Homework Answers
1.
TC when producing 6 unit = 30
TC when producing 5 unit = 24
MC Change in TC / Change in Q= (30 -24) / (6-5) = 6
First option is correct answe
2.
In the long run, the perfectly competitive firm will react to losses by reducing production or shutting down
So last option is correct answer
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TR MR MC Profit 0 $10 2 3 4 5 6 PTC $5 $9 $5 $5 $12 $5 $15 $5 $19 $5 $24 $5 $30 $5 $45 Look at the above table....
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5...
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q, level 6, is equal to: $6.00 $3.00 $1.00 $7.00 a company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
need help with all of them Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not...
QUESTION 5 A monopolistically competitive firm will: maximize profits by producing where MR = MC. not likely earn an economic profit in the long run. shut down in the short run if price is less than average variable cost. all of the above. QUESTION 6 A monopolistic competitive firm is inefficient because the firm: earns positive economic profit in the long run. is producing at an output corresponding to the condition that marginal cost equals price. is not maximizing its...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC TC Profit $15,000 0 ---- ---- $50,000 14,000 1 $52,000 13,000 2 $53,000 12,000 3 54,000 11,000 4 $2,000 10,000 5 59,000 9,000 6 4,000 8,000 7 $69,000 7,000 8 $8,000 6,000 9 5,000 10 4,000 11 $18,000 3,000 12 $143,000 a) Fill in the missing information above for this Monopoly Firm for its monthly production. Note there are no numbers for MC and...
Please answer Letter G only. Price Quantity TR MR MC TC Profit $15,000 0 0 ----...
Please answer Letter G only. Price Quantity TR MR MC TC Profit $15,000 0 0 ---- ---- 20000 -$20,000 14,000 1 14000 14000 $2,000 22000 -8000 13,000 2 26000 12000 1000 $23,000 3000 12,000 3 36000 10000 1000 $24,000 12000 11,000 4 44000 8000 1000 $25,000 19000 10,000 5 50000 6000 $3,000 28000 22000 9,000 6 54000 4000 $5,000 33000 21000 8,000 7 56000 2000 8000 $41,000 15000 7,000 8 56000 0 $12,000 53000 3000 6,000 9 54000 -2000...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b....
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
TR! MR FC vel TC MC ATC Profit S-6 $25 21 5 4 3 2 $25...
TR! MR FC vel TC MC ATC Profit S-6 $25 21 5 4 3 2 $25 $20 $153 $10 41 S33 Complete the table above, using the given information. a. Use the demand and supply schedules to plot both curves on a well-labeled graph. b. Now assume a price floor of $20 and indicate this on the graph. C. Calculate the value of the new consumer surplus, the value of the new producer surplus, and the value of the new...
VC Profit Qs P TR FC TC МС АТС MR $30 $0 $-6 6 0 0 $25 $25 $1 $7 5 1 $20 $40 $3 $9 4 2 $15 $45 $7 $10 $20 $-5 $13 2 4 $...
VC Profit Qs P TR FC TC МС АТС MR $30 $0 $-6 6 0 0 $25 $25 $1 $7 5 1 $20 $40 $3 $9 4 2 $15 $45 $7 $10 $20 $-5 $13 2 4 $5 $5 $22 $33 $11 $0 $0 6 Complete the table above, using the given information. 1. $6
4. Which of the following is NOT a true statement about market conditions for firms under...
4. Which of the following is NOT a true statement about market conditions for firms under perfect competition a. Each firm will produce as efficiently as possible b. Consumer surplus is maximized. c. Economic profits of firms will always be zero in the long run. d. Government intervention must move markets to equilibrium. c. Price - Long-Run Marginal Cost - min Long-Run Average Cost 5. In the market shown on the graph on the right ATC a. Mark profit maximizing...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), M...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Find the firm's short run shutdown price. (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
Q P 0 TR MR MC Profit $5 2 3 4 5 6 $5 $5 $5 $5 $5 TC $9 $10 $12 $15 $19 $24 $30 $45 Look at the above table. Based on these numbers, the marginal cost, MC, for producing six units, quantity, Q, level 6, is equal to: $6.00 $3.00 $1.00 $7.00 a company, which is perfectly competitive, will respond to losses by In the short run; reducing production or shutting down In the short run; increasing...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
12. Learning by doing doctrine suggests that: a. MC shifts upward as current output increases b. an increase in this period's output will cause future periods' long-run average cost curves to be lower c. The long-run average cost curve to increase at a smaller output d. the Law of Diminishing Returns to be violated e. none of the above 13. If given quantities of soap and shampoo can be produced together at a lower total cost than they could be...
TR! MR FC vel TC MC ATC Profit S-6 $25 21 5 4 3 2 $25 $20 $153 $10 41 S33 Complete the table above, using the given information. a. Use the demand and supply schedules to plot both curves on a well-labeled graph. b. Now assume a price floor of $20 and indicate this on the graph. C. Calculate the value of the new consumer surplus, the value of the new producer surplus, and the value of the new...
VC Profit Qs P TR FC TC МС АТС MR $30 $0 $-6 6 0 0 $25 $25 $1 $7 5 1 $20 $40 $3 $9 4 2 $15 $45 $7 $10 $20 $-5 $13 2 4 $5 $5 $22 $33 $11 $0 $0 6 Complete the table above, using the given information. 1. $6
4. Which of the following is NOT a true statement about market conditions for firms under perfect competition a. Each firm will produce as efficiently as possible b. Consumer surplus is maximized. c. Economic profits of firms will always be zero in the long run. d. Government intervention must move markets to equilibrium. c. Price - Long-Run Marginal Cost - min Long-Run Average Cost 5. In the market shown on the graph on the right ATC a. Mark profit maximizing...
$ per unit MC ATC MR $40 AVC $20 2 4 6 8 10 12 Output (9) The graph above shows a firm's Marginal Revenue (MR), Marginal Cost (MC), Average Total Cost (ATC) and Average Variable Cost (AVC). This firm is a profit-maximizing price taker. Find the firm's short run shutdown price. (Do not include a S sign in your response. Round to the nearest two decimal places if necessary.) Answer: Check
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