12. Suppose a farm in a perfectly competitive marke: produces and sellsa unis bl ou qutput and hastmarginal sevenue of RO 2. Wnat would be the ! if it instead oroduced andvold 4 units of output? RO4 b. RO? s tral severue. TR = you Pud © RO 32 d. RO 64 BR Mc
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Given, Q=8 units (as 8 units are produced and sold), Marginal Revenue (MR)=RO 8
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- 4 The Competitive Equilibrium Model—Deriving Supply] Negar owns a trendy and sustainable shoe factory. The total cost of producing a given number of pairs of shoes is displayed in the table below. Assume Negar can only produce the integer quantities of pairs of shoes specified in the table. Number of pairs Total Cost 0 400 10 410 20 430 30 460 40 500 50 580 60 680 70 800 b. Draw the supply curve for Negar’s shoe factory. c. Suppose the wholesale market for shoes that sell to retail stores is competitive, with a market price of $10 per pair (i.e., $100 per 10 pairs). If Negar’s goal is to maximize profits, how many pairs will she choose to sell? d. What are Negar’s profits when she sells the number of pairs from (c) at the market price of $10? e. Calculate Negar’s producer surplus given the price and quantity from part (c). How does this compare to the profit calculated in part (d)?пext page. a. Fill in the blanks. b. Based on your findings, what is the output that should be produced? Why? c. Assuming this is a production schedule for a winter coat producer, what are some options that they have? What do you recommend? Don't just say, "They should give up." Output Price TR TC Total Profit MR MC ATC VC AVC 200 300 X 1 190 600 2 180 680 3 170 750 4 160 810 5 150 860 140 920 7 130 990 120 1070 110 1150 10 100 1300Price and cost (dollars per ride) The graph shows the market for the two zipline firms that operate in a resort city. If the firms decide to compete, then together they will produce rides at a price of per ride. 60 O A. 400: $30 MC O B. 400; $50 50 O C. between 200 and 400: between $30 and $50 40 O D. 200: $30 O E. 200; $50 30 20 'D 10 MR 100 200 300 400 500 Quantity (number of rides)
- *Suppose that the development of a new droughtresistanthybrid seed corn leads to a 50 percent increase in the averageyield per acre without increasing the cost to the farmers who usethe new technology. If the producers in the corn production industrywere price takers, what would happen to the following?a. the price of cornb. the profitability of corn farmers who quickly adopt thenew technologyc. the profitability of corn farmers who are slow to adopt thenew technologyd. the price of soybeans, a substitute product for cornSuppose that a particular industry has a four-firm concentration ratio of 45 and a Herfindahi index of LS40. Most ikety, this industry would ochieve Mutipie Chaice both productive efficiency and allocative etficency wllocative efficency but not productive effcency nether productive efficiency nor allocative efficiency productive efficiency but not allocative efficiencyabus ules Marginal Marginal Output Revenue Cost se Materials aw-Hill ct 012 $18 $4 $18 $6 $18 $10 3 $18 $18 4 $18 $26 $37 ns Resources 5 $18 Refer to the data in the accompanying table. If the firm's minimum average variable cost is $17, the firm's profit-maximizing level of output would be. p O 1 03 04 02 200m
- a. the increase in profit when output is reduced from 8 to 7 units of output. b. the profit that could be made if output increases from 7 to 8 units of output. c. the deadweight loss associated with the power of the price taking firm. d. the amount of profit when 8 units of output are produced.ం వయడు Firms in Marçaa cost =o for Goth • FicmsAroduce Fir Twe firms 20 bertrand compotition for both diffrencided poduts, oms Sunction have the fallowing inverse denand शि= | -01- 203 pz=1-92-5 a Defue repried 6 Denve Rertrand equilbba Bertrand reaction functio) and diagremadticalde 5) madirall Deుల and equilubi gauntitier,pricer Arofits.4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 100 Total Revenue 90 B0 70 50 40 30 20 10 Demand 10 20 30 40 50 70 90 100 110 120 QUANTITY (Bippitybops) PRICE (Dollars per bippitybop)
- V See Hint Suppose that Juan sells burritos. The total cost of production, based on the number of burritos produced, is shown in the following table. Number of burritos Total cost ($) 1. 8) 2. 10 3) 13 4. 18 25 34 7. 45 Suppose that the price is $6. Assuming profit maximization, how many burritos will Juan sell? asopdneSuppose a farmer earns a larger profit than the "normal profit" by producing a special type of vegetable that becomes popular O other farmers arc likely to plant the same vegetable, pushing up the prevailing market price. O the firm will continue to carn its 'normal profits" far into tho future. O the farm's owners are likely to withdraw from the industry in order to retire carly. other farmers are likely to plant the same vegotablo, pushing down the prevailing market price.Using the graph below, calculate the firm's profits at the profit maximizing output 196 182 168 154 140 126 112 98 84 70 56 42 28 14 23 46 69 92 115 138 161 184 207 230 253 276 299 322 Quantity -P -- MR MC AC -10 100 250 Price