Exercise 2: A perfectly competitive firm has cost function: AVC = 2Q + 4 (P: $, Q: kg). When the market price is 24$, the firm incurred a loss of 150$.41. Supply function of this firm in short-run is42. Fixed cost of this firm is43. Break-even quantity of this firm is44. Break-even price of this firm is45. Shut-down price of this firm is46. When the market price is 50$, the optimal quantity of this firm is47. (Continue question 46) The maximum profit of this firm is48. (Continue question 46) Producer surplus of this firm is 49. When the market price is 30$, the profit of this firm is50. When the market price is 3$, the firm shouldContinue producingStop producingExpand outputNone of the above Exercise 2: A perfectly competitive firm has cost function: AVC = 2Q + 4 (P: $, Q: kg).When the market price is 24$, firm incurred a loss of 150$.41. Supply function of this firm in short run isA. P= 2Q + 4C. MC = 4Q + 4B. P= 4Q + 4D. None of the above42. Fixed cost of this firm isA. FC = 300$C. FC = 500$B. FC = 400$D. None of the above43. Break-even quantity of this firm isC. Q = 10A. Q = 8В. О-9D. None of the above44. Break-even price of this firm isA. P= 44С.Р- 46В. Р- 45D. None of the above45. Shut-down price of this firm isA. P= 4C. P = 6В. Р%3D5D. None of the above46. When the market price is 50$, optimal quantity of this firm isA. Q = 12,5C. Q = 14,5B. Q = 13,5D. None of the above47. (Continue question 46) Maximum profit of this firm isA. π=34,5$С. л - 54.5SВ. л3 44.5$D. None of the above48. (Continue question 46) Producer surplus of this firm isA. PS = 164,5$C. PS = 364.5$B. PS = 264,5$D. None of the above49. When the market price is 30$, profit of this firm isA. T= 115,5$C. π<0В. л3 125.5$D. None of the above50. When the market price is 3$, firm shouldA. Continue producingB. Stop producingC. Expand outputD. None of the above

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Answered: Exercise 2: A perfectly competitive…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Exercise 2: A perfectly competitive firm has cost function: AVC = 2Q + 4 (P: $, Q: kg). When the market price is 24$, the firm incurred a loss of 150$.

41. Supply function of this firm in short-run is

42. Fixed cost of this firm is

43. Break-even quantity of this firm is

44. Break-even price of this firm is

45. Shut-down price of this firm is

46. When the market price is 50$, the optimal quantity of this firm is

47. (Continue question 46) The maximum profit of this firm is

48. (Continue question 46) Producer surplus of this firm is

49. When the market price is 30$, the profit of this firm is

50. When the market price is 3$, the firm should

Continue producing
Stop producing
Expand output
None of the above

Exercise 2: A perfectly competitive firm has cost function: AVC = 2Q + 4 (P: $, Q: kg).
When the market price is 24$, firm incurred a loss of 150$.
41. Supply function of this firm in short run is
A. P= 2Q + 4
C. MC = 4Q + 4
B. P= 4Q + 4
D. None of the above
42. Fixed cost of this firm is
A. FC = 300$
C. FC = 500$
B. FC = 400$
D. None of the above
43. Break-even quantity of this firm is
C. Q = 10
A. Q = 8
В. О-9
D. None of the above
44. Break-even price of this firm is
A. P= 44
С.Р- 46
В. Р- 45
D. None of the above
45. Shut-down price of this firm is
A. P= 4
C. P = 6
В. Р%3D5
D. None of the above
46. When the market price is 50$, optimal quantity of this firm is
A. Q = 12,5
C. Q = 14,5
B. Q = 13,5
D. None of the above
47. (Continue question 46) Maximum profit of this firm is
A. π=34,5$
С. л - 54.5S
В. л3 44.5$
D. None of the above
48. (Continue question 46) Producer surplus of this firm is
A. PS = 164,5$
C. PS = 364.5$
B. PS = 264,5$
D. None of the above
49. When the market price is 30$, profit of this firm is
A. T= 115,5$
C. π<0
В. л3 125.5$
D. None of the above
50. When the market price is 3$, firm should
A. Continue producing
B. Stop producing
C. Expand output
D. None of the above

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