Price2120191817161514131211109765432103-ABCDMarginal costAAverage total costAverage variable cost0 3 6 9 12 15 18 21 24 27 30 33 36 39 42QuantityWhich point or points are included in the firm's supply curve in the short run?None of these points are on the firm's short-run supply curve.BсD The graph shows the cost curves of an individual firm in a perfectly (or purely) competitive industry. Use the points A, B,C, and D to trace out the firm's profit-maximing output decisions, according to the instructions.Place point A at the shutdown decision point.Place point B at the point where the firm is making a loss but will continue to operate in the short run.Place point C at the break-even point.Place point D at the point where the firm is making an economic profit.Price212019181716151413-1211109B765432100ABCD●●●3Marginal costAverage total costAverage variable cost69 12 15 18 21 24 27 30 33 36 39 42Quantity

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Price 21 20 19 18 17 6543 16 15 14 13 12 11 HO9BTSASTO 10 8 7 6 5 4 3 2 1 0 ABCD ●● Marginal cost Average total cost D A Average variable cost 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 Quantity Which point or points are included in the firm's supply curve in the short run? None of these points are on the firm's short-run supply curve. B c с

Price 21 20 19 18 17 6543 16 15 14 13 12 11 HO9BTSASTO 10 8 7 6 5 4 3 2 1 0 ABCD ●● Marginal cost Average total cost D A Average variable cost 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 Quantity Which point or points are included in the firm's supply curve in the short run? None of these points are on the firm's short-run supply curve. B c с

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Profit maximization in the cost-curve diagram Suppose that the market for frying pans is a competitive market. The following graph shows the daily cost curves of a firm operating in this market Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. 100 90 Profit or Loss 80 70 ATC 60 50 40 30 AVC 20 MC 10 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of pans per day) In the short run, at a market price of $50 per pan, this firm will choose to produce 37,500 pans per day. PRICE (Dollars perpan)
c. Suppose that the demand for Molly's product increased by three units at every price level. Complete the table below. Total Revenue Marginal Cost Quantity per Period Price $30 30 29 28 27 26 25 24 22 20 $ Marginal Revenue $ $ Total Cost $ d. What will be her new profit-maximizing output and price, and what will be the amount of her profit? Output: Price: $ Profit: $
I need help with econ multiple hw questions asap! 58) Refer to the attached Figure 17. When price rises from P2 to P3, what does the firm find? A. Marginal cost exceeds marginal revenue at a production level of Q2. B. Expanding output to Q3 would leave the firm with losses. C. If it produces at output level Q3 it will earn a zero profit. D. If it produces at output level Q3 it will earn a positive profit. 57) What will happen when new firms enter a perfectly competitive market? A. Profits of existing firms will fall. B. Existing firms will see their costs rise. C. Consumers will likely observe increasing prices. D. Entering firms will earn zero profit as soon as they enter.
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10. Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for pistachios. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pistachios. (Note: Place the points of the line either on N and K or on N and H.) PRICE (Dollars per pound) 48 908 40 0 8 0 0 O 4 N H D Long-Run Supply 2 6 8 10 QUANTITY (Thousands of pounds of pistachios) 12 10 Short-Run Supply (?)
8. Short-run and long run effects of a shift in demand Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 350 million cans per year. Suppose that WebMD daims that a protein found in tuna will increase your expected lifespan by 2 years. WebMD's claim will cause consumers to demand more PRICE (Dollars per cani producing more tuna and earning positive profit Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of WebMD's claim. ? 0 tuna at every price. In the short run, firms will respond by Supply Demand 70 140 210 200 350 420 400 560 630 700 QUANTITY (Millions of cans) Demand -0 Supply
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1.0 - If the demand forApple Cinnamon Cheerios decreases at all prices, what will happen to thedemand curve? Show the shift in the demand curve on the same diagram and explain what happensto the firm’s output and profits.
10. Price elasticity of supply in the short run and long run The following graph shows the short-run supply curve for pecans. Place the orange line (square symbol) on the following graph to show the most likely long-run supply curve for pecans. (Note: Place the points of the line either on R and U or on R and X.) PRICE (Dollars per pound) 24 20 16 12 R Short-Run Supply 10 QUANTITY (Thousands of pounds of pecans) 12 Long-Run Supply ?
QUESTION 6 Table of a perfectly comptetitive firm COSTS Quantity Total Produced Cost SO 1 2 3 4 5 7 8 $50 $102 $157 $217 $285 $365 $462 $582 O b.S0 O c. $80 O d. $68 Marginal Cost REVENUES Quantity Demanded Price $80 $80 0 1 2 3 4 5 7 8 $80 $80 $80 $80 $80 $80 $80 Total Revenue Refer to Table. What will be the average revenue for this firm when they sell 4 units? O a. $400 Marginal Revenue QUESTION 7 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where price exceeds marginal cost. O b. price exceeds marginal cost, while a monopolist produces where marginal cost equals price. O c. marginal cost exceeds price, while a monopolist produces where marginal cost equals price. d. marginal cost equals price, while a monopolist produces where marginal cost exceeds price.