Suppose the market for com is perfectly competitive. The average total cost and marginal cost of growing corn in the long run for an individual farmer are illustrated in the graph to the right According to the graph, the long run equilibrium price for corn is $ per box. (Enter a numeric response using a real number rounded to two decimal places.) If at this price an individual corn farmer produces 70 boxes of corn per week. she will have economic profits of S To break even in the long run, com farmers must produce the quantity that i occurs CELLE Price and cost (dollars per box) 40 36- 32- 2222 =2 28 24- 20- 8 16 12- 8 4- 0 ATO 10 20 30 40 50 60 70 80 90 100 Quantity of corn (baxes per week) odu
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- The following graph plots daily cost curves for a firm operating in the competitive market for demin overalls. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per overalls) 50 45 40 35 15 10 5 0 0 2 MC ATC AVC 10 12 4 8 14 16 QUANTITY (Thousands of overallses per day) 18 20 In the short run, given a market price equal to $15 per overalls, the firm should produce a daily quantity of The rectangular area represents a short-run Profit or Loss On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. of $ overallses. thousand per day for the firm.Farmer Jones grows apples. The average total cost and marginal cost of growing apples for an individual farmer are illustrated in the graph to the right Assume the market for apples is perfectly competitive 40- According to the graph, farmer Jones will eam profit (positive economic profit as opposed to losses) at any market price above $ 10 per box. (Enter a numeric response using an integer) Assume that the market price specifically is $24 per box Iffarmer Jones produces the profit maximizing quantity, what will be her profit? S 36- To more easily identify the price and quantity, click on the graph to the nght, and then adjust the slider to change the price and quantity Each increment will increase the prce by $2. 32- MC 28- 24- 20- 16- ATC 12- 8- 4- :46 10 20 30 40 50 60 70 80 90 100 Quantity of Apples (boxes per month) Price and cost (dollars per box)Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 72 16 AVC 16 24 40 QUANTITY (Thousards of jaats) For each price in the following tabie, use the graph to determine the number of jackets this firm would produce in arder to maximize its profie. Assume that when the price is exacty equal to the average variabie cost, the firm is indifferent between producing zero jackets and the proft-maximizing quandity. Also, indicate whether the fiem wil produce, shut down, or be indiferent between the two in the short run. Lastiy, determine whether e w make a prafit, suffer a loss, ar break even at each price. Price Quantity (Dollars per jacket) (Jackets) Produce or Shut Down? Profit or Loss? 4 12 36 48 60
- The following graph plots daily cost curves for a firm operating in the competitive market for instant pots. PRICE (Dollars per instant pot) 100 90 80 70 60 50 40 30 20 10 0 0 D 5 25.00 70.00 Price (Dollars per instant pot) MC 100.00 ATC AVC 10 15 20 25 30 35 40 QUANTITY (Thousands of instant pots) Using the following table, for each price level, calculate the optimal quantity of units for the firm to produce. Using the data from the graph to determine the firm's total variable cost, calculate the profit or loss associated with producing that quantity. Assume that if the firm is indifferent between producing and shutting down, it will choose to produce. (Hint: Select purple points [diamond symbols] on the graph to receive exact average variable cost information.) Quantity (Instant pots) 45 50 Total Revenue Fixed Cost (Dollars) (Dollars) 1,600,000 1,600,000 1,600,000 Variable Cost (Dollars) Profit (Dollars) If the firm shuts down, it must incur its fixed costs (FC) in the short run. In…4. Profit maximization in the cost-curve diagram Suppose that the market for blenders is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. 100 90 80 Profit or Loss 70 АТС 30 AVC 20 MC 10 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of blenders per day) blenders per day. In the short run, at a market price of $50 per blender, this firm will choose to produce PRICE (Dollars per blender)Suppose Larry runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Larry's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for the first seven shirts that Larry produces, including zero shirts. 125 100 TOTAL COST AND REVENUE (Dollars) 25 ☐ Total Cost ☐ -50 0 1 2 3 4 5 6 7 8 QUANTITY (Shirts) Total Revenue A Profit (?) Calculate Larry's marginal revenue and marginal cost for the first seven shirts he produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 25 2 COSTS AND REVENUE (Dollars per shirt) 0 1 2 3 5 6 7 8 QUANTITY (Shirts) Marginal Revenue Marginal Cost Larry's profit is maximized when he produces is shirts. When he does this, the marginal cost of the previous shirt he…
- Farmer Lee grows strawberries. The average total cost and marginal cost of growing strawberries in the long run for an individual farmer are illustrated in the graph to the right. Suppose the market price is $7.05 per box. If so, then farmers will strawberries until the market price is $ number rounded to two decimal places.) per box. (Enter a numeric the market for a real enter exit Price and cost (dollars per box) 10- 9- 8- 5- 3- 2- 1. 0 MC ATC 10 20 30 40 50 60 70 80 90 100 Quantity of strawberries (boxes per week) o100 90 90 00 80 COSTS (Dollars) 70 70 00 60 50 40 30 20 10 ATC AVC MC 0 0 5 10 15 20 25 30 QUANTITY (Thousands of snapbacks) 35 35 40 45 50 For every price level given in the following table, use the graph to determine the profit-maximizing quantity of snapbacks for the firm. Further, select whether the firm will choose to produce, shut down, or be indifferent between the two in the short run. (Assume that when price exactly equals average variable cost, the firm is indifferent between producing zero snapbacks and the profit-maximizing quantity of snapbacks.) Lastly, determine whether the firm will earn a profit, incur a loss, or break even at each price. Price (Dollars per snapback) 10 20 32 40 50 60 Quantity (Snapbacks) Produce or Shut Down? Profit or Loss?Suppose the market for beans is perfectly competitive. The average total cost and marginal cost of growing beans in the long run for an individual farmer are illustrated in the graph to the right. According to the graph, the long run equilibrium price for beans is $ per box. (Enter a numeric response using a real number rounded to two decimal places.) C Price and cost (dollars per box) 10- 9- 00 N 1 0 10 MC 20 30 40 50 60 70 80 Quantity of beans (boxes per week) ATC 90 100 N
- The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. Which of the following statements is true about the price of fertilizer? Check all that apply. O The price of fertilizer must be less than marginal cost. O The price of fertilizer must be less than average total cost. O The price of fertilizer must be equal to average variable cost. The following graphs show the cost curves faced by a typical firm, the demand for fertilizer, and possible price and supply curves. Firm Market Demand ATC -- ---- P. TAyd MC Quantity Quantity If firms in the market are producing output but are currently making economic losses, illustrates the present situation for the typical firm in the market, and S ▼ indicates the corresponding supply curve. Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in the long run? Check all that apply. O The…The following graph plots daily cost curves for a firm operating in the competitive market for jumpsuits. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per jumpsult) 50 45 40 35 30 25 20 15 10 5 10 W 0 Y ATC AVC 2 MC 4 8 QUANTITY (Thousands of jumpsuits per day) 6 10 + 14 16 18 12 20 Profit or Loss In the short run, given a market price equal to $15 per jumpsuit, the firm should produce a daily quantity of of On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a rt-run thousand per day for the firm. jumpsuits.The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive. Price ($/bushel) 60 50 40 30 20 10 0 0 ΤΑ 10 20 30 40 50 60 70 80 Quantity (bushels/month) Select one: O A. 50 bushels. C If mushrooms sell for $10 per bushel, and Moe chooses the profit-maximizing quantity, he will gather: B. 30 bushels. O C. 20 bushels. O D. zero bushels.