↑Quiz xChat× | Use ☑Micr ☑Price × b Ans × b Suco × b Anst ✓Pow × 1.6:✓ECO ☑#26☑#27 ✓#28✓-0-0setonhall.instructure.com/courses/30968/quizzes/52774/take/questions/1035198Question 152 ptsUse the information contained in the graph below describing a firm operating in a competitiveenvironment to answer the following question. If the graph described a firm that decides to produce,what would be the value of its profit, its deficit, or would it break even?$7385$8$44120150305050None of the answers are correct.#29× N. price × | +☆☑BRelaunch to update :

Identifying the Firm's Production DecisionIn a perfectly competitive market, a firm maximizes its…

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Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 1P

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PRODUCTION| 2 8 10 12 14 LEVEL MARKET 3 3 3 3 PRICE ТОTAL INCOME TOTAL FIXED 14 14 14 14 14 14 14 COST ТОTAL 4.5 5.5 6.7 8.2 10 13.25 VARIABLE 25 COST TOTAL COST TОTAL BENEFIT MARGINAL 3 3 3 3 INCOME AVERAGE TOTAL COST Develop the following numerical example of perfect competition, which should add the procedure for calculating the missing costs, income, and profit. Considering the following data: a) Indicate at what level of production the MC is equal to the price, so that the company is perfectly competitive in the short term. 3. 3.
O See Hint The graph below shows the marginal cost curve for two firms, A and B. Assuming these two firms together completely dominate their market, draw the market supply curve. Use the straight-line tool, and set the endpoints of the line based on the endpoints of the two given lines. To refer to the graphing tutorial for this question type, please click here. Price and marginal cost 160 150 140 130 120 110 100 80 70 60 50 40 30 20 10 160 るろ 8さ88るるる Quantity supplied (thousands)
C 10 points ch Print Question 1- Perfect Competition X eBook ferences * Perfect Competition: Homework 1 $ https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fwku.blackboard.com%252Fwe... 14 4 ID The table below shows the marginal cost (MC) for The Tea Shop, a perfectly competitive firm producing different quantities of tea. The market price of tea is $8 a box. Instructions: Enter your answers as a whole number. a. Complete the marginal revenue (MR) column in the table below. The Tea Shop's Costs and Revenues Marginal Cost Quantity (tea) 50 75 100 125 150 175 200 225 15 % + 5 (dollars) $6 4 b. Graph the MR curve using the data from the table. Instructions: Use the tool provided "MR" to plot the line point by point (plot 8 points) O 12 15 8 The Tea Shop 6 f6 A 4 3 40 6 In f7 & Marginal Revenue (dollars) Prev 7 1 of 10 hp + 8 a www www www 44 ( Saved Next > 9 0 yo ▶11 A bg 47% insert Help 04 440 prt sc Save & Check 12:55 PM 11/14/2022…
a. John operates a firm producing t shirts. There are many such firms producingidentical products to John. What market structure is this? Is it possible for John tomake a profit in the long run? Illustrate using an appropriate diagram. b. John decides to innovate his business and begins printing t shirts with customercreated content. Will John be able to make a profit in the short run and the longrun? Explain using relevant diagrams and comment on the implied market c. Provide a strategy for John to make greater than normal profits in the long run. Isthis likely to be the case in the market for this good?
Imagine that the perfectly competitive tuna industry is in long-run equilibrium at a price of $3 per can of tuna and a quantity of 600 million cans per year. Imagine the Department of Health issues a report saying that eating tuna is bad for your health.
How does the company set its goods or services apartfrom those of its competitors? Does the company compete on price, quality, service, innovation, or some otherattribute?
The following graph depicts the costs incurred by a Local egg seller, Rahim. Rahim is faced with strong competitors who are selling exactly the same product. Use the graph to answer the following questions- Price/Cost per egg MC 12 ATC 8 MR3 AVC 6. MR2 MR1 Quantity 100 200 300 400 a)At what price will Rahim try to minimize loss by selling eggs in the market? b)At what price will there be a break-even point?
Please answer the question use this graph.
The below table shows the total revenues and total cost of running a pharmacy.

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