Refer to the graph above. If market price is currently $350 per unit, this pe competitive firm will maximize profit byproducing and earnir in total profit/loss. A) 7 units, $400 in profit B) 8 units, $800 in profit C) 6 units, $800 in loss D) 4units, $600 in loss -2Price700650600550500450400350300250200150100500DTCMEABA) 7 units, $400 in profitFEBOFFWATCMCAVC1 2 3 4 5 6 7 8 9 10 11 12QuantityRefer to the graph above. If market price is currently $350 per unit, this pecompetitive firm will maximize profit by producingin total profit/loss.and earninP=MRno✔X

Perfect competitive market:In this market, there are large numbers of buyers and sellers. They sell…

Refer to the graph above. If market price is currently $350 per unit, this pe competitive firm will maximize profit by producing and earnir in total profit/loss. A) 7 units, $400 in profit B) 8 units, $800 in profit C) 6 units, $800 in loss D) 4 units, $600 in loss

Refer to the graph above. If market price is currently $350 per unit, this pe competitive firm will maximize profit by producing and earnir in total profit/loss. A) 7 units, $400 in profit B) 8 units, $800 in profit C) 6 units, $800 in loss D) 4 units, $600 in loss

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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Total Revenue Total C ost Proit/Loss/ Price( P) Quantity (TR) (TC) Break Even $3 5. 2 9. 3 8. 4 11 5. 15 6. 21 30 8. 42 6. 60 10 85 Yummy Cupcakes is a purely competitive firm. The firm's costs are shown in the table above. The market price is $5 (USE THIS TO FILL IN THE PRICE COLUMN) When Yummy Cupcakes produces 1 cupcakel Q-1).the firm : O breaks even incurs a loss O earns profits will shutdown
Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Per Hour (Q) (P) 0 $6.00 1 5.50 2 5.00 3 4.50 4 4.00 5 3.50 6 3.00 7 2.50 8 2.00 Total Cost (TC) $2.00 6.50 10.00 13.00 15.50 17.50 19.00 21.00 24.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ Maria's maximum profit is $ (Enter your response rounded to two decimal places.) (Enter your response rounded to two decimal places.) (Enter your b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
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Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price (P) Per Hour (Q) 0 123 456 7 8 $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $2.00 6.00 9.00 11.50 13.50 15.00 16.00 17.50 20.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is $ (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
The diagram shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. What is the total revenue of the profit maximising firm in the short run? a) R720 b) R800 c) R960 d) R2 000 20 2 Cost, price (Rand) MC I 100 60 80 Output per day AC AVC Price
Price and cost (dollars) 20 15.75 12 21 11 A C SMC 1000 ATC AVC D=MR = $20 6,000 8,000 Quantity The above graph is for a perfectly competitive firm. The curve labelled "SMC " is the Marginal Cost curve, D = Demand and Marginal Revenue curve, ATC= average total cost curve, AVC is the average variable cost curve. (a) What is the profit maximizing price and output? (b) At the profit maximizing price and output what is the average total cost and average variable cost and average fixed cost? (c) At the profit maximizing price and output what is the amount of profit earned by this firm? (d) At what price would the firm earn zero profit (or loss)?
QUESTION 20 Study the table below which represents the cost and price schedules facing a perfectly competitive firm that manufactures bulbs. Use this information to answer the question. Quantity of the product 0 1 2 3 4 Price per unit (R) 10 10 10 10 10 10 c) d) 38022222 Total revenue Total profit (R) -10 -9 -5 -6 Marginal cost (R) . 9 6 8 10 13 Average variable cost (R) 9,00 7,50 7,67 8,25 9,20 This perfectly competitive firm will produce a) 3 bulbs, since losses are minimised. b) 4 bulbs, but it will consider shutting down in the short run. 4 bulbs, since at this production level it earns normal profit. 4 bulbs and will stay in operation.
A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm 3. A firm on competitive market has the data about cost as below Q 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 TC 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. C. Determine the supply curve of this firm
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Use the following graphs for questions 22 and 23. At what price would a firm exit the market? (a) Relationship of total cost to total variable cost and total fixed cost (b) Relationship of marginal cost to average total cost, average variable cost, and average fixed cost Total Costs (dollars) 700 Cost 150 Per 140 TC Unit 130 TVC (dollars) 120 MC 600 110 100 500 90 80 400 70 60 ATC 300 TFC 50 AVC 40 AFC 200 30 20 TFC 100 10 AFC 0 1 2 3 4 5 6 7 8 9 10 11 12 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Output Quantity of Output (units per hour) (units per hour) O $20 O $30 $45 $50
Refer to the above diagram. This profit maximizing firm will: A) An economic profit of AJHB B) An economic loss of BHGC C) An economic profit of AJGC D) an economic profit of AJEO
Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?