AmarksProfilesTabWindowHelpb.WGiz/attempt.php?attempt=631086&cmid%3D55726&page=13tempt ...0:12:25n 14$6.00$5.50edMC$5.00$4.50$4.00$3.50put ofATCAVConP= MR$3.00$2.50$2.00$1.50$1.00$0.50$0.00255075100125150Output (Q)The diagram above shows a Perfectly Competitive firm in the short-run. This firm will minimize its loss by choosing theOutput (Q)level:Select one:O a. 50O b. 75O c. 25O d. 100Next pageevious pageMacBook Air z/attempt.php?attempt3D631086&cmid%3D55726&page%=D143738394041424344454647484950515253545556 5758 5960empt...D:11:5515OutputTotalTotalTotalMarginal Marginal(Q)PriceRevenueCostProfitRevenueCostut of5$4.00$20$25$3.00$1.0010$3.50$35$30$2.0015$3.00$45$35$2.0020$2.50$50$45The table above shows revenue and cost information at four different Output (Q) levels for a Monopolist. Of the fouravailable choices, Total Profit will be the greatest at Q =Select one:Oa.15O b. 20O c. 10O d. 5vious pageNext pageMacBook AirO00

A monopoly is a sole producer of a good in the market thus acting as a price maker whereas in a…

$5.50 $5.00 $4.50 $4.00 MC ATC AVC $3.50 P= MR $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 25 50 75 100 125 150 Output (Q) The diagram above shows a Perfectly Competitive firm in the short-run. This firm will minimize its loss by choosing the Dutput (Q)level: Select one: O a. 50 оь. 75 O c. 25 O d. 100 Next page X W ...

$5.50 $5.00 $4.50 $4.00 MC ATC AVC $3.50 P= MR $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 25 50 75 100 125 150 Output (Q) The diagram above shows a Perfectly Competitive firm in the short-run. This firm will minimize its loss by choosing the Dutput (Q)level: Select one: O a. 50 оь. 75 O c. 25 O d. 100 Next page X W ...

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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PA PB PC 0 P D Competitive Firm MC ATC 8. With "PA," determine if this firm makes a ("positive" "negative" "zero") profit in the short run by showing the profit area geometically. 9. With "PA," the price will ("increase" "decrease" "not change") in the long run. Select the correct one. 10. In the long run, this firm eventually earns a positive" "negative" "zero") profit. Select the correct one.
One way to increase profits in your business is to find a way to reduce your costs. Use the average cost and marginal cost curves presented in class to represent a firm that finds a way to reduce its costs. Assume the firm operates in a perfectly competitive industry, where the typical firm has no market power and free entry and exit eliminate economic profits. Use your diagram to show the economic profit the firm earns after it reduces its costs, but also use your diagram to show how the firm will adjust its price and quantity as other firms enter the industry. Complete your analysis by explaining why the price a firm receives for its product will tend to bear a relationship to its cost structure, even if competition is not perfect.
$150 $145 $140 MC $135 $130 $125 $120 $115 ATC $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 Quantity Produced 7 8 9 10 11 The graph above shows the cost functions for a perfectly competitive profit maximizing firm. If the market price of the product is $70 per unit, the firm will produce units, will cover make an economic profit of dollars. dollars of its fixed cost, and will
MC Price AC £/unit AVC D2 D3 D1 D4 Quantity/ week Figure 9 Cost curves for a price-taker firm Figure 9 shows a price-taker firm, with average cost AC, average variable cost AVC, and marginal cost MC curves. Select the demand curve shown on Figure 9 to represent a firm making only normal profit. Select one: D3 D4 O D2 O D1
Oscar is one of many farmers growing soybeans in the upper Midwest under purely competitive market conditions. The demand curve for Oscar's soybeans O lies above his marginal revenue curve. O is downward sloping O is perfectly inelastic O coincides with Oscar's marginal revenue curve. 21 P Gtv MacBook Pro F8 F9 吕0 S0 F3 F6 F7 F4 F5 * %23
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
Answer Box: -5,0,3,5,10,30,45,50, continue to produce, shut down, Other
Table Cost.EX2.2: Data for a Competitive Firm Marginal Marginal Output Cost Revenue (Q) (MC) (MR) 10 $3.00 $4.00 11 $3.50 $4.00 12 $4.00 $4.00 13 $4.50 $4.00 14 $5.00 $4.00 15 $5.50 $4.00 16 $6.00 $4.00 Refer to Table Cost.EX2.2. If the firm wishes to maximize profit, it should produce units. O 10 O 12 O 11 6.
Assume that a firm in a perfectly competitive industry has the following total cost schedule: Calculate a marginal cost and an average cost schedule for the firm to complete the following table. Output Total Cost Marginal Cost Average Cost (units) ($) ($) ($) 10 440 15 600 20 720 25 900 30 1,200 35 1,540 40 1,920 If the prevailing market price is $68 per unit, units will be produced. Profits per unit will be and total profits will be . Is the industry in long-run equilibrium at this price? No Yes
Firm MC ATC P Profits will increase 0 Industry D Refer to the graphs above for a purely competitive market in the short run. The graphs suggest that in the long run, assuming no changes in the given information, the firms in the industry will find that: Profits will decrease Profits will be unchanged Cannot be decided from the information given