Please correct answer and don't use hand raiting Answer questions 11-19 using the following information.In the diagram below, we show a perfectly competitive firm in a perfectly competitive industry with 100identical firms. It is a short-run situation. Assume that the firm's MC is equal to its AVC at the point q- 1500.65.POROK SUbabuga60.55.50.45.40.35.Figure 1: The firm25.B20.15.10.0 5 10 15 20 25 30 35Firm's Quantity in HundredsFigure 2: The industry65.MC60.55.50.ATC45. D40.35.30.2520.15.105.05 10 15 20 25 30 35Market Quantity in Ten Thousands11. The firm's supply schedule (for positive output) is defined by the line*a. AFb. BFc. CFd. GF12. Market equilibrium price isa. 35b. 30c. 20*d. 2513. The price charged by the firm isa. 35b. 30c. 20*d. 25

Question 11: Correct Answer: (a) AFExplanation:In a perfectly competitive market, the firm's supply…

Answered: Answer questions 11-19 using the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph shows the marginal cost curve for Oiram-46, a competitive firm producing magic hats. Suppose that currently, the prevailing market price is $1.50 per magic hat. On the following graph, use the blue points (circle symbol) to plot Oiram-46's price line. Then use the grey points (star symbol) to indicate the profit maximizing quantity of output produced by Oiram-46. TOTAL COST (Dollars) he 12 11 10 a 8 N 3 2 1 0 + Oiram-46 7 0 MC + H 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 QUANTITY (Magic hats per week) Based on the graph, Oiram-46's profit-maximizing quantity is Demand Profit maximizing quantity ? magic hats, average revenue is $ and marginal revenue is
The table below shows the cost of a firm that produces handmade pottery vases in a competitive industry. The market price for a handmade vase is $3.75. To maximize it's profit, this firm should produce _______ vases
/MC LATE 5 ZAVC 8 9 11 In the above figure, the left hand side graph represents a perfectly competitive industry and the right hand side graph represents a perfectly competitive firm. If the market price is $5, O the firms in the industry are making profit exactly equal to the normal rate of return. O the firms in the industry are making profit below a normal rate of return. O the firms in the industry are making profit above a normal rate of return. O the firms in the industry are making zero economic profits, so they should shut down.
MC ATC 24 P = MR 20 18 4 100 350 500 700 q Bales of hay from the graph of a perfectly competitive firm above, answer the following questions:# 1. What is the profit maximization level of of output? ( 2. What is the value of ATC at the best level of output? 3. what is the amount of profit the firm makes at that level of output? show your calculations. 4. At what price firm will breakeven В I
#5
not use excel
The following cost data is for a firm which is selling in a perfectly competitive market: Average fixed Average variable Average total Total Marginal cost S17 product cost S100.00 50.00 33.33 25.00 20.00 cost $17.00 cost $117.00 66.00 47.33 39.25 34.00 2 16.00 15 3 4 15.00 14.25 14.00 14.00 15.71 17.50 13 12 13 16.67 14.29 12.50 11.11 10.00 9.09 7.33 30.67 30.00 14 26 30 35 7 8. 9. 10 11 30.00 30.55 31.60 33.09 35.00 19.44 21.60 41 24.00 48 12 26.67 56 Refer to the data above. If there were 600 identical firms in this industry and total or market demand is as shown below, equilibrium price will be: Quantity demanded 3,000 6,000 9,000 11,000 14,000 19,500 Price $50 42 36 32 20 13 $36
How would I do this? Just D
Below are the short-run data of a representative firm in a perfectly competitive industry. The market price is $2.0, and you know that the firm is maximizing profits. What is the profit of the firm (rounded to one digit after the decimal point)? MC AVC ATC 1 1.0 1.0 1.50 2 1.2 1.1 1.35 3 1.4 1.2 1.37 4 1.6 1.3 1.43 1.8 1.4 1.50 6 2.0 1.5 1.58 7 2.2 1.6 1.67 8 2.4 1.7 1.76 9 2.6 1.8 1.86 10 2.8 1.9 1.95 Example on how to interpret the numbers: The MC of the second unit (Q=2) is 1.2 O $0.4 O $2.0 O $5.0 O $0.5 O $2.5 o o o o o
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11.00 10.00 9.00 8.00 7.00 6.00 5:00 4.00 5.00 2.00 1.00 Dem 90,000 100.000 110.000 120.000 130,000 140,000 150,000 150.000 What is the profit per firm at the short run equilibrium price? Ⓒa. zero b. 7500 4500 Ⓒd. 9000

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