Below is a model of a perfectly competitive firm. In the short run, to maximize profit, this firm will:$8765S431Produce Q* and earn an economic profitMC0 5 10 15 20 25 30 35 40 45 50O Exit the industryO Produce Q* and earn an economic lossO Shut down and produce Q* units of outputShut down and produce 0 units of outputATCAVCMR

In this given situation, the market situation of a competitive market is provided. In this scenario,…

Below is a model of a perfectly competitive firm. In the short run, to maximize profit, this firm will: $ 00 8 7 6 5 3 2 O Produce Q* and earn an economic profit 0 5 10 15 20 25 30 35 40 45 50 Exit the industry MC O Produce Q* and earn an economic loss O Shut down and produce Q* units of output O Shut down and produce 0 units of output ATC AVC MR Q

Below is a model of a perfectly competitive firm. In the short run, to maximize profit, this firm will: $ 00 8 7 6 5 3 2 O Produce Q* and earn an economic profit 0 5 10 15 20 25 30 35 40 45 50 Exit the industry MC O Produce Q* and earn an economic loss O Shut down and produce Q* units of output O Shut down and produce 0 units of output ATC AVC MR Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the following figure for a perfectly competitive firm in the short run. Price, Costs MC ATC AVC 30 26 20 12 ------ 10 ..---- .---- 8 12 21 30 32 40 Output Suppose the industry price is $20. If the firm produces its profit-maximizing or loss-minimizing output, then it will make a equal to Loss; $420 Profit ; $240 Loss ; $180 Loss; $240
t of 35 45 40 30 25 255 15 20 10 5 MC, AC MC AC 9 0 100 200 300 400 500 The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in LONG-RUN equilibrium. The long-run equilibrium price of the product is $ In long-run equilibrium the firm will produce units. In long-run equilibrium the firm will earn $ economic profit.
Question 18 Suppose a perfectly competitive firm faces the following situation: P = $10, output= 3,000, ATC= $8.50, MC $11, and AVC=$7.50. Which statement accurately describes the firm's situation? = O The firm incurs a loss and is minimizing its losses. O The firm carns a profit but should increase output to maximize its profits. O The firm is maximizing its profits. The firm earns a profit but should decrease output to maximize its profits.
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15 $40 $35 i of $30 ATC AVC $25 P = MR $20 $15 $10 $5 $0 20 40 60 80 100 120 Output (Q) The diagram above shows a Perfectly Competitive firm in the short-run. This firm will minimize its loss by choosing the Output (Q) level: Select one: а. 80 b. 60 С. 100 d. 40
20 12 10 0 MC ATC -MR 10 Quantity (units) Figure 11.4.1 Refer to Figure 11.4.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run, market O supply will decrease. demand will decrease. O supply and market demand will decrease. supply will increase. O demand will increase.
Suppose a perfectly competitive firm is experiencing short run economic losses. The firm will remain in the industry as long as a) marginal revenue equal to marginal cost b) price is greater than its minimum average variable cost O c) total revenue and total cost d) total revenue and average total cost
What is output per firm at the long-run equilibrium price? What is the long-run equilibrium profit?
The graph shows the relevant cost curves for a perfectly (or purely) competitive firm. What value must the price of the good exceed for the firm to earn positive economic profits? $ GA $ Number What is the shutdown price for this firm? GA Price and Costs ($) Number 600 400 230.72 102.61 ATC 195.41 304.66 400 500 Quantity MC AFC AVC
The table shown displays the total costs for various levels of output for a firm operating in a perfectly competitive market. Price $50 $50 $50 $50 $50 $56 When one unit is produced exceed O marginal costs, marginal revenue, more O marginal revenue; marginal costs more O marginal revenue, marginal costs; less Omarginal costs, marginal revenue, less and the fem should produce Quantity 0 1 2 3 4 15 TC $10.00 $20.00 $2750 $77 50 $147.50 $250 00
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