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here in given example product price is constant which implies that firm is selling its product in purely competitive market
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Answer the next 3 (three) questions on the basis of the information given in the following...
Answer the next 3 (three) questions on the basis of the information given in the following...
Answer the next 3 (three) questions on the basis of the information given in the following table. Complete the table! Total product Employment MRP WNO 12 Product | price $3.00 3.00 3.00 3.00 3.00 3.00 3.00 36.00 66.00 22 36.00 30.00 30 36 40 Question 44 1 pts If the firm is hiring workers under perfectly competitive conditions at a wage rate of $18, it will choose to employ: a. 2 workers b. 3 workers O c.4 workers O d....
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
Answe r the next six questions on the basis of the information in Table 1 which...
Answe r the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a competitive firm. typical Table 1 4. QI ATC | AVC | AFC | MC S117.00 $17.00 $100.00 $17.00 Based on the information in Table I, which of the following represents the profit-maximizing, competitive firm's short-run supply curve? 2 66.00 600 50.00 15.00 3 48.33 15.0033.33 13.00 4 39.25 14.25 25.00 12.00 5 34.00 14.00 20.00 13.00 $50...
Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 The...
Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 The table shows a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. If the firm can produce 24 units at a price of $1.00, 42 units at a price of $0.80, and 54 units at a price of $0.60, then the firm is Multiple Choice A) selling in a purely competitive market. B) selling in an...
be next question on the bis of inormation Total Employment prdu 12 30 16 Refcr 10,...
be next question on the bis of inormation Total Employment prdu 12 30 16 Refcr 10, it will employ A. 2 workers dala If the firm is hiring workers smder purely competitive comitios atwaa ot C 4 workers D. 5 workers Answer the next question on the basis of the data contained in the following table. Assume that the firm i hiring labor in a purely competitive market Units TetalProduct ef la bor preduct price 52.20 2.00 15 28 39...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 The accompanying table gives cost data for...
Answer the next question on the basis of the following cost data for a perfectly competitive...
Answer the next question on the basis of the following cost data for a perfectly competitive firm. Total Product 1 2 3 4 5 Marginal Cost $17 15 13 12 13 1 Average Fixed Cost $100.00 50.00 | 33.33 25.00 20.00 16.67 14.29 12.50 11.11 10.00 9.09 8.33 Average Variable Cost $17.00 16.00 15.00 14.25 14.00 14.00 15.71 17.50 19.44 21.60 24.00 26.67 Average Total Cost $117.00 66.ee 48.33 39.25 34.00 30.67 30.00 30.00 30.55 31.60 33.09 35.00 14 ON...
Answer the next six questions on the basis of the information in Table 1 which shows...
Answer the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a typical competitive firm. Table 1 AFC MO ATC AVCA $200.00 S50.00 S150.00 S50.00 2 112.50 37.5075.0025.00 85.00 35.00 50.00 30.00 4 73.75 36.2537.5040.00 30.00 55.00 6 70.00 45.0025.0070.00 7286 51.4321.43 90.00 78.13 59.38 18.75 115.00 30 030 3304 30 0 5 70.00 40.00 3 60 5 605 60 6 60 0 75 6 75 6 75 775 6...
QueSLUIT 14 Supply or (МС Dollars MR Q Q3 Q, Quantity If the industry depicted in...
QueSLUIT 14 Supply or (МС Dollars MR Q Q3 Q, Quantity If the industry depicted in the graph is purely monopolistic, the profit-maximizing price and quantity will be P2 and Qz. P, and Qu. OP3 and 23. Indeterminate on the basis of the information given. Movistatomastion will save this response Moving to another question will save this respo Question 20 98.00 Total Product Average Fixed Cost Average Variable Average Total Cost Marginal Cost $150.00 $25.00 $175.00 $25.00 75.00 23.00 50.00...
38. An increase in the supply of labor с.increases the value of ~ginal Product of er...
38. An increase in the supply of labor с.increases the value of ~ginal Product of er and enes D. decreases the value of the marginal product of labor and increases the wage the wage. 39. A decrease in the demand for fish A. decreases the value of the marginal product of fishemen reduces their wage, and reduces employment in the fishing industry employment in the fishing industry employment in the fishing industry employment in the fishing industry B. increases the...
Answer the next 3 (three) questions on the basis of the information given in the following table. Complete the table! Total product Employment MRP WNO 12 Product | price $3.00 3.00 3.00 3.00 3.00 3.00 3.00 36.00 66.00 22 36.00 30.00 30 36 40 Question 44 1 pts If the firm is hiring workers under perfectly competitive conditions at a wage rate of $18, it will choose to employ: a. 2 workers b. 3 workers O c.4 workers O d....
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
Answe r the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a competitive firm. typical Table 1 4. QI ATC | AVC | AFC | MC S117.00 $17.00 $100.00 $17.00 Based on the information in Table I, which of the following represents the profit-maximizing, competitive firm's short-run supply curve? 2 66.00 600 50.00 15.00 3 48.33 15.0033.33 13.00 4 39.25 14.25 25.00 12.00 5 34.00 14.00 20.00 13.00 $50...
be next question on the bis of inormation Total Employment prdu 12 30 16 Refcr 10, it will employ A. 2 workers dala If the firm is hiring workers smder purely competitive comitios atwaa ot C 4 workers D. 5 workers Answer the next question on the basis of the data contained in the following table. Assume that the firm i hiring labor in a purely competitive market Units TetalProduct ef la bor preduct price 52.20 2.00 15 28 39...
Answer the next question on the basis of the following cost data for a perfectly competitive firm. Total Product 1 2 3 4 5 Marginal Cost $17 15 13 12 13 1 Average Fixed Cost $100.00 50.00 | 33.33 25.00 20.00 16.67 14.29 12.50 11.11 10.00 9.09 8.33 Average Variable Cost $17.00 16.00 15.00 14.25 14.00 14.00 15.71 17.50 19.44 21.60 24.00 26.67 Average Total Cost $117.00 66.ee 48.33 39.25 34.00 30.67 30.00 30.00 30.55 31.60 33.09 35.00 14 ON...
Answer the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a typical competitive firm. Table 1 AFC MO ATC AVCA $200.00 S50.00 S150.00 S50.00 2 112.50 37.5075.0025.00 85.00 35.00 50.00 30.00 4 73.75 36.2537.5040.00 30.00 55.00 6 70.00 45.0025.0070.00 7286 51.4321.43 90.00 78.13 59.38 18.75 115.00 30 030 3304 30 0 5 70.00 40.00 3 60 5 605 60 6 60 0 75 6 75 6 75 775 6...
QueSLUIT 14 Supply or (МС Dollars MR Q Q3 Q, Quantity If the industry depicted in the graph is purely monopolistic, the profit-maximizing price and quantity will be P2 and Qz. P, and Qu. OP3 and 23. Indeterminate on the basis of the information given. Movistatomastion will save this response Moving to another question will save this respo Question 20 98.00 Total Product Average Fixed Cost Average Variable Average Total Cost Marginal Cost $150.00 $25.00 $175.00 $25.00 75.00 23.00 50.00...
38. An increase in the supply of labor с.increases the value of ~ginal Product of er and enes D. decreases the value of the marginal product of labor and increases the wage the wage. 39. A decrease in the demand for fish A. decreases the value of the marginal product of fishemen reduces their wage, and reduces employment in the fishing industry employment in the fishing industry employment in the fishing industry employment in the fishing industry B. increases the...
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