If the current market price is $6, the profit-maximizing output for this firm is ____________ If the price is $6 and the firm is producing at its profit-maximizing output, then total costs for the firm are ______________ If the market price is $1, the firm will produce ______________units of output in the short run. If the price is $3 and the firm is producing at its profit-maximizing output, then the firm would make _________ profit.

Q: A firm in a perfectly competitive market has a short-run total cost function equal to SRTC=4+20q,…

A: In perfect competition there are large number of firms selling identical goods.

Q: Which of the following is true about firms exiting a perfectly competitive market? Select the…

A: In the perfectly competitive market there are huge number of sellers and buyers selling homogenous…

Q: Each firm in a competitive market has a cost function of: C=25 + q°, so its marginal cost function…

A: The equilibrium for a competitive firm is given at a point : P = MC  MC = 2q for q units  For Q…

Q: Draw 2graphs, one to represent the market (supply and demand), and one to represent a single firm…

A: "Since you have asked multiple parts, we will answer only first two parts for you. If you want other…

Q: There are 80 perfectly competitive firms producing love letters, q. Each firm's cost function is…

A: Cost function : C(q) = 4 +  4q2Demand function : Qd =  240 - 5P Number of firms in perfectly…

Q: f a competitive firm finds that its average variable cost is decreasing at its current profit…

A: A competitive firm is a firm that doing business in that market where the large number of buyers and…

Q: In the short run there are 400 firms in a perfectly competitive market, all with the same total cost…

A: Perfect competition: A firm in a competitive market is a price-taker because it has a large number…

Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything,…

A: TC=712+q2Now,AC=TCqAC=712q+q

Q: For a perfectly competitive firm, suppose that total fixed cost is $576 and average variable cost is…

A: Step 1To determine the individual firm's supply function, we need to consider the firm's marginal…

Q: Suppose each business in a perfectly competitive industry has fixed costs of $12,000 and an average…

A: A break-even price is the amount of money, or change in value, for which an asset must be sold to…

Q: The demand curve and supply curve for carpet cleaning in the local market are currently as follows:…

A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…

Q: Solve: Assume this is a perfectly competitive market. Answer the following questions and explain…

A: 2.Profit is maximized when P >= MC and MC is increasing.When P = MC = 3.5, Y = 7 When Y = 7, ATC…

Q: Consider a perfectly competitive market. Suppose each firm has LRATC given by: LRATC (Q) = 1000 +…

A: Given  Long run average total cost LRATC =LRATC(Q)=1000+Q-772 The market is perfectly competitive so…

Q: The demand curve and supply curve for a perfectly competitive market are: Q = 500 – 5P and Q = 320 +…

A: The firm will shut down if Price < AVC and will continue operating if Price > AVC. Using…

Q: In a perfectly competitive market, suppose that there are 960 firms. Market demand is given by…

A: Answer: Option (C) is Correct Explanation:

Q: The demand curve and supply curve for a perfectly competitive market are: Q = 500 – 5P and Q = 320 +…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: Assume the industry for flour tortillas in Denver is perfectly competitive. There are 200 firms.…

A: A market with multiple producers and consumers is known as perfect competition. There are no…

Q: Consider a firm in a Perfectly Competitive industry. Suppose the price in this industry is $22. The…

A: Given Price $22TC = 0.1q^2 + 120.  MC = 0.2q Profit Maximization is when the MC = MR

Q: Suppose a firm operating in a perfectly competitive industry has costs in the short run given by:…

A: Competition between firms generally occurs when the market consisted of multiple firms, The…

Q: perfectly competitive industry has 150  identical firms. At a price of ​$8​, the typical firm…

A: The perfectly competitive market refers to the market where the many buyers and sellers exist in the…

Q: For a perfectly competitive firm, suppose that total fixed cost is $200 and average variable cost is…

A: Firms in perfect competition sell output at P=MC. This means firm's supply curve is given by…

Q: The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost…

A: We can see that one of the axis we see the cost and profit is given, the verticle axis.Here, the…

Q: Suppose a perfectly competitive firms demand curve is below the ATC curve. Explain the conditions…

A: Since the table is missing, it is difficult to answer for sub-parts 'a', and 'b'.

Q: In a perfect competitive industry

A: Perfect competition refers to a market structure in which there are a large number of firms who sell…

Q: The following graph plots daily cost curves for a firm operating in the competitive market for demin…

A: In economics, particularly general equilibrium theory, a perfect market, also called an atomistic…

Q: The demand curve and supply curve for a perfectly competitive market are: Q = 500 – 5P and Q = 320 +…

A: Equating market demand = market supply, 500 - 5P = 320 + P 6P = 180 P = 30 Q = 320 + 30 = 350…

Q: the short-run supply curve of a perfect competitive firm is the same as that portion of the marginal…

A: Perfect competition: It refers to the firms that produces homogeneous goods and services in the…

Q: Glowglobes are produced by identical firms in a perfectly competitive market. There are 22 firms in…

A: A short-run competitive equilibrium occurs when, given the businesses in the market, the price is…

Q: For a perfectly competitive firm to operate and produce an output level in the short-run, the firm's…

A: A perfectly competitive market is a price taker as there are many firms in the market and no firm…

Q: Suppose a perfectly competitive firm can produce10000 bushels of corn a year at an output at which…

A: In a perfectly competitive market, a firm generally able to earn economic profit in the short run,…

Q: Consider a perfectly competitive market for wheat in Dallas. There are 110 firms in the industry,…

A: Equilibrium refers to the point where demand curve meets the supply curve

Q: The following diagram shows the market demand for titanium. Use the orange points (square symbol) to…

A: We are using market equilibrium concept in the long run to answer this question.

Q: A perfectly competitive firm will choose to shut down when the average total cost intersects the…

A: The question is asking about the conditions under which a perfectly competitive firm will choose to…

Q: All firms in a perfectly competitive industry have a cost function given by: 10Q^2+200Q+2250. What…

A: Under PC, many sellers producing homogeneous products altogether face the entire market demand.…

Q: Assume the price of a product in a perfectly competitive firm is $20 and currently it is making…

A: *Given the perfectly competitive price = $20 *Currently the firm is making a minimum loss.

Q: In a certain perfectly competitive market, there are 150 firms, and the short-run total cost…

A: Since the question you have posted consists of multiple parts, we will answer the first three…

Q: Equilibrium in Competitive Market in the Long Run  The long-run average cost function of a…

A: Given that, The long run average cost function of a competitive firm is  AC(Q) = 40 -6Q + Q2/3

Q: Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive…

A: The perfectly competitive market has a huge number of buyers and sellers. The market is…

Q: Suppose that the current market price is p=10. In order to maximize its profit, the firm will…

A: A perfectly competitive firm produces at P = MC to maximize profit, and MC should be rising at that…

Q: Consider a perfectly competitive market with similar firms. Assume the total demand in the market is…

A:

Q: A perfectly competitive industry consists of 700 identical firms, each with a short-run supply curve…

A: Given information: A perfectly competitive industry consists of 700 identical firms.  Each firm has…

Q: Glowglobes are produced by identical firms in a perfectly competitive market. There are 19 firms in…

A: Glowglobes are produced by identical firms in a perfectly competitive market. There are 19 firms in…