20 10 0 + 0 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) If there were 20 firms in this market, the short-run equilibrium price of copper would be $ would Therefore, in the long run, firms would Because you know that competitive firms earn $ per pound. From the graph, you can see that this means there will be O True per pound. At that price, firms in this industry the copper market. economic profit in the long run, you know the long-run equilibrium price must be firms operating in the copper industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns positive accounting profit. O False

20 10 0 + 0 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) If there were 20 firms in this market, the short-run equilibrium price of copper would be $ would Therefore, in the long run, firms would Because you know that competitive firms earn $ per pound. From the graph, you can see that this means there will be O True per pound. At that price, firms in this industry the copper market. economic profit in the long run, you know the long-run equilibrium price must be firms operating in the copper industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns positive accounting profit. O False

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 3P

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25. This question refers to the figure below which shows the price, marginal cost, and average cost curves facing a perfectly competitive firm in the short run. What is the total daily revenue of the profit-maximising firm in the short run? Cost, price (Rand) a) b) c) P 20 12 8 0: R800 R2 000 R960 60 ВО 100 Output per day MC AC Price AVC
7. Short-run supply and long-run equilibrium Consider the competitive market for steel. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 100 90 80 COSTS (Dollars per ton) 888 50 60 70 70 40 ATC 30 20 80 10 MC AVC D 0 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of tons)
2500 2000 1500 Returns te scale: 0.33 1000 Price 2 10 15 20 25 30 Size dength in feet) 35 40 Rental price 100 The interactive above is from the loarning object, it will automatically find the profit maximizing length of the truck Adam should rent at given prices, rental rates, productivities, and returns to scale. It only the productivity of the truck Adam chooses to rent decreases, which of the following would be true at the new profit maximizing level of output and length of truck? Select the two that apply O A decrease in marginal cost O A decrease in total costs O A decrease in total revenuo O An incroase in the amount of labor Adam hires Revenue
The table below shows the monthly cost of producing vintage model cars for collectors for quantities 0, 100, 250, and 500. Instructions: Enter your answers as a whole number a. Complete the table by filling in the average fixed cost, average variable cost, and average total cost. Vintage Model Car Production Costs output Total fixed Cost Total variable Cost total cost average fixed cost average variable average total cost 0 $2,500 $0 $2,500 - - - 100 2,500 700 $3,200 ------- -------------- --------------- 250 2,500 $1,500 $4,000 _____ ________ __________ 500 2,500 $4,000 $6,500 ______ ________ _________ b. Graph the average fixed cost,…
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Q19
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The chart below gives a firm's total cost of producing different levels of output. The profit maximizing level of output for this firm is Output 0123456 02 0 3 04 O 5 Total Cost $13 20 25 28 32 43 60 O Cannot be determined from the information given
11. Madibaz is a company that produces t-shirts. The firm operates in a highly competitive, industry and each t-shirt is priced at R80. Madibaz's marketing manager wants to determine the possible total profit for the year given the price and costs of production. The total cost equation is TC=25000 +0.025Q where Q is the number of t-shirts per year. Calculate Madibaz's total profit.
1.Which of the following explains why marginal cost curves are upward sloping? Increasing marginal benefit Total costs increase as output increases Diminishing marginal product of inputs This statement is true only for inferior goods 2. If a firm generates $232844 in revenue, earns $95728 in economic profit, and its explicit costs are $80,000, how much are its implicit costs? $152844 $57116 $137116 $175728 3. Consider the table of firm costs and revenue below. It may be useful to calculate the missing values. Q MC MR TC TR 1 3 5 13 5 2 2 5 15 10 3 3 5 4 5 5 5 8 5 6 12 5 If the firm chooses Q to maximize short-run profit, what will the profit be? ?=−6\pi = -6 ?=−3\pi = -3 ?=3\pi = 3 ?=6
B6