Refer to the figure below to answer the questions. 1.) A corn producer's profit is RM200 and is producing 100 bushels of corn. Then he must have a cost per bushel of __________.  2) A corn producer produces 80 bushels of corn and sells each bushel at RM5. The cost of producing each unit bushel is RM2. This corn producer's total revenue is ________ and profit is ________.  3) A corn producer's total revenue is RM1,000. If she sells each bushel of corn for RM5, she must be selling ________ bushels of corn.

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A: Here, market demand curve and total cost function of a firm is given.

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A: A perfectly competitive firm is known as a price taker because the strain of competing firms forces…

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A: Given that : Number of textbooks = 90 Price of a book = $ 70 Average total cost = $ 50

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A: Total revenue is obtained by multiplying the price with the quantity of the product in this economy.…

Q: а. List out the main characteristics of a competitive market

A: A competitive market is one in which no single customer or producer has significant market power.…

Q: Suppose total revenue and total costs are given by TR = 1000-8Q^2 and TC= 10Q^2. MR=100-16Q and MC =…

A: With the process of profit maximisation, a company or business aims to maximise profits by adjusting…

Q: Based on the given graph: a. If this firm profit-maximizes, how much output will it produce and…

A: Given;

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A: We have, Fixed cost = $45 per day The cost of each labor per day = $96  The firm produces the…

Q: It costs a cookie firm $2 to sell a single cookie. This firm makes $4 in revenue from each cookie it…

A: Cost price per cookie = $2 Revenue earned per cookie = $4 Total quantity of cookies sold = 20

Q: ATC MC MR Quantity of cherries %24

A: Under perfect competition firms are price takers. The optimum level of output of a perfectly…

Q: Suppose a perfectly competitive firm is currently operating with the following information:…

A: The profit maximizing perfectly competitive firm will produce output at point where MR = MC. Here MR…

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A: Question 2a: Production and CostsQuantityPriceTotal RevenueMarginal RevenueTotal CostMarginal…

Q: Consider a firm's total profit (TP) function as follows: TP = 50Q - Q2 (Q refers to the quantity of…

A: Profit = total revenue - total cost

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A: Profit Margin:profit margin represents the percentage of revenue (or profit) a company retains as…

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A: Given: Average Revenue (AR) = $10Average Total Cost (ATC) = $8Fixed Cost (F) = $200Quantity (Q) =…

Q: Now compute the missing marginal revenue from the table. The table is reproduced here for…

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Q: Calculate economic profit given:- Total revenue = $5000 Explicit cost = $1000 Implicit cost =…

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A: Equilibrium refers to a market situation at which the quantity demanded is equal to the quantity…

Q: QUESTION 11 Use the following graph to answer questions 33 & 34. Price and cost $40 30 23 20 10 0 MR…

A: Economic profit is the difference between the total revenue and total cost which includes both…

Q: Suppose total revenue and total costs are given by TR = 1000-8Q^2 and TC= 10Q^2. MR=100-16Q and MC =…

A: With the process of profit maximisation, a company or business aims to maximise profits by adjusting…

Q: Your business, which has some market power, has the following demand (D), marginal revenue (MR),…

A: A firm will maximize its profit when its marginal revenue is equal to the marginal cost curve. This…

Q: Rose growing is perfectly competitive and all growers have the same costs. The market price is $27 a…

A: Price=27$ Q=2700 Average total cost(ATC)=21 $ VC = $19

Q: Consider a firm in a competitive market. The marginal cost curve starts at $37 and hits its minimum…

A: A competitive firm earns zero economic profit when its price is equal to average total cost.

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A: A competitive market, often referred to as a perfectly competitive market, is a type of market…

Q: (d) Based on your answer to part (c), will the number of firms in the industry increase, decrease,…

A: Dear student, you have asked multiple sub-part questions in a single post.In such a case, as per the…

Q: Use the following data to analyze the condition when the product price is set at $56.  A. How much…

A: The profit-maximizing output is achieved in purely competetive market is when:P=MCNow, P=$56We will…