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45. Each firm in a perfectly competitive market has a LRAC =100q - 10 + (100/4)...
2. The long run supply curve for a firm in a perfectly competitive market is A....
2. The long run supply curve for a firm in a perfectly competitive market is A. its LRAC B. Determined by forces external to the firm C. Its marginal cost curve (above average variable cost) D. Likely to slope downward E. Its marginal cost curve (above average total cost) D. Unitary elastic E. Perfectly elastic 2.
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)...
42. Homework. Unanswered 42. (Diagram not to scale). When the price that the perfectly competitive firm...
42. Homework. Unanswered 42. (Diagram not to scale). When the price that the perfectly competitive firm receives is 9, the firm would produce ...........units, its revenue would be ..........., its cost .......... and its profits............. MC 12 7 ATC AVC 10 MC "ATC /AVC 10 9 6 4 2 3 4 5 FIGUREI FIGURE A a. 4,36,36,0 O B b.3, 30, 30,0 U О c. 5,50,40,10 OD d. 2, 8, 40,-32 E e. none of the above. Unanswered
Each firm in a perfectly competitive market has long run average cost represented as AC(q) =...
Each firm in a perfectly competitive market has long run average cost represented as AC(q) = 100q- 10+100/q. Long run marginal cost is MC=200q-10. The market demand is Qd = 2150-5P. Find the long run equilibrium output per firm, q*, the long run equilibrium price, P*, and the number of firms in the industry, n*. P = 190; Q = 1200; q =1 , n = 1200
A representative firm in a perfectly competitive, constant cost industry has a cost function T C...
A representative firm in a perfectly competitive, constant cost industry has a cost function T C = 100+4Q 2+ 100Q. (a) What are this firm fixed cost, variable cost and marginal cost? (b) What is the long-run equilibrium price for this industry? (c) If the market demand is Q = 1000 − P , how many firms will operate in this long-run equilibrium? (d) What is the most that this firm would be willing to pay for the exclusive right...
Question 27 A perfectly competitive industry is composed of 100 firms. Each firm has an identical...
Question 27 A perfectly competitive industry is composed of 100 firms. Each firm has an identical short-run marginal cost function SMC = 5+10q (where q is the firm's level of output). If Q denotes industry output, what is the short-run market supply curve for output? a) Q = -50 + 10p if p > 5 and 0 if p 5 5 α Q = -5 + TOP p if p > 5 and 0 if p < 5 + α...
QUESTION 13 Suppose a firm operating in a perfectly competitive market has the following cost curves:...
QUESTION 13 Suppose a firm operating in a perfectly competitive market has the following cost curves: Firms will be encouraged to enter this market for all prices that exceed Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves Price : МC ATC AVC PS P4 P3 Quantity Q3 Q4 Q2 Q1 A. P1 В. р2 ОС. Р3 D None of the above is correct
) Looking at differences between a single firm within a perfectly competitive market and a monopoly,...
) Looking at differences between a single firm within a perfectly competitive market and a monopoly, which of the following is true? a) A single firm within a perfectly competitive market, sees the entire downward sloping demand curve of the perfectly competitive market. b) A single firm within the perfectly competitive market can set its price at any level and will not see a change in the demand. c) Because it is the only producer in the market, the monopoly...
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive...
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40. The firm produces 100 units of the product, which sell for a price of $10. This firm is a. maximizing profit when it hires four workers. b. not maximizing profit and should hire more workers to increase profit. c. not maximizing profit...
In a perfectly competitive market, a firm profit maximizes by choosing to produce the level of...
In a perfectly competitive market, a firm profit maximizes by choosing to produce the level of output for which a. marginal revenue equals marginal cost. b. total revenue equals marginal costs. c. externalities are minimized. d. net social benefits are greatest. e. marginal costs are minimized. . if economic profits are positive for firms in a perfectly competitive market, then a. market supply will shift to the left. b. each firm will decrease production. c. new firms will enter the...
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)...
42. Homework. Unanswered 42. (Diagram not to scale). When the price that the perfectly competitive firm receives is 9, the firm would produce ...........units, its revenue would be ..........., its cost .......... and its profits............. MC 12 7 ATC AVC 10 MC "ATC /AVC 10 9 6 4 2 3 4 5 FIGUREI FIGURE A a. 4,36,36,0 O B b.3, 30, 30,0 U О c. 5,50,40,10 OD d. 2, 8, 40,-32 E e. none of the above. Unanswered
Question 27 A perfectly competitive industry is composed of 100 firms. Each firm has an identical short-run marginal cost function SMC = 5+10q (where q is the firm's level of output). If Q denotes industry output, what is the short-run market supply curve for output? a) Q = -50 + 10p if p > 5 and 0 if p 5 5 α Q = -5 + TOP p if p > 5 and 0 if p < 5 + α...
QUESTION 13 Suppose a firm operating in a perfectly competitive market has the following cost curves: Firms will be encouraged to enter this market for all prices that exceed Figure 14-6 Suppose a firm operating in a competitive market has the following cost curves Price : МC ATC AVC PS P4 P3 Quantity Q3 Q4 Q2 Q1 A. P1 В. р2 ОС. Р3 D None of the above is correct
29. A firm produces in a perfectly competitive market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40. The firm produces 100 units of the product, which sell for a price of $10. This firm is a. maximizing profit when it hires four workers. b. not maximizing profit and should hire more workers to increase profit. c. not maximizing profit...
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