marginal cost of produc...
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
Consider a competitive firm with total costs given by TC(q) = 100 + 10q + q...
Consider a competitive firm with total costs given by TC(q) = 100 + 10q + q 2 The firm faces a market price p = 50. (a) Write expressions for total revenue TR and marginal revenue MR as functions of output q. (b) Write expressions for average total cost ATC, average variable cost AVC, and marginal cost MC as functions of output q. (c) For what value of output is ATC minimized?
Part III. Graphing the perfectly competitive model (20 points). Use one graphing paper only for the graph. Attach the...
Part III. Graphing the perfectly competitive model (20 points). Use one graphing paper only for the graph. Attach the graphing paper with this completed questionnaire upon submission. All answers should be handwritten. Given: Selling price P=60 Total cost TC = 128 +69 Q-14 Q2 +Q? 1. Average cost equation AC= 2. Marginal cost equation MC = 3. Fill in the blanks in the table. You should be able to show that at the optimum rate of output, Q*, the profit...
17. To maximize profits, a firm must choose its quantity at the point where... a. Total revenue (TR) - total cost (TC). b. Marginal revenue (MR)= marginal cost (MC). c. MR-MC is maximized. d. TR is maximized. 18. For a profit maximizing monopoly that uses the same price for all its customers, which of the following is true at the monopoly's profit maximizing quantity? a. MR =P b. MC-P. c. MR>P. d. MC>P. e. MR<P
II.A. Identify and label the profit-maximizing level of output (Q) that will be pursued by this 'monopolistic' firm. (5 Points) $$ MC ATC AVC Market Demand Output(Q) MR II.B. Draw and label the rectangle that represents the Total Revenue (TR) generated by this 'monopolistic' firm. (5 Points) $$ MC ATC AVC Market Demand -Output(Q) MR II.C. Draw and label the rectangles that represent Total Cost (TC), Total Fixed Cost (TFC) and Total Variable Cost (TVC) generated by this ‘monopolistic' firm....
In a Monopoly market, a firm is a price maker since there are no close substitutes to the product. You are asked to find the company's Profit-Maximization, Fair- Return, and Social-Optimal points. Variable Costs remains at $1,280 per employee per month. Fixed Costs remains at $1,000.00. Graph the D, MR, MC, ATC, AFC, and AVC on one graph. Calculate the revenue, costs, and profits. Is this firm experiencing positive or negative profits? MR TVCATC TC TR AVC AFC MC 0...
Can you label each one please .
(1)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+ 690-14Q + 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 level of output. (b)Derive the marginal...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
Part III. Graphing the perfectly competitive model (20 points). Use one graphing paper only for the graph. Attach the graphing paper with this completed questionnaire upon submission. All answers should be handwritten. Given: Selling price P=60 Total cost TC = 128 +69 Q-14 Q2 +Q? 1. Average cost equation AC= 2. Marginal cost equation MC = 3. Fill in the blanks in the table. You should be able to show that at the optimum rate of output, Q*, the profit...
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