Suppose that there are exactly 1000 firms in the short-run in the market for widget production. The market is perfectly compbelow:10067550251020MC5b. 3000O c. zerod. 5000ATCAVC80 100 123 140Market demand for widgets is given by the following equation:Q-140,000-400PWhat is the long-run equilibrium profit level per firm?O a. 1500quart

The perfectly competitive market refers to market where large number of buyers and sellers exist in…

Answered: Market demand for widgets is given by…

Market demand for widgets is given by the following equation: -140,000-400P What is the long-run equilibrium profit level per firm? O a. 1500 Ob. 3000 O c. zero d. 5000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Part D E
53 ces Suppose an industry consists of 150 firms with identical cost structures (represented by the "typical individual firm" in the figure below). The price is $18. Price/Cost $60 $50 $40 $30 $20 $10 0 10 20 30 MC Quantity 40 ATC AVC 50 60 Instructions: Enter your answers as a whole number. a. The firm output quantity at the equilibrium price is: b. The market output quantity at the equilibrium price is: units. units. Save & Exit Submit
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Suppose that firm is currently producing 15 units of a good at a market price of $12. The firm has a MC of $12 and an average total cost of $8. What is the firm's economic profit and is it maximizing profits? O $0, yes O $60, no $60, yes O $0, no Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Figure 6.1 MC ATC AVC MR2 MR, 0. 30 40 50 60 Quantity Refer to Figure 6.1. Given MR2, what is total cost at the profit-maximizing quantity if the lowest point of the average-total-cost curve is $4? O $120 O S60.00 O$50 O $200 D 職

Consider the table of firm costs and revenue below. It may be useful to calculate the missing values. QMCMR TC TR 1 3 5 13 5 2 2 5 15 10 3 3 5 4 5 5 5 8 5 6 12 5 If the firm chooses Q to maximize short-run profit, what will the profit be? IT = -3 O T = 3 IT = -6 IT = 6
2. Suppose that the market for wind chimes is a competitive market. The following graph shows the daily cost curves of a particular firm operating in this PRICE (Dollars per wind chime) 40 36 32 28 24 20 16 2 8 4 0 0 MC 2 ATC AVC 6 4 8 QUANTITY (Thousands of wind chimes per day) + 10 12 14 16 18 20 market: a) In short run, at a market price of $26 per wind chime, how much will firm choose to produce per day? How do you know? b) If the market price is $26 in the short run, and the firm chooses to produce the quantity you obtained in question (a), indicate the area that represents firm's profit or loss in short run on the graph. c) What is this firm's shutdown price, that is the price below which it is optimal for the firm to shut down in short run? d) long run, all firms can enter and exit the market, and all entram the same costs as above. As this mark
Dari R es for Shipharah Zurbuchen x Math 148 weekend number 2.pdf x Course Home oweekend%20number%202.pdf 2 / 3 100% +| E O 13) Assume that the price, in dollars, of a sound system is given by 1000 + 1000 q² Where q represents the quantity demanded for the product a) Find the Revenue function R(q) and the marginal revenue function R'(q) b) Find an interpret (write a sentence explaining the meaning) of the marginal revenue when demand is 10 systems Suppose the cost of producing q sound systems is given by the equation C (q) = 0.4q² + 160q + 50 c) Find the profit function, P(q) and the marginal profit function P'(q) d) Find and interpret he marginal profit when the demand is 10 systems ar product are given .
Refer to the diagram to the right. Suppose the firm is currently producing Q, units. What happens if it expands output to Q, units? TC TR O A. It incurs a loss. O B. It will be moving toward its profit maximizing output. Oc. It makes less profit. O D. Its profit increases by the size of the vertical distance df. a 1,000 Qo Q, Q2 Q3 Quantity d...... . ....... Costs and revenue
The table below shows cost data for a Aurora Cannabis, which sells marijuana in a perfectly competitive market. If the price of marijuana is $25 an ounce, Aurora will: Output O 1 23 4 5 6 7 Total cost $50 90 120 140 170 210 260 330
Figure A Competitive Firm1.2 MC ATC Given P1 =$7.00 P2 = S8.50 P3 = SS.80 Ql = 120.00 AVC A P3 P2 P1 MR C Quantity Q1 Refer to Figure A Competitive Firm1.2. At an output level of Q1, the average fixed cost is about O $0.50 O $0.30 O No answer text provided. No answer text provided. %24
The graph below characterizes the cost structure for a firm in a perfectly competitive market. Calculate the firm's short-run profit. (Note: this graph and the next one is a bit harder than the one you'll have on the exam, which will be more like the one's we had in class and on the Homework. If you can figure out this one, then you'll do great on the easier graphs!) $25 -1500 -1500 1750 O-1750 DA S 2 $40 $35 $25 $23 100 175 250 MC ATC e AVC P-D-MR-AR