Homework Answers
The firm wants to extract maximum consumer surplus. Consumer surplus will be 0 when price is 16, where the demand curve is at the y axis. So that will be entrance fee. Then the firm will charge the marginal cost as the per unit price so that it meets its costs and also attracts maximum customers.
So the correct option is C.
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Figure 10.11 Price (S) 20 18 16 14 12 10- MC MRD i456 8910 Quantity 4. (Figure 10.11) If a firm u...
18. (Figure: Increasing Costs) Price $40 Firm 1 30 MC AC 20 18 15 10 5...
18. (Figure: Increasing Costs) Price $40 Firm 1 30 MC AC 20 18 15 10 5 10 15 20 25 30 35 40 45 50 Quantity Firm 2 Price $40 30 MC AC 20 18 15 10 2 4 6 8 10 12 14 16 18 20 Quantity Refer to the figure. If an industry consists of two firms, Firm l and Firm 2, as shown in the diagram, the industry's quantity supplied at a price of S15 is industry's...
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4...
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4 $2. $0 7 Cost Curves Sweatpants Firm 1 2 10 O 3 4 5 6 7 8 9 Quantity of Sweatpants The above graph contains the average total cost, marginal cost, and average variable cost for a small firm that produces sweatpants. Assume the market for sweatpants is perfectly competitive and all sweatpants firms have the same costs. What is the long-run equilibrium price...
Question 20 (1 point) $20 $18 $16 ATC MC $14 $12 Cost of Sweatpants $10 $8...
Question 20 (1 point) $20 $18 $16 ATC MC $14 $12 Cost of Sweatpants $10 $8 AVC $6 $4 $2 $0 0 1 2 8 9 10 3 4 5 6 7 Quantity of Sweatpants -F -F +- $0 + 0 1 + 2 3 4 5 6 7 Quantity of Sweatpants 8 9 10 The above graph contains the average total cost, marginal cost, and average variable cost for a small firm that produces sweatpants. Assume the market for...
Price 18+ 16 14 + 12 + 10+ 8 MC - AC-58 6+ D 4+ MR...
Price 18+ 16 14 + 12 + 10+ 8 MC - AC-58 6+ D 4+ MR 0 1 2 3 4 5 6 7 8 a) To maximize profit the monopoly will produce lunches and charge per lunch. (2 points) b) How did you determine the monopoly's equilibrium price and quantity? (list your steps) (2 point) C) If the firm loses its monopoly status and many other firms are allowed to enter the market so that the market becomes competitive,...
3. (Figure 9.4) Which of the following statements is (are) TRUE? Price (S) 20 18 14...
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...
Question 19 Gizmo's Inc. Quantity Price 0 $20 1 $18 2 $16 3 $14 4 $12...
Question 19 Gizmo's Inc. Quantity Price 0 $20 1 $18 2 $16 3 $14 4 $12 5 $10 6 $8 7 $6 8 $4 9 $2 10 $0 According to the table above, at what level of output is marginal revenue equal to $14? A. 1 B. 3 C. 4 D. 2 E. 5
4 Firm W's Firm X's Firm Y's Firm Z's Quantity Quantity Quantity Quantity Price Supplied Supplied...
4 Firm W's Firm X's Firm Y's Firm Z's Quantity Quantity Quantity Quantity Price Supplied Supplied Supplied Supplied $0 0 0 $4 2 4 $8 4. 10 8 6 $12 6 15 12 $16 8 20 16 12 $20 10 25 20 15 Refer to the Table. If these are the only four sellers in the market, when the price decreases by $4, the market quantity supplied A O increases by 14 units. ВО increases by 7 units. c O...
QUESTION 13 5 points Saved Figure 6-4 20 1 Price Supply Demand TE> 16 18 20...
QUESTION 13 5 points Saved Figure 6-4 20 1 Price Supply Demand TE> 16 18 20 Quantity 2 4 6 8 10 12 14 Refer to Figure 6-4. A government-imposed price of $6 in this market could be an example of a (i) binding price ceiling. non-binding price ceiling. (111) binding price floor. (iv) non-binding price floor. a. (ii) and (iii) only b. (ii) only O c. (i) and (iv) only d. (i) only
13) Figure 9-16. The figure below illustrates a tariff On the graph, Q represents quantity and...
