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Short run profit max Consider y - 11/2k1/3 Find the optimal input level, optimal output level, and profit of the 11/2k1/3 following production function: y - Let price of the output $10, wage $2, price of capital $2, capital fixed at k-1
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average total cost curve for a firm. Cost Curves 11 10 - 9 LRATC SRATC SRMC SRATC SRMC Per unit costs SRATO SRMC . 10 10 Quantity Which cost curves represent an efficient firm producing where there are diseconomies of scale? (Click to select) | Which cost curves represent an efficient firm producing where there are economies of scale? (Click to select) Which cost curves...
If S1 is the market supply curve, then in the short run, the profit-maximizing level of output for a single firm in this market is how many gallons per week? If S2 is the market supply curve, then in the short run, the profit-maximizing level of output for a single firm in this market is how many gallons per week? If the market supply curve is given by S1, then would we expect firms to enter the market, exit the...
5. Profit maximization and shutting down in the short run Suppose that the market for blenders is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. 100T 90 80 TC C 70 2 50 a 40 30 AVC 20 10 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of blenders)
Review of short-run profit maximization from microeconomic theory a) In the short-run, some input costs are . b) In the short-run, firms take fixed costs as . c) The revenue received from selling one additional unit of production is the . d) The cost of producing one additional unit of production is the . e) The profit maximizing quantity of production for a firm is the quantity where marginal revenue is marginal cost. f) In the short-run, the curve represents the firm’s supply curve.
irm in the short run wing table. Short Run Cost Chapter 9 output TFC TVC ATC TC AFC AVC MC 1 50.00 $ 86.00 50 OD 146.00 50-00 150.00 4 106.00 170.00 3000 $ 6 147.00 7 182.00 280.00 8 50.00 340.00 50-DD 9 410.00 360.00 $ 50.00 10 50 0D 440.00 $ 11
8. A perfectly competitive firm is earning an economic profit. In the short run it should In the long run it should A. shut down; expand B. produce where MC = MR; leave the industry C. produce where MC = MR; expand production D. shut down; exit the industry 9. In the long-run equilibrium of a competitive market with identical firms, what is the relationship between price P, marginal cost MC, and average total cost ATC? A. P> MC and...
“A monopoly is always going to earn economic profit in the short run and in the long run.” Do you agree with this statement? Explain
QUESTION 38 (Figure: Short-Run Monopoly) Look at the figure Short-Run Monopoly. The profit-maximizing price is price: OQ. OP Oo. ON Price and cost ATC AVC Demand RSTU Quantity (per period)