Figure 16-12Price10090 +8070 +MC'ATC58 6050 +403630 +20 +10 +MR+412 16 20,24 28 32 Buaxtity8d)Is this market more efficient or less efficient compared toperfect competition. Give two reasons for your answer.

Here, the given graph explains the situation under a firm with less competiton perfectly competitive…

Figure 16-12 Price 100 90 80 MC 'ATC 70 Fog 85 50 40 36 30 20 10 MR 4 12 16 20,24 28 32 Buaxtity d) Is this market more efficient or less efficient compared to perfect competition. Give two reasons for your answer.

Figure 16-12 Price 100 90 80 MC 'ATC 70 Fog 85 50 40 36 30 20 10 MR 4 12 16 20,24 28 32 Buaxtity d) Is this market more efficient or less efficient compared to perfect competition. Give two reasons for your answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Figure 16-12
Price
100
90 +
80
70 +
MC
'ATC
58 60
50 +
40
36
30 +
20 +
10 +
MR
+
4
12 16 20,24 28 32 Buaxtity
8
d)
Is this market more efficient or less efficient compared to
perfect competition. Give two reasons for your answer.

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3:06 Refer to the information provided in Figure 2 below to answer the questions that follow. un and d O a marginal cost O b. marginal revenue O c. average total cost O d. profit-maximizing price NUONNON 0 Refer to Figure 2. At its production point, the MC MR 20222426 Units of output Figure 2 ATC D for this firm is $11.
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QUESTION 20 Study the table below which represents the cost and price schedules facing a perfectly competitive firm that manufactures bulbs. Use this information to answer the question. Quantity of the product 0 1 2 3 4 Price per unit (R) 10 10 10 10 10 10 c) d) 38022222 Total revenue Total profit (R) -10 -9 -5 -6 Marginal cost (R) . 9 6 8 10 13 Average variable cost (R) 9,00 7,50 7,67 8,25 9,20 This perfectly competitive firm will produce a) 3 bulbs, since losses are minimised. b) 4 bulbs, but it will consider shutting down in the short run. 4 bulbs, since at this production level it earns normal profit. 4 bulbs and will stay in operation.