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22. The short-run supply curve of a purely competitive producer is based primarily on its: A. AVC curve. B. ATC curve. C. AFC curve. D. MC curve.

22. The short-run supply curve of a purely competitive producer is based primarily on its: A. AVC curve. B. ATC curve. C. AFC curve. D. MC curve.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer for the questions 22 to 25.
$17.00 22. The short-run supply curve of a purely competitive producer is based primarily on its: A. AVC curve. B. ATC curve. C. AFC curve. D. MC curve. Answer the next question(s) on the basis of the following cost data for a firm that is selling in a purely competitive market: Average Fixed Average Average Total Cost Total Variable Marginal Cost Product Cost Cost $100.00 50,00 $17.00 $117.00 66.00 48.33 39.25 34.00 30.67 $17 2 16,00 15 3 33,33 1500 13 25.00 20,00 4 14.25 12 14.00 13 6 16.67 14.00 14 7 14.29 15.71 30.00 26 8 12.50 17.50 20.00 30.00 30 9 11.11 19.44 30,55 31.60 33.09 35 21.60 24.00 26.67 10 10.00 41 11 9.09 48 12 8.33 35.00 56 23. Refer to the above data. If the market price for the firm's product is $12, the competitive firm will produce: A. 4 units at a loss of $109. B. 4 units at an economic profit of $31.75. C. 8 units at a loss of $48.80. D. zero units at a loss of $100. 24. Refer to the above data. If the market price for the firm's product is $32, the competitive firm will produce: A. 8 units at an economic profit of $16. B. 5 units at a loss of $10. C. 8 units at a loss equal to the firm's total fixed cost. D. 7 units at an economic profit of $41.50. 25. Refer to the above data. If the market price for the firm's product is $28, the competitive firm will: A. produce 4 units at a loss of $17.40. B. produce 7 units at a loss of $14.00.
Transcribed Image Text:$17.00 22. The short-run supply curve of a purely competitive producer is based primarily on its: A. AVC curve. B. ATC curve. C. AFC curve. D. MC curve. Answer the next question(s) on the basis of the following cost data for a firm that is selling in a purely competitive market: Average Fixed Average Average Total Cost Total Variable Marginal Cost Product Cost Cost $100.00 50,00 $17.00 $117.00 66.00 48.33 39.25 34.00 30.67 $17 2 16,00 15 3 33,33 1500 13 25.00 20,00 4 14.25 12 14.00 13 6 16.67 14.00 14 7 14.29 15.71 30.00 26 8 12.50 17.50 20.00 30.00 30 9 11.11 19.44 30,55 31.60 33.09 35 21.60 24.00 26.67 10 10.00 41 11 9.09 48 12 8.33 35.00 56 23. Refer to the above data. If the market price for the firm's product is $12, the competitive firm will produce: A. 4 units at a loss of $109. B. 4 units at an economic profit of $31.75. C. 8 units at a loss of $48.80. D. zero units at a loss of $100. 24. Refer to the above data. If the market price for the firm's product is $32, the competitive firm will produce: A. 8 units at an economic profit of $16. B. 5 units at a loss of $10. C. 8 units at a loss equal to the firm's total fixed cost. D. 7 units at an economic profit of $41.50. 25. Refer to the above data. If the market price for the firm's product is $28, the competitive firm will: A. produce 4 units at a loss of $17.40. B. produce 7 units at a loss of $14.00.
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