20) - Google Chrome"mod/quiz/attempt.php?attempt%3=1579003&cmid%3812962&page%3D2em (Academic20-MCATCAVC164.5 10 15 20 25 30 35 40 45 50Quantity (units per day)The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have thsame cost curves and the price equals $16 per unitSelect one:O a. over time, the price will fall as new firms enter the market.O b. over time, firms will leave this market.O c. the market is in its long-run equilibrium.O d. the firm is making zero economic profit.o searchhpPrice and cost (dollars per unit)

A perfect competition is a market structure in which many vendors and buyers are present. In this…

·20아 MC ATC AVC 16 12 8. 5 10 15 2O 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. Price and cost (dollars per unit)

·20아 MC ATC AVC 16 12 8. 5 10 15 2O 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. Price and cost (dollars per unit)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3.30 3.00 2.70 2:40 2.10 1.80 1,50 1.20 0.90 0.60 0.30 50 100 150 If price is $2.40, what is the output choice for the firm? O a. 200 O b. 250 O c. 150 O d. 300 200 250 300 Marginal Cost 350 Average Total Cost Average Variable Cost 400
Suppose that the market for frying pans is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. PRICE (Dollars per pan) 100 90 80 70 60 50 40 30 20 10 0 + 0 O 5 MC ATC AVC 10 15 20 25 30 35 QUANTITY (Thousands of pans) 40 45 50 ?
On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $20 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm. of
Suppose that firm is currently producing 15 units of a good at a market price of $12. The firm has a MC of $12 and an average total cost of $8. What is the firm's economic profit and is it maximizing profits? O $0, yes O $60, no $60, yes O $0, no Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: 20 ATC 18 16 AVC 14 13 H 12 6. MC 2 1 2 3 QUANTITY Refer to Figure 14-1. If the market price is $13, the firm will earn O a. positive economic profits in the short run. O b. zero economic profits in the short run. O c. negative economic profits in the short run but remain in business. O d. negative economic profits and shut down.
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A firm will operate so long as the price O A. exceeds average variable cost. OB. equals the opportunity cost. O C. exceeds average fixed cost. O D. exceeds average total cost.
Brody's firm produces trumpets in a perfectly competitive market. The table below shows Brody's total variable cost. He has a fixed cost of $240, and the price per trumpet is $60.-Calculate the average total cost of producing 6 trumpets. Show your work. -Calculate the marginal cost of producing the 11th trumpet. -What is Brody's profit-maximizing quantity? Use marginal analysis to explain your answer. -At the profit-maximizing quantity you determined in part (c), calculate Brody's profit or loss. Show your work. -Brody also produces saxophones at a loss in a perfectly competitive market. Draw a correctly labeled graph for Brody's firm showing the following at a market price of $200. -Brody's profit-maximizing quantity of saxophones -Brody's loss, completely shaded Quantity Total Variable cost 6 $120 7 $145 8 $165 9 $220 10 $290 11 $390
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bo Use the table below to calculate the accounting and economic profit for Abner's Apple Art. Item Macmillan Learning Total revenue Costs Apples Utilities Lease Abner's forgone wages Numbers in the table are in thousands What is Abner's Apple Art's accounting profit? What is Abner's Apple Art's economic profit? Amount $220 $30 $20 $20 $70 Accounting profit = $ Economic profit = $ thousand thousand
Product Price = Quantity Sold = Explicit Costs Implicit Costs = = $30 5 units $42 $18 Referring to the above table, it can be concluded that: O Economic Costs are $24. O Economic Profit is $210. O Economic Loss is $30. O Economic Profit is $90.