РМС$4.00ATC$3.00D$2.50$2.00MR3,000 3,500 4,000 The maximum profit under imperfect competition is:-$1,500а.b. $1,500$4,500с.d. $12,000

The imperfect competition is a market condition in which there will be many sellers selling…

Answered: Р МС $4.00 ATC $3.00 D $2.50 $2.00 MR…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. The long-run supply curve for a particular type of kitchen knife is a hori- zontal line at a price of $3 per knife. The demand curve for such a kitchen knife is Qp = 50 – 2P where Q, is the quantity of knives demanded (in millions per year) and P is the price per knife (in dollars). 253 CHAPTER 7: PERFECT COMPETITION a. What is the equilibrium output of such knives? b. If a tax of $1 is imposed on each knife, what is the equilibrium output of such knives? (Assume the tax is collected by the government from the suppliers of knives.)
7
Refer to the diagram to the right which shows the cost and demand curves for a profit-maximizing firm in a perfectly competitive market. What is the amount of its total fixed cost? OA. $1,000 B. $1,440 OC. $2,520 OD. It cannot be determined. Price and cost (5) 40.50 36.00 30.00 28.00 130 180 Quantity MC 240 ATC AVC MR
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Dollars P P₂ P₁ 0 ******** MC Q₁ Q₂ Q3 Q4 Q5 Quantity ATC AVC -MR₁ -MR₂ -MR₁ Refer to the above diagram. All data are for the short run. Which of the following sta correct? O The firm will produce an output of Q1 when price is P1. The firm will earn positive economic profits when price is at P2. O Average fixed cost is P3 - P1 at output Q1. O At price P1, the firm will close down.
Burger Prince is considering opening a new restaurant in Colton, Loma Linda, or Upland. The following fixed and variable cost data have been assembled. Variable Costs per customer Fixed Cost per year Labor Location Colton $200,000 $0.40 Loma Linda $180,000 $0.75 Upland $170,000 $1.00 Over what range of annual demand is each facility going to have a competitive advantage? 3. Material $0.20 $0.25 $1.00 Overhead $0.40 $0.75 $1.00
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J 7
True or False
For questions 4-6: A firm has weekly revenue of $900. The firm's total cost is $1250 per week. The firm shuts down if 300 400 4 2 weekly fixed cost is less than 500 600 The firm's variable cost is $800 and its fixed cost, all of which is sunk, TRUE is $300. The firm will shut down. 2. FALSE The firm's total cost is $1200 and its fixed cost is $500. The firm shuts 20% 2. 40% down if the percentage of fixed costs that is avoidable is equal to or 60% greater than 80% >

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Р МС $4.00 ATC $3.00 D $2.50 $2.00 MR 3,000 3,500 4,000 The maximum profit under imperfect competition is: -$1,500 а. b. $1,500 $4,500 с. d. $12,000