The firm willA-increase its marginal revenueB increased its profitsC decrease its marginal revenueD maximize its profits ONT01 FEX 2021 2 Maleelow diagram, what will happen at Q3, the firm14-404647500TCTR400950 7fd7b820095d647fd7b8300100eamems06471d7b8Q1Q2Q3MacBook ProTotal revenue and total cost (dollars)95d647fd7b895d647fd7b895d647fd

The Total Revenue is the amount of revenue generated by selling all the given units of goods and…

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7elow diagram, what will happen at Q3, the firm 6418768 647 TC TR 95d647fd7b8 00 id7b8 71d7b8 Q1 Q2 Q3 Total revenue and total cost (dollars) 95d647fd7b8 ZPI

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Part A. When the demand curve is given by P1 = $30, and the firm behaves optimally in the short run, what is the total revenue? A. $ 900 B. $1350 C. $800 D. $2400 Part B. When the demand curve is given by P1 = $30, how much profit is this producer earning? A. $ 500 B. $ 800 C. $ 1200 D. $ 1600 Part C. Does the graph above represent the firm’s short run equilibrium or long run equilibrium, for a given price? A. short run B. long run C. short run or long run D. neither short run nor long run
What is a price taker? A price taker is A. a firm with a perfectly inelastic demand curve. B. a firm that has the ability to charge a price greater than marginal cost. C. a firm that is unable to affect the market price. D. a firm that does not seek to maximize profits. E. a firm with a downward-sloping demand curve. When are firms likely to be price takers? A firm is likely to be a price taker when A. it has market power. B. firms in the industry collude. C. it sells a differentiated product. D. it represents a small fraction of the total market. E. barriers to entry are substantial.
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A firms cost and revenue functions look like this in 3 questions below. Total cost: TC = 100 + 2Q + Q2 Marginal cost: MC = 2 + 2Q Price: P=22 What is the profit maximizing output? a. 8 b. 10 c. 12 d. 25 e. All the other answers are wrong. What is the firm's profit? a. -14 b. -6 c. 0 d. 15 e. All then other answers are wrong. What are the fixed costs and variable costs at the profit maximising output? a. FC=0, VC=220 b. FC=100, VC=80 c. FC=80, VC=244 d. FC=100, VC=120 e. All the other answers are wrong.
Assignment Instructions: Find the Graphs for a Pure Competition Firm Do a Google Images and find the graphs for a perfectly competitive firm. graphs must include the following specific graphs: Find the graph for short run economic loss for the firm. Find the graph for short run economic profit for the firm. Find the graph for long run – normal profit for the firm. Make sure the graphs show the area of economic profit or loss.
Using the graph attached, calculate the firm's profits at the profit maximizing output.
Which of the following is NOT an expected outcome for a firm in a market where sellers have market power? Select one: a. An inefficiently small output b. Lower costs c. Higher prices d. Larger economic profits
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Dollars A BC O Hi K O G O Multiple Choice I ELM N MC MR Quantity Refer to the diagram. At the profit-maximizing level of output, the firm will realize ATC Demand an economic profit of A-B-H-J. a loss of GH per unit. an economic profit of A-C-G-J. a loss of JH per unit.
Firms in perfect competition earn a positive long run economic profit. True False
Which of the following statements applies to a purely competitive producer? a. it will not advertise its product b. in long-run equilibrium, it will earn an economic profit c. its product will have a brand name that elicits customer loyalty d. its product is slightly different from those of its competitors [ don't give chatgpt answer]
Price MC ATC MRDARP Quantity 12. According to ACDC, what does MR DARP stand for? Marginal Revenue, Demand Average Revenue, Price 13. According to the graph above, is the company making a profit, breaking even, or a loss? How do you know? 14. What happens if the ATC is below the MR line? Draw what this would look like. 15. What happens if the ATC is above the MR line? Draw what this would look like.