QUESTION 3PRICE2018MC16141210876ATC42+1 2 3 4 5 6 7 8 9 10QUANTITYIf the market price is $10, what is the competitive firm's short run economic profit? $As a result, the number of firms in the industry wouldIn the long run, price will equal $and the firm will produceunits of output. Long run profits for a comptetive firmwill be $

The image you provided is a graph showing the Marginal Cost (MC) and Average Total Cost (ATC) curves…

Answered: QUESTION 3 PRICE 20 18 MC 16 14 12 10 8…

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 14 Figure 1 Use this figure for questions 14-20. This figure shows costs for a firm in a perfectly competitive market. Price MC 175 ATC AVC 125 100 80 270 322 515 Quantity Referring to Figure 1, suppose the price of the good is $175. If the firm produces and sells 515 units of output, its total revenue is (leave out the dollar sign)
Refer to the graph shown, which depicts a perfectly competitive firm that maximizes profit. If the prevailing market price is $4: Price 8765432-0 1 ง C MC ATC 0 20 40 60 80 100 120 Output per day Show Transcribed Text LRAC Group of answer choices Economic profits are $500 and the quantity supplied from the firm is 200 units per day. Economic profits are $0 and the quantity supplied from the firm is 100 units per day. Economic profits are $100 and the quantity supplied from the firm is 100 units per day. Economic profits are -$100 and the quantity supplied from the firm is 80 units per day.
Question 12 Examine the graph below. Assume this firm is producing at its profit-maximizing output. In the long run, if prices remain as shown here, this firm will SA MC ATC 13 12 11 10 AVC 6 6 0 3 8 0 12 15 18 21 q stay in the market and make a profit have zero economic profit O exit the market shut down have losses equal to fixed costs 9 B 7
am. 122.
t of 40 40 35 55 30 25 25 20 15 10 5 MC, AC MC AC 9 0 100 200 300 400 500 The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in LONG-RUN equilibrium. The long-run equilibrium price of the product is $ In long-run equilibrium the firm will produce units. In long-run equilibrium the firm will earn $ economic profit.
$11.00 MC| $10.00 $9.00 ATC $8.00 $7.00 TRAVCI $6.00 $5.00 $4.00 $3.00 2 3 7 9 10 Quantity of Output (q) Pierre is a photographer in a perfectly competitive market. The graph shown above gives his MC, ATC and AVC curves. Suppose the market price is $10.50. How much profit does Pierre make? 22.5 24 20 O18 S per unit
5
PRICE 20 18 MC 16 14 10 29 ATC 876 2 1 2 3 4 5 6 7 8 9 10 QUANTITY If the market price is $10, what is the competitive firm's short run economic profit? $ 15 As a result, the number of firms in the industry would decrease In the long run, price will equal $ 6 firm will be $ and the firm will produce units of output. Long run profits for a comptetive
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Use the information for a competitive firm in the table below to answer questions 1 through 3. Quantity Total Revenue Total Cost MR MC $0 $ 32 5 45 40 $9 $8/5 54 49 $9 $9 7 63 59 $9 $10 8 72 70 $9 $11 1. At which quantity of output is max Profit? ANSWER: Q= 6units, where MC=MR 2. The maximum profit available to this firm is ANSWER: at Q=6, TR-TC= $5. 3. If the firm finds that its marginal cost is $11, it should increase or decrease production to maximize profit? LO
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$150 $145 $140 MC $135 $130 $125 $120 $115 ATC $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 Quantity Produced 7 8 9 10 11 The graph above shows the cost functions for a perfectly competitive profit maximizing firm. If the market price of the product is $70 per unit, the firm will produce units, will cover make an economic profit of dollars. dollars of its fixed cost, and will

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