(1) Consider the following cost schedule for a firm. Quantity Marginal Cost Average Total Cost Average Variable Cost 10 $12 $32 $24 15 $14 $30 $20 20 $16 $28 $16 25 $26 $26 $20 30 $30 $28 $24 35 $40 $32 $30 What is the economic profit or loss for a perfectly competitive firm if the market price is $26? A-0. B- $20. C- negative $20. D-$150. E-negative $150

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A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…

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A: The answer is as follows:-

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A: No, firm should exit the market

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A: We will answer the first three subparts only. Please resubmit the question with any other parts…

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A: Shut Down price: In the short run as the firm faces the total fixed cost And a firm will shut down…

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Refer to the Figure under perfect competition. If P represents the market price for a price-taking…

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A: Q40 TR=P*Q TR(1)=1*20=20 and so on MR=change in TR MR(1)=20-0=20 and so on MC=change in TC…

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A: Demand refers to the quantity of a goods or service that a consumer is willing and able to buy at a…

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A: Solution: A) In perfect competition marginal cost curve of a firm shows supply curve of the firm in…

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A: Price=27$ Q=2700 Average total cost(ATC)=21 $ VC = $19

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Q: B) Consider a perfectly competitive firm with the following short-run total costs: SRTC = b + j q…

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A: Total revenue is the product of price and quantity. Total revenue = PQ

Q: Quantity of Output Total Cost $12 1 $14 $18 3. $24 4. $32 $42 6. $54 $68 The table above shows the…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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A: Fixed Cost (FC): A fixed cost is an expense that does not change when sales or production volumes…

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Q: Table 14-15-a Quantity 0 1 2 3 4 5 16 Total Cost Select one: a. $5. b. $8. C. $6. d. $7. $4 $10 $16…

A: Total cost is the sum of all the costs that are incurred in the production of a good or the…

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A: Total revenue determines the amount earned from the quantity produced.Economic costs involve not…

Q: Table 9.1 Output (Q) Total Fixed Costs Total Variable Costs 0 20 0 1 20 5 2 20 7 3 20 10 4 20 15 5…

A: Perfect competition is a situation where firms are price takers.  Shut down rule suggest that When…

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A: The table showing output and cost is as follows:

Q: 8. Why is the marginal revenue for a firm in perfect competition equal to the market price? 9. The…

A: Perfect competition is a theoretical economic model that represents a market characterized by a high…

Q: The figure to the right represents the cost structure for a perfectly competitive firm with its…

A: A perfectly competitive firm is one of many firms producing identical goods in the market.

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: In the short run, the firm has to incur fixed cost even if it produces zero units. The shut down…