Costs and Revenues (dollars) 36543 20 Tomato Farm 40 MR 60 Quantity (pounds) MC ATC 80 100 120 Multiple Choice Question If the market price for tomatoes is $5 per pound and the tomato market is perfectly competitive, what is the profit-maximizing quantity? O 60 pounds O 120 pounds O 100 pounds O 80 pounds

Costs and Revenues (dollars) 36543 20 Tomato Farm 40 MR 60 Quantity (pounds) MC ATC 80 100 120 Multiple Choice Question If the market price for tomatoes is $5 per pound and the tomato market is perfectly competitive, what is the profit-maximizing quantity? O 60 pounds O 120 pounds O 100 pounds O 80 pounds

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Output 1 2 3 4 5 6 7 8 9 10 AFC $ 300 150 100 75 60 50 43 38 33 30 Multiple Choice AVC $ 100 75 production of 4 units. produce 6 units. shut down. 70 73 80 90 103 119 138 160 The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the market price for the firm's product is $80, the firm will produce 5 units. ATC $ 400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360
QUESTION 5 Price 10 97 8- 7+ 6 3 2 MC ATC AVC Pl P2 P3 P4 + + 1 2 3 1 S 6 7 N Quantity At the price level labeled "P2," what happens in the short-run (SR) and long-run (LR) O SR: This firm will have positive economic profit. LR: Firm(s) enter this market and price decreases. SR: This firm will have positive economic profit. LR: Firm(s) enter this market and price remains the same. SR: This firm will have zero economic profit. LR: Firm(s) enter this market and price decreases. SR: This firm will have zero economic profit. LR: Price remains the same. OSR: This firm will operate with negative profit. LR: Firm(s) exit this market and price remains the same. OSR: This firm will operate with negative profit. LR: Firm(s) exit this market and price rises. OSR: This firm will not operate (shutdown). LR: Firm(s) exit this market and price remains the same. OSR: This firm will not operate (shutdown). LR: Firm(s) exit this market and price rises.
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 $20 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. The rectangular area represents a short-run thousand per day for the firm. of
Suppose that firm is currently producing 15 units of a good at a market price of $12. The firm has a MC of $12 and an average total cost of $8. What is the firm's economic profit and is it maximizing profits? O $0, yes O $60, no $60, yes O $0, no Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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5. Profit maximization and shutting down in the short run 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. (? 40 36 32 28 24 20 ATC 16 12 AVC MC 4 2 4 6 8 10 12 14 16 18 QUANTITY (Thousands of wind chimes) PRICE (Dollars per wind chime) 20
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Price of Corn $7 MC $6 $5 ATC $4 $3 AVC $2 $1 0. 1000 2000 3000 4000 5000 6000 7000 8000 Bushels of Corn (a) If the market price for corn in this market was $5, how many bushels of corn would Cornwallis produce in the short-run in order to maximize his profits? [ Select ] (b) At the market price of $5, what is the total REVENUE Cornwallis will collect in the short-run? 1Select ] (c) At the market price of $5, what is the total PROFIT Cornwallis will earn in the short-run? Select
Average Average Output Variable Cost Total Cost 10 12 14 16 20 Multiple Choice O $4 $3 $5.00 4.00 These are cost data for an apple farm selling in a purely competitive market. The farm will produce if the price is at least equal to what minimum value? $9 $5 4.75 5.75 9.00 $15.00 13.00 11.50 9.00 12.00 Marginal Cost $3 4 6 9 14
ples of Microeconomics || Fall20 Homer's Holesome Donuts has determined that its profit-maximizing quantity is 10,000 donuts has two costs. First he pays $16.000 in annual rental payments for its five-year lease on its store. Second Homer incurs an additional cost of $5,000 for ingredients. Should Homer's shut down in the short run? per year. Homer's earns $12,000 in revenue from the sale of those donuts. Homer's of Select one: O a. Yes, because he cannot cover all of his fixed costs. O b. No, because he can cover all of his variable costs, O c. Yes, because he is incurring an economic loss. O d No, because is making positive economic profit, Next page 00 HUAWEI Nova 3 AI CAMERA
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