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6. Complete the following table describing the short-run costs of the Kangaroo Backpack Company. Output Total...
28. Refer to Figure 14-13. If the price is $2 in the short run, what will happen in the long run? a. Individual f...
28. Refer to Figure 14-13. If the price is $2 in the short run, what will happen in the long run? a. Individual firms will earn positive economic profits in the short run, which will entice other firms to enter the industry b. Individual firms will earn negative economic profits in the short run, which will cause some firms to exit the industry. c. Because the price is below the firm's average variable costs, the firms will shut down. d....
1) The table below represents the costs for a computer company for a week (sorry, they're...
1) The table below represents the costs for a computer company for a week (sorry, they're not very realistic). Quantity Fixed Costs Variable Total Costs Average Average Marginal Costs Total Cost Variable Cost Costs $1000 $600 $1000 $1100 $1000 $1500 $1000 $1800 $1000 $2200 $1000 $2700 $1000 $3400 $1000 $4500 a. Complete the missing information in the table. b. At what price would the company shut-down in the short run? C. Suppose this economy is operating in a perfectly competitive...
The table below represents the costs for a computer company for a week (sorry, they're not...
The table below represents the costs for a computer company for a week (sorry, they're not very 1) realistic). Quantity Fixed Costs Variable Total Costs Average Average Marginal Costs Total Cost Variable Cost Costs $1000 $1000 $1000 $1000 $1000 $1000 $1000 $1000 1 $600 2 $1100 3 $1500 $1800 $2200 $2700 $3400 $4500 6 7 Complete the missing information in the table. a. b. At what price would the company shut-down in the short run? Suppose this economy is operating...
The table below represents the costs for a computer company for a week (sorry, they’re not...
The table below represents the costs for a computer company for a week (sorry, they’re not very realistic). Quantity Fixed Costs Variable Costs Total Costs Average Total Cost Average Variable Costs Marginal Cost 1 $1000 $600 2 $1000 $1100 3 $1000 $1500 4 $1000 $1800 5 $1000 $2200 6 $1000 $2700 7 $1000 $3400 8 $1000 $4500 Complete the missing information in the table. At what price would the company shut-down in the short run? Suppose this economy is...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production function for laptop computers. Fll Chapter 8 Homework in the last column and then answer the question that follows Number of Workers Total Output of Laptop Computers Marginal Product of each 0 Worker 0 N/A 80 200 300 4 360 5 400 With what worker does diminishing marginal product set in? (3 points) A pizza business has the following cost structure. Use the given...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
If there were 10 firms in this market, the short-run equilibrium price of copper would be...
If there were 10 firms in this market, the short-run equilibrium
price of copper would be $___ per pound. At that price firms in
this industry would (shut down / operate at a loss / earn zero
profit / earn a positive profit). Therefore, in the long run firms
would (enter / exit / neither enter nor exit) the copper
market.
Because you know that competitive firms earn (positive / zero /
negative) economic profit in the long-run equilibrium price...
8. In the short run, a perfectly competitive firm will shut down if it is producing...
8. In the short run, a perfectly competitive firm will shut down if it is producing a level of output where marginal revenue is equal to short-run marginal cost and price is A. Greater than average total cost. B. Less than average total cost. C. Greater than average variable cost. D. Less than average variable cost E. None of the above 10. Given your answer to Question 8, what can you say about Hanna's firm: A. It should continue operating...
Fixed costs are irrelevant in the decision about whether to shut down production in the short...
Fixed costs are irrelevant in the decision about whether to shut down production in the short run because fixed costs: do not affect, and are not affected by, the quantity the firm produces. can be paid off over time. only change when production changes only change in the short run |If a profit-maximizing perfectly competitive firm shuts down in the short run, it incurs no losses. it incurs an economic loss equal to total fixed cost. its profit equals zero....
2. Table 4 below shows the total output, total revenue, total variable cost, and total fixed...
2. Table 4 below shows the total output, total revenue, total variable cost, and total fixed cost of a perfectly competitive firm. The market equilibrium price is not given explicitly but can be deduced from Table 4. Output lulewin Total revenue $1,500 $2,000 $3,000 $4,000 $5,000 Total variable cost $1,500 $2,000 $2,600 $3,900 $5,000 Total fixed cost $500 $500 $500 $500 $500 a. What level of output should the firm produce? Show your work. (15 points) b. Should it shut...
28. Refer to Figure 14-13. If the price is $2 in the short run, what will happen in the long run? a. Individual firms will earn positive economic profits in the short run, which will entice other firms to enter the industry b. Individual firms will earn negative economic profits in the short run, which will cause some firms to exit the industry. c. Because the price is below the firm's average variable costs, the firms will shut down. d....
1) The table below represents the costs for a computer company for a week (sorry, they're not very realistic). Quantity Fixed Costs Variable Total Costs Average Average Marginal Costs Total Cost Variable Cost Costs $1000 $600 $1000 $1100 $1000 $1500 $1000 $1800 $1000 $2200 $1000 $2700 $1000 $3400 $1000 $4500 a. Complete the missing information in the table. b. At what price would the company shut-down in the short run? C. Suppose this economy is operating in a perfectly competitive...
The table below represents the costs for a computer company for a week (sorry, they're not very 1) realistic). Quantity Fixed Costs Variable Total Costs Average Average Marginal Costs Total Cost Variable Cost Costs $1000 $1000 $1000 $1000 $1000 $1000 $1000 $1000 1 $600 2 $1100 3 $1500 $1800 $2200 $2700 $3400 $4500 6 7 Complete the missing information in the table. a. b. At what price would the company shut-down in the short run? Suppose this economy is operating...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production function for laptop computers. Fll Chapter 8 Homework in the last column and then answer the question that follows Number of Workers Total Output of Laptop Computers Marginal Product of each 0 Worker 0 N/A 80 200 300 4 360 5 400 With what worker does diminishing marginal product set in? (3 points) A pizza business has the following cost structure. Use the given...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
If there were 10 firms in this market, the short-run equilibrium
price of copper would be $___ per pound. At that price firms in
this industry would (shut down / operate at a loss / earn zero
profit / earn a positive profit). Therefore, in the long run firms
would (enter / exit / neither enter nor exit) the copper
market.
Because you know that competitive firms earn (positive / zero /
negative) economic profit in the long-run equilibrium price...
8. In the short run, a perfectly competitive firm will shut down if it is producing a level of output where marginal revenue is equal to short-run marginal cost and price is A. Greater than average total cost. B. Less than average total cost. C. Greater than average variable cost. D. Less than average variable cost E. None of the above 10. Given your answer to Question 8, what can you say about Hanna's firm: A. It should continue operating...
Fixed costs are irrelevant in the decision about whether to shut down production in the short run because fixed costs: do not affect, and are not affected by, the quantity the firm produces. can be paid off over time. only change when production changes only change in the short run |If a profit-maximizing perfectly competitive firm shuts down in the short run, it incurs no losses. it incurs an economic loss equal to total fixed cost. its profit equals zero....
2. Table 4 below shows the total output, total revenue, total variable cost, and total fixed cost of a perfectly competitive firm. The market equilibrium price is not given explicitly but can be deduced from Table 4. Output lulewin Total revenue $1,500 $2,000 $3,000 $4,000 $5,000 Total variable cost $1,500 $2,000 $2,600 $3,900 $5,000 Total fixed cost $500 $500 $500 $500 $500 a. What level of output should the firm produce? Show your work. (15 points) b. Should it shut...
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