13) Figure 9-16. The figure below illustrates a tariff On the graph, Q represents quantity and P represents (1pts) price. 12 Domestic supply 11 10 A в World price +tariff C/D E F World price Domestic demand 1 2 3 4 5 6 7 89 10 11 12 13 14 15 16 17 18 Q Refer to Figure 9-16. The deadweight loss created by the tariff is represented by the area В. D-F D-E-F B3 Refer to Figure 9-16. The...
Suppose the following table reflects the domestic supply and demand for radios: Price $18 $16 $14...
Suppose the following table reflects the domestic supply and demand for radios: Price $18 $16 $14 $12 $10 $8 $6 $4 Qs 8 7 6 5 4 3 2 1 Qd 2 4 6 8 10 12 14 16 Graph these market conditions and identify the equilibrium price and quantity. Now suppose that foreigners enter the market, offering to sell an unlimited supply of radios for $6 a piece. Illustrate and identify the new market price, domestic quantity supplied and...
18. (Figure: Increasing Costs) Price $40 Firm 1 30 MC AC 20 18 15 10 5 10 15 20 25 30 35 40 45 50 Quantity Firm 2 Price $40 30 MC AC 20 18 15 10 2 4 6 8 10 12 14 16 18 20 Quantity Refer to the figure. If an industry consists of two firms, Firm l and Firm 2, as shown in the diagram, the industry's quantity supplied at a price of S15 is industry's...
$20 $18 ATC MC $16 $14 $ $12 Cost of Sweatpants $10 $8 AVC $6 $4 $2. $0 7 Cost Curves Sweatpants Firm 1 2 10 O 3 4 5 6 7 8 9 Quantity of Sweatpants The above graph contains the average total cost, marginal cost, and average variable cost for a small firm that produces sweatpants. Assume the market for sweatpants is perfectly competitive and all sweatpants firms have the same costs. What is the long-run equilibrium price...
Question 20 (1 point) $20 $18 $16 ATC MC $14 $12 Cost of Sweatpants $10 $8 AVC $6 $4 $2 $0 0 1 2 8 9 10 3 4 5 6 7 Quantity of Sweatpants -F -F +- $0 + 0 1 + 2 3 4 5 6 7 Quantity of Sweatpants 8 9 10 The above graph contains the average total cost, marginal cost, and average variable cost for a small firm that produces sweatpants. Assume the market for...
Price 18+ 16 14 + 12 + 10+ 8 MC - AC-58 6+ D 4+ MR 0 1 2 3 4 5 6 7 8 a) To maximize profit the monopoly will produce lunches and charge per lunch. (2 points) b) How did you determine the monopoly's equilibrium price and quantity? (list your steps) (2 point) C) If the firm loses its monopoly status and many other firms are allowed to enter the market so that the market becomes competitive,...
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...
4 Firm W's Firm X's Firm Y's Firm Z's Quantity Quantity Quantity Quantity Price Supplied Supplied Supplied Supplied $0 0 0 $4 2 4 $8 4. 10 8 6 $12 6 15 12 $16 8 20 16 12 $20 10 25 20 15 Refer to the Table. If these are the only four sellers in the market, when the price decreases by $4, the market quantity supplied A O increases by 14 units. ВО increases by 7 units. c O...
QUESTION 13 5 points Saved Figure 6-4 20 1 Price Supply Demand TE> 16 18 20 Quantity 2 4 6 8 10 12 14 Refer to Figure 6-4. A government-imposed price of $6 in this market could be an example of a (i) binding price ceiling. non-binding price ceiling. (111) binding price floor. (iv) non-binding price floor. a. (ii) and (iii) only b. (ii) only O c. (i) and (iv) only d. (i) only
13) Figure 9-16. The figure below illustrates a tariff On the graph, Q represents quantity and P represents (1pts) price. 12 Domestic supply 11 10 A в World price +tariff C/D E F World price Domestic demand 1 2 3 4 5 6 7 89 10 11 12 13 14 15 16 17 18 Q Refer to Figure 9-16. The deadweight loss created by the tariff is represented by the area В. D-F D-E-F B3 Refer to Figure 9-16. The...
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