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a. Complete the table below >If your answer is negative, enter a minus sign before the...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
17 The table below shows the daily costs of Corny's Corn Cobs. Corny's sells corn by...
17 The table below shows the daily costs of Corny's Corn Cobs. Corny's sells corn by the dozen in a perfectly competitive market. The market price of a dozen ears of corn is $2.20 per dozen. Tмс Quantity (Dozens of Ears) ($) 1.6 3.40 Corny's Corn Cobs AVC ATC ($) ($) 1.90 4.40 1.70 1.60 2.80 1.50 2.50 1.50 2.30 1.60 2.30 1.70 2.30 1.80 2.40 1.30 1.10 1.30 1.50 2.20 2.20 2.60 a. In the short run, to maximize...
4. Suppose a factory produces inter-lock paving blocks for sale, which requires a building and a...
4. Suppose a factory produces inter-lock paving blocks for sale, which requires a building and a machine that produces blocks. A firm rents a building for Rs. 50,000 per month and rents a machine for Rs. 30,000 a month. Those are his fixed costs. His variable cost per month is given in the table below. Quantity of Blocks Variable cost (Rs.) 0 1000 5000 2000 8000 3000 10000 4000 14000 5000 19000 6000 27000 7000 40000 8000 60000 9000 90000...
You have been hired as a consultant for the following monopoly firms. Treat each firm as...
You have been hired as a consultant for the following monopoly firms. Treat each firm as an individual. Thus each row represents one fim. You will need to use the MR =MC rules to make the recommendations to the firms. You will be using logic and critical thinking skills to make the suggestions Examine the information on MR, MC, Price, ATC, AVC and AFC to make a recommendation to each firm Remember firms want to max their total profits, they...
Use the following information and table to answer questions 9 - 15. Rose Lovers is a...
Use the following information and table to answer questions 9 - 15. Rose Lovers is a firm selling roses in a perfectly competitive market. Use the following graph to answer the questions. Price (P) per rose DMR Quantity (9) (number of roses in hundreds per week) 8 10 12 16 17 QUESTION 9 How much will Rose Lovers charge per rose? a. 56 b. 57 c. 58 d. $10 QUESTION 10 How many roses per week will Rose Lovers produce...
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA...
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA MC ATC P = MR 24 20 18 Price 0 100 350 500 700 4 Bales of hay Figure 8.9 Refer to Figure 8.9. if the price jay falls to 18, to maximize profits, the firm should. produce 700 to minimize fixed costs O produce 350 and break even- reduce production to 500 shut down to avoid losses If P = MC and MC...
Part III: Multiple Choice 20. Which of the following statements is not a characteristic of a...
Part III: Multiple Choice 20. Which of the following statements is not a characteristic of a perfectly competitive firm? a. Perfectly competitive firms view cach other as fierce rivals. b. Firms are price-takers. c. All firms produce a homogeneous product. d. Perfectly competitive markets allow freedom of entry and exit. 21. Since the firm's demand curve is perfectly elastic for a price-taking firm, a P-MR. b. P = MRP. C.P TR. d. both a and b. e. both a and...
Same price being $85 per unit instead of $300. 5. Make another copy of your spreadsheet...
Same price being $85 per unit instead of $300.
5.
Make another copy of your spreadsheet and suppose that fire pits
fall out of fashion causing prices fall worldwide to $85. How many
units should the manager choose to produce? Explain.
Should the firm shut down in the short-run? Explain in detail
why or why not.
Should the firm shut down in the long run? Explain in detail why
or why not.
TC:Total Q: Units Produced | Cost TFC: Total...
cardboard boxes are produced in a perfectly competitive market. each identical firm has a short run...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
Possible Answers 1: Earn zero profit, Earn positive profit, shut down, operate at a loss 2: Enter, Exit, Neither 3:Zero...
Possible Answers
1: Earn zero profit, Earn positive profit, shut down, operate at
a loss
2: Enter, Exit, Neither
3:Zero, Positive, Negative
4:10,15,20
Consider the perfectly competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average cost (AC), and average variable cost (AVC) curves shown on the following graph. 100 90 80 70 60 50 40 AC 30 20 AVC MC...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
17 The table below shows the daily costs of Corny's Corn Cobs. Corny's sells corn by the dozen in a perfectly competitive market. The market price of a dozen ears of corn is $2.20 per dozen. Tмс Quantity (Dozens of Ears) ($) 1.6 3.40 Corny's Corn Cobs AVC ATC ($) ($) 1.90 4.40 1.70 1.60 2.80 1.50 2.50 1.50 2.30 1.60 2.30 1.70 2.30 1.80 2.40 1.30 1.10 1.30 1.50 2.20 2.20 2.60 a. In the short run, to maximize...
4. Suppose a factory produces inter-lock paving blocks for sale, which requires a building and a machine that produces blocks. A firm rents a building for Rs. 50,000 per month and rents a machine for Rs. 30,000 a month. Those are his fixed costs. His variable cost per month is given in the table below. Quantity of Blocks Variable cost (Rs.) 0 1000 5000 2000 8000 3000 10000 4000 14000 5000 19000 6000 27000 7000 40000 8000 60000 9000 90000...
You have been hired as a consultant for the following monopoly firms. Treat each firm as an individual. Thus each row represents one fim. You will need to use the MR =MC rules to make the recommendations to the firms. You will be using logic and critical thinking skills to make the suggestions Examine the information on MR, MC, Price, ATC, AVC and AFC to make a recommendation to each firm Remember firms want to max their total profits, they...
Use the following information and table to answer questions 9 - 15. Rose Lovers is a firm selling roses in a perfectly competitive market. Use the following graph to answer the questions. Price (P) per rose DMR Quantity (9) (number of roses in hundreds per week) 8 10 12 16 17 QUESTION 9 How much will Rose Lovers charge per rose? a. 56 b. 57 c. 58 d. $10 QUESTION 10 How many roses per week will Rose Lovers produce...
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA MC ATC P = MR 24 20 18 Price 0 100 350 500 700 4 Bales of hay Figure 8.9 Refer to Figure 8.9. if the price jay falls to 18, to maximize profits, the firm should. produce 700 to minimize fixed costs O produce 350 and break even- reduce production to 500 shut down to avoid losses If P = MC and MC...
Part III: Multiple Choice 20. Which of the following statements is not a characteristic of a perfectly competitive firm? a. Perfectly competitive firms view cach other as fierce rivals. b. Firms are price-takers. c. All firms produce a homogeneous product. d. Perfectly competitive markets allow freedom of entry and exit. 21. Since the firm's demand curve is perfectly elastic for a price-taking firm, a P-MR. b. P = MRP. C.P TR. d. both a and b. e. both a and...
Same price being $85 per unit instead of $300.
5.
Make another copy of your spreadsheet and suppose that fire pits
fall out of fashion causing prices fall worldwide to $85. How many
units should the manager choose to produce? Explain.
Should the firm shut down in the short-run? Explain in detail
why or why not.
Should the firm shut down in the long run? Explain in detail why
or why not.
TC:Total Q: Units Produced | Cost TFC: Total...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
Possible Answers
1: Earn zero profit, Earn positive profit, shut down, operate at
a loss
2: Enter, Exit, Neither
3:Zero, Positive, Negative
4:10,15,20
Consider the perfectly competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average cost (AC), and average variable cost (AVC) curves shown on the following graph. 100 90 80 70 60 50 40 AC 30 20 AVC MC...
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