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A competitive market charges the minimum possible price because the consumers in this market are…

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44 40 36 32 28 24 20 16 12 8 4 0 0 a firm in a perfectly competitive market TH 4 8 IN 18 P 11 14 CAR 11 1 101 35. What is the long-run equilibrium quantity? (a) 10 (b) 14 (c) 16 (d) 23 O(e) 25 M IN 12 . 10 V M KNOPEAwww " E 14 SEM CHL " 11. P 11 3ITM 18 1 461 • M 11 WILL IM 1 1. K IN . www. A M IN 14 11 www. 16 WWW 4 A www. H CH 18 ape MALI *** 20 BW MC 19 B www. www ||||||| ATC 24 28 ▸ -AVC 32 C

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Case 1. 2. P TR TC TFC TVC AC AVC MC 1000 5000 $1,500 $5.50 5.00 8000 1000 3.50 3.00 4.50 At Min. 8000 Level At Min. 6000 9000 3.50 Level 7000 4.50 4.00 3. $1.00 10000 4. 3.00 5. 4.00 2000 What do you recommend to the firm in case #4? O increase output. decrease output, but not shut down. O maintain its current rate of output Oshut down.
QUESTION 12 a firm operating in a purely competitive market $ 40 36 32 28 24 20 16 12 8 4 0 K 0 4 8 12 16 12. At P-$28, this firm's total profit or loss will be a)-$210 b) 50 c) 57 Od) $264 e) $575 20 24 MC 28 ATC AVC 32 Q
1. Explain the relationship between price, marginal revenue and average revenue for a perfectly competitive firm? 2. When does a perfectly competitive firm maximize their profits? What they should do if at their current production level their marginal revenue is greater than marginal cost? 3. Explain the difference between a shut-down decision and exiting decision for a competitive firm? When and how they make such decision? 4. Refer to the graph below: Price 19 18 MC 16 12 ATC 1 2 3 43 6 1 8 Quantity In the above graph, assume that the price per unit is $10. Based on this information calculate: a. Profit maximization quantity b. Total revenue at that level c. Total cost at that level d. Profit or loss for this firm (if any) Please refer to the discussion board requirement announcement before posting. First post due on Thursday, May 6th, and reply to two other student's posts due on Sunday, May 9th.
Price $70 5.50 530 $10 Demand 10 20 30 40 50 60 70 Quantity If this firm were to sell 20 units of output, its marginal revenue would be O $40 O $600 O $30. O $1,000
In the figure at right, at which output level is this firm earning negative economic profits? O A. 12 OB. 2 OC. 5 O D. 10 Revenues and Costs ($) 180 160- 140- 120 100+ 80- 60- 40- 20- of 0 2 4 6 8 10 Quantity 12 14 TC TR 16 18 20
8. Assume a single firm in a purely competitive industry has the following costs: (1) Total Product 0 1 2 3 4 5 879 6 (2) (3) (4) (5) (6) TVC TC AFC AVC ATC PO P 40 55 75 90 110 135 170 220 290 (7) MC 95 P40.00 P55.00 P95.00 P55.00 115 20.00 37.50 57.50 20.00 130 13.33 30.00 43.33 15.00 150 10.00 27.50 37.50 20.00 175 8.00 27.00 35.00 25.00 210 6.67 28.33 35.00 35.00 260 5.71 31.43 37.14 50.00 330 5.00 36.25 41.25 70.00 8a) At a product price of P52, will this firm produce in the short run? Explain. What will its profit or loss be? 8b) At a product price of P28, will this firm produce in the short run? Explain. What will its profit or loss be? 8c) At a product price of P22, will this firm produce in the short run? Explain. What will its profit or loss be?
44 40 36 32 28 24 20 16 12 8 4 O SA tion a firm in a perfectly competitive market 0 4 8 MC 12 16 20 24 28 ATC 32. What would be the short-run equilibrium quantity produced by this firm if the market price were $24? (a) 10 (b) 12 (c) 14 (d) 16 (e) 20 AVC 32 C
Question 8 Use the cost chart: Assuming this firm competes in a perfectly competitive market. What is the profit (or loss, loss is a negative) when the price is $1.60. Cost Chart Q 0 5 10 15 20 25 30 35 40 Typed answer will be automatically saved. X₂ X² Ω· FC 10 10 10 10 10 10 10 10 10 Write your response here... VC Twos 0 3 7 12 18 25 33 42 52 TC 10 13 17 225755 28 35 43 62 AFC 0.67 0.29 AVC 0.60 0.70 0.90 1.00 1.10 ATC 2.60 1.47 1.43 1.49 MC 1.00 1.80 □
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