A firm produces a product in a perfectly competitive industry and has a total cost function TC= 50+4q+2q². a. At the short-run market price of $20, the firm is producing 5 units of output. Is the firm maximizing its profit? Explain. b. What quantity of output will the firm produce in the long run, assuming there is no change in cost structure? What will be the long-run equilibrium price? c. Graphically depict the long-run equilibrium for an individual firm within this market.

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Suppose the market for beans is perfectly competitive. The average total cost and marginal cost of growing beans in the long run for an individual farmer are illustrated in the graph to the right. According to the graph, the long run equilibrium price for beans is $ per box. (Enter a numeric response using a real number rounded to two decimal places.) C Price and cost (dollars per box) 10- 9- 00 N 1 0 10 MC 20 30 40 50 60 70 80 Quantity of beans (boxes per week) ATC 90 100 N

A perfectly competitive firm can produce its current level of output at an average total cost of $10 and a marginal cost of $8. If the market price of the product is currently $8, what should the firm do? a. The answer depends upon the relationship between price and average variable cost. The firm should shut down if average variable cost is $8 or greater, but the firm should continue to produce the current level of output if average variable cost is less than $8. O b. The firm should definitely shut down since average total cost exceeds price. Oc. The firm should continue to produce, but they should decrease production in order to increase profit. O d. The firm should increase production in order to increase profit. 0= Icon Key mentMain.do?takeAssignmentSessionLocator=assignment-take,53ef7eec-ce82-423c-a5cf-a72630d672e7#

Lasguns are produced by identical firms in a perfectly compettitve market. There are 21 firms in the market. Each firm's Total cost fucntion is TC = 206+2q+q^2 and Marginal Cost frunction is MC = 2+2q. Market demand is Q = 334 - P. What is the short-run equilibrium market price?

The industry in the figure below consists of many firms with identical cost structures, and the industry experiences constant returns to scale. Consider a change in demand from D₁ to D₂, which increases price from $20 to $30 in the short run. Price (S) 50 40- 30- 20 10- 0 10 20 Market 30 B Quantity reset D 40 5 50 LRS 1 S₂ Instructions: Round your answers to the nearest whole number. a. Draw the new supply line that occurs after the market adjustments take place. Instructions: Use the tool provided (S₂) and plot only the endpoints. The new equilibrium price will be $ b. Draw the long-run supply curve. Instructions: Use the tool provided (LRS) and plot only the endpoints over the entire range of output (0 - 60). and the new equilibrium quantity will be

1-> O O O O Suppose the market for peaches is perfectly competitive. The short-run average total cost and marginal cost of growing peaches for an individual grower are illustrated in the figure to the right. Assume that the market price for peaches is $6.50 per box. What is the profit-maximizing quantity for peach growers to produce? boxes. (Enter your response as an integer.) At this level of output, profit will be $. (Enter your response rounded to the nearest dollar.) Peach growers will earn positive economic profit in the short run at any market price above $ per box. (Enter your response rounded to one decimal place.) Price (dollars per box) 10- 9- 8- 7- 6- 4- 3- 2- 1 0 MC ATC 10 20 30 40 40 50 60 70 80 90 100 Output (boxes of peaches per day) Q Next

Assume that a firm in a competitive market faces the following cost information. If the market price for this firm's product is $40, calculate the profit maximizing level of output for this firm using marginal analysis. It may help to create your own cost table and fill in columns for Marginal Cost and Average Total Cost based on the Total Cost information below.  a.What is the level of profit for this firm at the profit maximizing output?  b.To convince yourself that the quantity you found is indeed the profit maximizing quantity, try calculating what the profit would be at the next higher level of output. What did you find?  c. What do you predict will happen in this market over the long run?

Hello, can u help me with this mcq question? the last expert got it wrong. Price $10 $8 $7 $6 $4 Show Transcribed Text 18 MC ATC AVC D-MR-AR 1-Refer to the figure, if the market price is $8, what will happen in the long run? a)Nothing will change in the industry and this firm will earn zero economic profit b)Firms will exit the industry until each firm is earning zero economic profit c)This firm will exit the industry d) New firms will enter the industry because there's opportunity for positive profits 2-Refer to the figure, if the market price is $6: a) This firm will cease production in the short run and bear losses equal to it's total fixed cost b)This firm will continue operating in the short run and it will expand it's production in the long run c)This firm will continue operating in the short run, but it will exit the industry in the long run d) This firm will continue operating in the short run and in the long run 3-Refer to the figure, if the market price is $10 a) This firm…

The following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. a. Complete the following table for a single firm in the short run.   Using the information in the table, fill in the following supply schedule for this individual firm under perfect competition and indicate profit (positive or negative) at each output level. (Hint: At each hypothetical price, what is the MR of producing 1 more unit of output? Combine this with the MC of another unit to figure out the quantity supplied.)