Homework Answers
A monopoly firm is a single seller because there is barriers to entry.
A monopolist firm is a maker and profit-maximizing condition is
MR=MC
According to this condition profit-maximizing quantity is 20 units.
At this quantity
ATC=$34
P=$26
Profit=(P-ATC)Q
=(26-34)20
=-8*20
= -$160
Hence option 4 is the correct answer.
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Figure 1. Price ATC $34 $26 $18+ $13! 20 30 Quantity Refer to Figure 1. This...
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Question 26 5 pts Price ATC MC AVC DD . m 0 Quantity Refer to the diagram above. At the point markede, o price is determining production at a level where P = AVC o TR is exactly equal to TC, so profits equal zero. o price is above average cost of production. o the leftover rectangle is the profit earned. Question 28 4 pts The following figure shows the average cost curve, demand curve, and marginal revenue curve for...
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Figure 12-4 Price and cost MC ATC AVC $40.50 36.00 30.00 22.00 20.00 -MR 130 180 240 Quantity Figure 12-4 shows the cost and demand curve for a profit-maximizing firm in a perfectly competitive market. 37) Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost? A) $7,200 B) $6,480 C) $5,400 D) $3,960 Figure 15-6 Revenue and cost per unit $30 ATC Demand...
Figure: A Profit-Maximizing Monopoly Firm Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly Firm (Figure: A Profit-Maximizing...
Figure: A Profit-Maximizing Monopoly Firm
Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly
Firm
(Figure: A Profit-Maximizing Monopoly Firm) Use Figure: A
Profit-Maximizing Monopoly Firm. This firm's cost per unit at its
profit-maximizing quantity is:
Select one:
a. $8.
b. $20.
c. $15.
d. $18.
We were unable to transcribe this imageP, MR MC, ATC $50 MC ATC 100 150 200 250 300 400 Quantity of output (per week) Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly Firm (Figure: A Profit-Maximizing Monopoly...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210 1 Which price corresponds to the breakeven point on the graph? 2. Which price corresponds to the shut-down point on the graph? Use Figure 2 to answer questions 3-5. Figure 2 Dollars MC ATC AVC Output 100 150 180 210 Assume that the market price is $25. 3. Should the firm produce or shutdown? Why? 4. What is the firm's profit maximizing output level?...
Question 26 5 pts Price ATC MC AVC DD . m 0 Quantity Refer to the diagram above. At the point markede, o price is determining production at a level where P = AVC o TR is exactly equal to TC, so profits equal zero. o price is above average cost of production. o the leftover rectangle is the profit earned. Question 28 4 pts The following figure shows the average cost curve, demand curve, and marginal revenue curve for...
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30. Figure 14-2 мC ATC AVC Pa- Pb+ Pe Pd- Refer to Figure 14-2. If the market price is Pa, in the short run the firm will a. Earn zero economic profit. b. Suffer losses and will shut down. c Earn positive economic profit. d. Suffer losses but will remain open. 31. Figure 14-3 19 МС 27 4 16 15 14+ 13- ATC 1 234567 Duantib Refer to Figure 14-3. If the market price is $10, what is the firm's...
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3. (Figure 9.4) Which of the following statements is (are) TRUE? Price (S) 20 18 14 MC 10 MR 24 56 8 0 Quantity (160s) 3.54 I. If the firm is producing 5 units of output, it should expand output to increase profits because P II. At a price of $16, the firm's profits would rise if it raised its price III. The profit-maximizing quantity is 600 units. IV. The profit-maximizing price is $13. MC O II O I and...
$20 ATC 15 10 5 0 10 20 30 40 50 Quantity 60 70 80 Refer to the diagram showing the average total cost curve for a purely competitive firm. At the long-run equilibrium level of output, this firm's economic profit: is zero is $400 O is $200 cannot be determined from the information provided.
Price, marginal revenue, marginal cost, average total cost $35 ATC 29 26 MC రారాజు 8 5 D MR 0 160 220 250 300 Quantity of output (per week) The profit-maximizing firm in this figure will produce units of output per week. O 220 O 160 O 300 O 250
Figure 12-4 Price and cost MC ATC AVC $40.50 36.00 30.00 22.00 20.00 -MR 130 180 240 Quantity Figure 12-4 shows the cost and demand curve for a profit-maximizing firm in a perfectly competitive market. 37) Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost? A) $7,200 B) $6,480 C) $5,400 D) $3,960 Figure 15-6 Revenue and cost per unit $30 ATC Demand...
Figure: A Profit-Maximizing Monopoly Firm
Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly
Firm
(Figure: A Profit-Maximizing Monopoly Firm) Use Figure: A
Profit-Maximizing Monopoly Firm. This firm's cost per unit at its
profit-maximizing quantity is:
Select one:
a. $8.
b. $20.
c. $15.
d. $18.
We were unable to transcribe this imageP, MR MC, ATC $50 MC ATC 100 150 200 250 300 400 Quantity of output (per week) Reference: Ref 13-2 Figure: A Profit-Maximizing Monopoly Firm (Figure: A Profit-Maximizing Monopoly...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210 1 Which price corresponds to the breakeven point on the graph? 2. Which price corresponds to the shut-down point on the graph? Use Figure 2 to answer questions 3-5. Figure 2 Dollars MC ATC AVC Output 100 150 180 210 Assume that the market price is $25. 3. Should the firm produce or shutdown? Why? 4. What is the firm's profit maximizing output level?...
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