HW #7 Perfect Competition 1. What are the characteristics of a PC firm? 2. Using Hot Dogs, Graph both the market and the individual supply, demand, and costs for Hot Dogs. The 2 graphs have to be side by side. Make sure to include the S. R. and L. R profits please DRAW THE GRAPHS WITH ALL THE LABELS AND NUMBERS PLEASE DRAW THE GRAPHS

HW #7 Perfect Competition 1. What are the characteristics of a PC firm? 2. Using Hot Dogs, Graph both the market and the individual supply, demand, and costs for Hot Dogs. The 2 graphs have to be side by side. Make sure to include the S. R. and L. R profits please DRAW THE GRAPHS WITH ALL THE LABELS AND NUMBERS PLEASE DRAW THE GRAPHS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. What are the conditions of Economic profit, economic loss and breakeven point of Perfect competition market? Explain the conditions with graphs
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3. The components of marginal revenue Asim's HookNLadder is the only company selling fire engines in the fictional country of Alexandrina. Asim initially produced seven trucks, but then decided to increase production to eight trucks. The following graph gives the demand curve faced by Asim's HookNLadder. As the graph shows, in order to sell the additional fire truck, Asim must lower the price from $100,000 to $50,000 per truck. Notice that Asim gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the initial seven engines because they are all sold at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial seven engines by selling at $50,000 rather than $100,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $50,000. PRICE (Thousands of dollars per fire engine) 275 250 Asim 225 200 175…
5. Restaurants offer related but differentiated products to their consumers. In the long run, new restaurants enter the market and imitate the cuisine and atmosphere of successful competitors. How would you expect a restaurant to set its prices in the long run? Describe the relationship between price and average total cost. Does a restaurant earn economic profits?
What are the characteristics of a PC firm? Using Hot Dogs, Graph the market and the individual supply, demand and costs for Hot dogs side by side. Make sure to include the S.R. and L.R Price, Quantity, Demand, MR, MC, ATC, and profit.
PLOT FC, VC, TC, MC, AFC AND AVC in one graph
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7. Use the graphs below to answer the following questions. Market a. Is the firm making an economic profit or loss? b. Will firms enter or exit this market? Markat c. Sketch on the graph and explain what happens to bring this market to long run equilibrium d. is the firm making an economic profit or loss? e. Will firms enter or exit this market? MC ATC Firm MR MC ATC age 1 of 3 -MR f. Sketch on the graph and explain what happens to bring this market to long run equilibrium.
11. Given perfect competition show on a diagram that profit maximisation implies marginal revenue equals marginal cost equals price. Briefly explain how and why this outcome differs from the equilibrium. Not sure if the attached diagram helps please explain how to solve this questionn
The above diagram illustrates the short run cost curves for Sarah Mat, a rice farmer in Queensland. Calculate the profit or loss for Sarah Mat and, examine the key characteristics for perfect competition firm with reference to Sarah’s farm.
The following table shows the costs of a firm. : Complete the following table: Quantity TC MC ATC AVC AFC 0 20 - - - - 1 ? 20 ? ? ? 2 ? 10 ? ? ? 3 ? 16 ? ? ? 4 ? 20 ? ? ? 5 ? 24 ? ? ? A. Fill in the missing terms. B. Explain the shape of the Average variable costs and Average fixed costs curve. C. If the firm was under perfect competition, and faced a price = Rs 16 , how much would the firm produce? What will be the shut down price for the firm?