15. In the long run, any firm will eventually leave the industry if А. Price does not at least cover average total cost B. O Price does not equal marginal cost С. Economies of sale are being reaped D. O Price is greater than long run average cost
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- If new technology in a perfectly competitive market brings about a substantial reduction in costs of production, how will this affect the market?What two lines on a cost curve diagram intersect at the zero-profit point?3 The figure below shows the cost curves for a profit-maxmizing firm in a periecny competitive narket. If the market price is $30 and if the firm is producing outpul. the amount of its total variable cost? Price TVC and cost TO ATCHO MC ATC AVC PAL $40.50 36.00 30.00 MR 22.00 7LEE 20.00 130 180 240 Quantity O S7,200 b. $6,480 C. $5,400 d. $3,960
- Round your answeis LU 2 UCUNTial plats. Output 1 3 4 5 6 www. Average Variable Cost 30 a. Complete above the table. Quantity: Break-even $ Average Total Cost 1 O Loss 140 80 63.33 56 56 57 65.43 ✔ $ Marginal Cost 110 30 20 30 34 Prev 56 62 116 b. What is the shutdown price? Shutdown price: $ c. If the market price of the product is $56, what quantity will Marshall's Meats produce? What will be its ✓:$ Total Cost $110 140 6 of 13 160 Quantity: d. If the market price of the product is $20, what quantity will Marshall's Meats produce? What will be its pre # 190 224 280 342 458 Next >11. Explain the condition of equilibrium of a firm based on marginal cost and marginalrevenue. Need details explanation and make sure that no plagiarised answer18. New firms will exit aheriesty.competinve mzrket when: 1 average variable costs are less han average total costs b. price is greate: than average variable costs e maginal revenue is greater than average total costs in the short run O price is less than average total cests in the long rua
- Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?Danilo and his wife operate a restaurant where they sell all their meals for $14.00 each. The markup on each meal is $5.00 and overhead expenses are 19.00% of cost. a. How much does it cost them to make each meal? $0.00 Round to the nearest cent b. What is their operating profit per meal? 50.00 Round to the nearest cent c. Calculate the break-even price. Round lo the nerert rentA computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.
- Price and cost $4.00 3.20 2.40 1.60 0 Questraq; not sugamon Isnigiem sunsven lang jam neris MC ITAALS 25006 DMC Sorberg in ATC AVC HONDE SOM= 15152 850 1,700 MR 2,550 D Quantity a. If Elijah produces at the profit-maximizing level of output, how much is his total revenue? How much is his total cost? Briefly explain your calculations. a. How much economic profit is Elijah earning? Briefly explain your calculation.Figure 16-12 100 Price 90 80 MC ATC 70 58 60 50 40 36 30 + 20 10 + MR 4 8 12 16 20,24 28 32 Buaxtity c) Does the firm minimize cost? Why or why not? How much excess capacity does this firm have?Figure 9-16 $/4 MC 6.70 6.00 ATC 4.90 AVC 4.00 = MR 2.80 2.60 12 14 If the price-taker fırm in Figure 9-16 9-16.png is currently producing 6 units, then to maximize profit in the short run, it should keep producing 6 units increase production to 12 units increase production to 14 units increase production to 8 units O shut down
