Only answer 7, 8 and 10 Write a word or term that governs the following1.are benefits given to the firm that originate from outside the firm.2.exist when costs fall with larger size firm for technical andengineering reasons.3.result from the way that larger firms can employ specializedworkers.result from cost-cutting in buying inputs and selling output.5. This involves specialization of departments6. A lager firm can not only produce a wide range of products, but can supply a wide rangeof market7. If costs fall as the size of a firm rises, thenexist.8. Government regulations, social costs and workers unrest are examples of9. In which period does diseconomies of scale occur?10. Large firms may have higher credit ratings than smaller firms through greatercollateralization from their larger resource base,

The above topics are of economies of scale and other microeconomic areas that are used to study the…

7. If costs fall as the size of a firm rises, then exist. 8. Government regulations, social costs and workers unrest are examples of 9. In which period does diseconomies of scale occur? _ 10. Large firms may have higher credit ratings than smaller firms through greater collateralization from their larger resource base.

7. If costs fall as the size of a firm rises, then exist. 8. Government regulations, social costs and workers unrest are examples of 9. In which period does diseconomies of scale occur? _ 10. Large firms may have higher credit ratings than smaller firms through greater collateralization from their larger resource base.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 3PA

See similar textbooks

Similar questions

Answer only 6 and 9
15. The table below shows cost data for producing different amounts of refrigerators. Use the given information to answer the questions below. Quantity Total Cost Variable Cost Marginal Cost Average Variable Cost Average Total Cost in $ in $ in $ in $ in $ 241 0 271 30 361 120 491 250 681 440 901 660 0 10 What is the profit (loss) at that level of production? 20 30 40 50 How many refrigerators would a competitive firm produce if the market price was $19? 3 9 13 19 22 3.00 6.00 8.33 11.00 13.20 27.10 18.05 16.37 17.02 18.02
1. Fill in this chart and explain why the firm earnsa profit no matter how many units they produce or the price they choose. 2. Using this data, how many units should this firm produce and what price should they chargeassuming they want to profit maximize.
Principles of Microeconomics Name: Homework #3 Prof. R. Harris DUE: Wednesday, April 17, 2019 at the beginning of class - NO EXCEPTIONS. Please remember to show all work and please be neat. Please staple this if you print it on your own. 1. Consider the following table of numbers, which represents demand and cost conditions for a com firm. petitive TR 600 0 1 2 $o $400 600 $400 $240 600 $430 $670 $960 $1,350 $1,840 $2,440 $3,120 $3,910 $4,800 600 600 600 600 600 600 5 6 7 600 600 9 10 (a) Fill in the missing values (b) Use the information in the chart to determine what level of output the firm should produce. Explain your reasoning.
11. Explain the condition of equilibrium of a firm based on marginal cost and marginalrevenue. Need details explanation and make sure that no plagiarised answer
3. Profit maximization in the cost-curve diagram 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 Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. 100 90 Profit or Loss 80 70 ATC 60 50 40 30 AVC 20 MC 10 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of pans per day) In the short run, at a market price of $50 per pan, this firm will choose to produce 37,500 pans per day. PRICE (Dollars perpan)
1. The following table shows information on equilibrium price and different costs at the profit maximizing/loss minimizing point for a perfect competitive firm. Equilibrium Price Quantity of output produced $3 60units Total Revenue Average total cost per unit Total Cost Average variable cost Total Fixed cost Profit/Loss $12 $4 (a) Calculate and fill in the missing information of the table. Is the perfect competitive firm incurring a loss or a profit? Based on your calculation state whether the firm should continue in the market or leave the market? (b) Based on your calculation, draw the appropriate diagram with the ATC, MC, AVC, MR and demand curves to represent the above scenario.
9. Individual Problems 5-7 A firm sells 1,000 units per week. Suppose the average variable cost is $25, and the average cost is $65. In the short run, the break-even price is $ Suppose the firm charges a price of $75 per unit. In the long run, the break-even price is $ Use the following table to indicate whether the firm will shut down or continue to produce in the short run and the long run. Time Continue to Produce Shut Down Short Run Long Run
Fill in the blanks to complete the Marginal Product of Labor column for each worker. Total Product Marginal Product of Labor Number of Workers (Pizzas) (Pizzas) 1 100 2 180 240 4 280 300 On the following graph, plot Andrew's production function using the green points (triangle symbol). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Hint: Be sure to plot the first point at (0, 0). 300 270 Production Function 240 210 180 150 120 90 NTITY OF OUTPUT (Pizzas)
4. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for instant pots. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per instant pot) 100 90 80 70 60 50 40 30 20 10 0 0 MC 5 ATC AVC 10 15 20 25 30 QUANTITY (Thousands of instant pots per day) 35 40 45 50 Profit or Loss The rectangular area represents a short-run ? In the short run, given a market price equal to $50 per instant pot, the firm should produce a daily quantity of 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 $50 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. of $ thousand per day for the firm. instant pots.
Firm B Quantity Units Price Per unit, $ Total Cost of Production, $ above 500 500 1 500 700 400 900 1,100 1,300 1,500 300 4 200 100
4. Profit maximization in the cost-curve diagram Suppose that the market for wind chimes is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. 40 36 Profit or Loss 32 28 24 АТC 16 12 AVC 8 MC 4 + 2 4 6 8 10 12 14 16 18 20 QUANTITY (Thousands of wind chimes per day) 20 PRICE (Dollars per wind chime)