Its Art curve.D. its MC curve.163. Consider the cost chart below for a perfectly competitive firm. The lowest output level onthis firm's short-run supply curve is: +Output1012141620A.10.+B.12.C.16.LD. 20...Averagevariable cost5.004.004.755.759.00Averagetotal cost15.0013.0011.509.0012.00Marginalcost34694144• 170. In the short run, a profit-maximizing firm in a perfectly competitive market will operate atthe point where:

In perfect competition, There exists a large numbers of buyers and sellers selling identical…

163. Consider the cost chart below for a perfectly competitive firm. The lowest output level on this firm's short-run supply curve is:+ Output 10 12 14 16 20 A.10.+ B.12. C.16.1 D. 20.. Average variable cost 5.00 4.00 4.75 5.75 9.00 Average total cost 15.00 13.00 11.50 9.00 12.00 Marginal cost 34694 14

163. Consider the cost chart below for a perfectly competitive firm. The lowest output level on this firm's short-run supply curve is:+ Output 10 12 14 16 20 A.10.+ B.12. C.16.1 D. 20.. Average variable cost 5.00 4.00 4.75 5.75 9.00 Average total cost 15.00 13.00 11.50 9.00 12.00 Marginal cost 34694 14

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume that the cost data in the following table are for a purely competitive producer: TotalProduct AverageFixed Cost AverageVariable Cost AverageTotal Cost Marginal Cost 0 1 $ 60.00 $ 45.00 $ 105.00 $ 45.00 2 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.50 52.50 30.00 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 8 7.50 40.63 48.13 55.00 9 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 a. At a product price of $56.00 (i) Will this firm produce in the short run? yes (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? profit- maximizing output = 9 units per firm (iii) What economic profit or loss will the firm realize per unit of output? Profit per unit = $ 16 b. At a product price of $41.00 (i) Will this firm produce in the short run? Yes (ii) If it is preferable to produce, what will be the…
In the short-run, if the marginal cost of a firm in a competitive industry is upward sloping while itsaverage variable cost is downward sloping, what can you say about slope of average total cost?
Cost LRAC 40 30 20 10 100 200 400 800 Output b. What happened to the cost of one good as the firm increased its output from 100 units to 200 units and from 200 units to 400 units? c. What is the firm experiencing as it increased it scale of operation from 100 units to 400 units? d. What is the firm experiencing if it chooses to produce at point P? Give reason for your answer. e. Which point would be the best point for the firm to produce at? Give reason for your answer.
I need help with econ multiple hw questions asap! 60) When a firm in a competitive market produces 15 units of output, it has a marginal revenue of $8.00. What would be the firm’s total revenue when it produces 8 units of output? A. $64.00 B. $48.00 C. $6.00 D. $4.80 59) The competitive firm’s long-run supply curve is that portion of the marginal-cost curve that lies above which average cost? A. sunk cost B. total cost C. variable cost D. fixed cost
Price per Tonne of Wheat MC 18.00 ATC 17.00 15.75 16.00 15.25 1550 15.00 14.00 13.00 12.00 11.00 500 1000 ++ 1500 Tonnes of Wheat per Month Figure 9-5 shows the cost curves of a firm in a perfectly competitive market. If the market price is $17 and the firm is maximizing profit, how much is its total cost? OA. $20 400 OB. $17 000 OC. $18 300 OD. $15 000
40 The following cost data is for a firm which in nelling in a perfectly competitive market It the market price for the firm's product is $32, the competitive firm will: t of Total Average Average variable Average total Marginal product fixed cost cost cost cost $100.00 $17.00 $117.00 $17 50.00 16.00 66.00 15 3. 33.33 15.00 47.33 13 25.00 14.25 39.25 12 20.00 14.00 34.00 13 9. 16.67 14.00 30.67 14 7. 14,29 15.71 30.00 26 8. 12.50 17.50 30.00 30 9. 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24,00 33.09 48 7.33 26.67 35.00 56 12 Select one: O a. produce 8 units at an economic profit of $16. O b. produce 8 units at a loss equal to the firm's total fixed cost. O c. produce 5 units at a loss of $10. nd produce 7 units at an economic profit of $41.50.
A firm’s costs are given in the following table. q TC TFC TVC AVC ATC MC 0 RM50 1 70 2 80 3 90 4 110 5 140 6 175 7 220 8 280 9 360 10 450 1.1) Complete the table. 1.2) Draw a graph for each AVC, ATC and MC on one graph. 1.3) Suppose market price is RM20. How much will the firm produce in the short run? How much are total profits? 1.4) Suppose market price is RM60. How much will the firm produce in the short run? How much are total profits?
Cost figures for a hypothetical firm are given in the following table. Use them for the exercises below. The firm is selling in a perfectly competitive market. Output Fixed AFC Variable AVC Total ATC MC Cost Cost cost 1 $50 50/1=50 $30 30/1=30 30+50=80 80/1=80 NA 2 $50 50/2=25 $50 50/2=25 50+50=100 100/2=50 (100-80)/(2-1)=20 3 $50 50/3=16.67 $80 80/3=26.67 50+80=130 130/3=43.33 (130-100)/(3-2)=30 4 $50 50/4=12.50 $120 120/4=30 50+120=170 170/4=42.50 (170-130)/(4-3)=40 5 $50 50/5=10 $170 170/5=34 50+170=220 220/5=44 (220-170)/(5-4) =50 What can you expect from an industry in perfect competition in the long run? That is, what will the price be? What quantity will be produced? What will be the relation between marginal cost, average cost, and price?
essay (on this firm) argues that, the firm would be better off by closing down. Do you a unit of output of this company is Birr L3. A student working on his senior A company in a perfectly competitive market has a total cost function given as: 6. TC 50+40+ The price agree? Explain By using the knowledge of relationshins among the various cost concepts, fill the bia cells of the following table. Quantity TFC TVC TC MC AFC AVC ATC 50 50 64 98 162 26 20 finms (Fi and Fa) producing identical product competing for like to dominate the other, if possible. They each defends
A market is in long-run equilibrium and firms inthis market have identical cost structures. Supposedemand in this market decreases. Describe whathappens to the profit-maximizing output quantityfor individual firms as the market leaves and thenreturns to long-run equilibrium.
An ice cream producer has ﬁxed costs of $70,000 per month, and it can produce up to 15,000 ice cream tubs per month. Each tub costs $10 in the market whilethe producer faces variable costs of $3 per tub.a. What is the economic breakeven level of production?b . Calculate the ice cream producer’s monthly proﬁts at full capacity. What would happen to the monthly proﬁts if another ice cream producer entered themarket, driving the price of ice cream tubs down to $7 per unit?
When is an industry productively efficient? R OOD F4 A. When firms in that industry produce the amount of output that intersects with the minimum of their ATC curves ubmission B. When the short-run equilibrium market price is above the long-run equilibrium market price ← PREVIOUS or dº APR 20 % 5 C. When the market price for the good or service in that industry is the same as marginal revenue D. When the average total cost curve intersects the marginal revenue curve at its lowest point T F5 6 MacBook Air F6 Y & 7 F7 U stv * CO 8 A DII F8 - ( 9 DD F9 O 0 VIEW F10 P