Homework Answers
8. C
Minimum price is the price where ATC intersects MC.
9. D
Between P2 and P3 firm incurs loss.
10. B
If the price is P3 it is equal to ATC meaning there is no loss no profit.
11. B
MC curve above minimum AVC is the supply curve
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Help with #8-11 please. For questions 8-11, refer to this diagram for 2 purely competitive producer....
Refer to the diagram for a purely competitive producer. The firm will produce with an economic...
Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all prices Multiple Choice above pas < Prev 6 of 25 ! Next > Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all price Multiple Choice ο above P3 ο above A ο below P2 ο between and < Prev 6 of 25 !! Next >
Help with #12-14 please. For questions 12-14, refer to this diagram for a purely competitive producer. Dollars ATC A...
Help with #12-14 please.
For questions 12-14, refer to this diagram for a purely competitive producer. Dollars ATC AVC Demand -MR в с Quantity 12. This firm's profit maximizing point is point_ 13. Based on the profit maximizing point this firm should produce Q_ 14. This firm is experiencing: PROFIT O LOSS and sell at price $_ Or BREAK-EVEN
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market...
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market Price „ATC Ps MC 1 AVC 1 1 11 VIL P2P 1 Q1 Q2 Q3 Q4 Quantity - 34. Refer to Figure 14-4. When market price is P2, a profit-maximizing firm's losses can be represented by the area a. (P3-P) x Q2. b. (P2 - P.) ® Q2 c. At a market price of P2, the firm does not have losses. d. At a...
4 Assume that a purely competitive firm has the schedule of the average and marginal costs...
4 Assume that a purely competitive firm has the schedule of the average and marginal costs given in the table below ------------------------------------------------------- OUTPUT AFC AVC ATC MC -------------------------------------------------------- 1 $300 $100 $400 $100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 --------------------------------------------------------- a. At a price of $68, the firm will produce _____...
Graph Worksheet MC DI MR P4 ATC P3 P2 AVC PI 02 1. What is the...
Graph Worksheet MC DI MR P4 ATC P3 P2 AVC PI 02 1. What is the price and quantity at the optimum level of production? Is this an economic profit, loss, or break-even? Should the firm produce? 2. If the industry model is monopolistic competition, what will happen to the industry? What will happen to the demand and marginal revenue curves for the individual firm? In the long run where will the demand curve be? Will the firm achieve productive...
stion 11 Suppose the a purely competitive firm is producing 100 units of output and that...
stion 11 Suppose the a purely competitive firm is producing 100 units of output and that P = $10 and MC = $8 at this level of output. Answer questions #17 - #19 using this information. wered nts out of 5 Flag #17) Is the firm maximizing profits? Explain your answer. Answer: No, profit is - $200 dollars to 12 Lot yet answered #18) Suppose you discover that average fixed costs are $2 and average variable costs are $7. Indicate...
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...
At a price of _____ the firm is indifferent about staying open or shutting down. a....
At a price of _____ the firm is indifferent about staying open
or shutting down.
a. $6
b. $2
c. $4
d. $8
The firm’s supply curve is every point along the MC curve above
_____.
a. MR
b. MC
c. ATC
d. AVC
GRAPH 2 MC ATC ------ L AVC 5 8 10 13 Q
Help with #15 please. 15. Suppose a firm ina purely competitive market discovers that the price of its product is ab...
Help with #15 please.
15. Suppose a firm ina purely competitive market discovers that the price of its product is above its minimum AVc point but everywhere below ATC. Given this, the firm: A. Minimizes losses by producing at the minimum point of its AFC curve. B. Maximizes profits by producing where MR ATC. C. Should close down immediately. D. Should continue producing in the short run.
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all prices Multiple Choice above pas < Prev 6 of 25 ! Next > Refer to the diagram for a purely competitive producer. The firm will produce with an economic profit at all price Multiple Choice ο above P3 ο above A ο below P2 ο between and < Prev 6 of 25 !! Next >
Help with #12-14 please.
For questions 12-14, refer to this diagram for a purely competitive producer. Dollars ATC AVC Demand -MR в с Quantity 12. This firm's profit maximizing point is point_ 13. Based on the profit maximizing point this firm should produce Q_ 14. This firm is experiencing: PROFIT O LOSS and sell at price $_ Or BREAK-EVEN
Figure 14-4 The figure below depicts the cost structure of a firm in a competitive market Price „ATC Ps MC 1 AVC 1 1 11 VIL P2P 1 Q1 Q2 Q3 Q4 Quantity - 34. Refer to Figure 14-4. When market price is P2, a profit-maximizing firm's losses can be represented by the area a. (P3-P) x Q2. b. (P2 - P.) ® Q2 c. At a market price of P2, the firm does not have losses. d. At a...
Graph Worksheet MC DI MR P4 ATC P3 P2 AVC PI 02 1. What is the price and quantity at the optimum level of production? Is this an economic profit, loss, or break-even? Should the firm produce? 2. If the industry model is monopolistic competition, what will happen to the industry? What will happen to the demand and marginal revenue curves for the individual firm? In the long run where will the demand curve be? Will the firm achieve productive...
stion 11 Suppose the a purely competitive firm is producing 100 units of output and that P = $10 and MC = $8 at this level of output. Answer questions #17 - #19 using this information. wered nts out of 5 Flag #17) Is the firm maximizing profits? Explain your answer. Answer: No, profit is - $200 dollars to 12 Lot yet answered #18) Suppose you discover that average fixed costs are $2 and average variable costs are $7. Indicate...
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...
At a price of _____ the firm is indifferent about staying open
or shutting down.
a. $6
b. $2
c. $4
d. $8
The firm’s supply curve is every point along the MC curve above
_____.
a. MR
b. MC
c. ATC
d. AVC
GRAPH 2 MC ATC ------ L AVC 5 8 10 13 Q
Help with #15 please.
15. Suppose a firm ina purely competitive market discovers that the price of its product is above its minimum AVc point but everywhere below ATC. Given this, the firm: A. Minimizes losses by producing at the minimum point of its AFC curve. B. Maximizes profits by producing where MR ATC. C. Should close down immediately. D. Should continue producing in the short run.
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
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