Thank you so much for your help. If you can help me I will give a thumbs up! :) [LOOK AT ECO IMAGE PT 1] b.) [CONTINUED FROM ECO IMAGE PT1] (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? [ ] output = [ ] units per firm (iii) What economic profit or loss will the firm realize per unit of output? [ ] per unit = $ [ ] c. At a product price of $32.00 (i) Will this firm produce in the short run? [ ] (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? [ ] output = [ ] units per firm (iii) What economic profit or loss will the firm realize per unit of output? [ ] per unit = $ [ ]
Thank you so much for your help. If you can help me I will give a thumbs up! :)
[LOOK AT ECO IMAGE PT 1]
b.) [CONTINUED FROM ECO IMAGE PT1]
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
[ ] output = [ ] units per firm
(iii) What economic profit or loss will the firm realize per unit of output? [ ] per unit = $ [ ]
c. At a product
(i) Will this firm produce in the short run? [ ]
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
[ ] output = [ ] units per firm
(iii) What economic profit or loss will the firm realize per unit of output? [ ] per unit = $ [ ]
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers.
d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3).
[NOW LOOK AT IMAGE ECO PT2]
[The following is a continuation of Part f from ECO IMAGE PT2]
What is the equilibrium output for the industry? [ ] units
For each firm? [ ] units
Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss.
What will profit or loss be per unit? [ ] per unit = $ [ ]
Per firm? $ [ ]
Will this industry expand or contract in the long run? [ ]
![Assume that the cost data in the following table are for a purely competitive producer:
Average
Fixed
Average
Average
Total
Total
Variable
Marginal
Product
Cost
Cost
Cost
Cost
1
$60.00
$45.00
$105.00
$45.00
2
30.00
42.50
72.50
40.00
3
20.00
40.00
60.00
35.00
4
15.00
37.50
52.50
30.00
12.00
37.00
49.00
35.00
6.
10.00
37.50
47.50
40.00
7
8.57
38.57
47.14
45.00
8
7.50
40.63
48.13
55.00
9
6.67
43.33
50.00
65.00
10
6.00
46.50
52.50
75.00
Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not
applicable" and enter a value of "0" for output if the firm does not produce.
a. At a product price of $66.00
(i) Will this firm produce in the short run? Yes
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
Not applicable
output
9 units per firm
(iii) What economic profit or loss will the firm realize per unit of output? Not applicable v per unit = $
16
b. At a product price of $41.0O
(i) Will this firm produce in the short run? Yes
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7629f1c-f132-420f-b15b-99f883a0593e%2F4a76ee04-4b40-41fb-8d72-33fb75d67f64%2Fmu0580n_processed.png&w=3840&q=75)
![(1)
(2)
(3)
(4)
Quantity
Supplied,
Single Firm
Profit (+) or
Loss (-)
Quantity Supplied,
1,500 Firms
Price
$22.00
27.00
32.00
38.00
43.00
47.00
57.00
e. Now assume that there are 1,500 identical firms in this competitive industry. That is, there are 1,500 firms, each of which has the cost
data shown in the table. Complete the industry supply schedule (column 4 in the table above).
f. Suppose the market demand data for the product are as follows:
Total
Quality
Price
Demanded
$22.00
19,000
17,000
27.00
32.00
15,000
38.00
13,500
12,000
10,500
9,500
What is the equilibrium price? $
43.00
47.00
57.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7629f1c-f132-420f-b15b-99f883a0593e%2F4a76ee04-4b40-41fb-8d72-33fb75d67f64%2Fq2e2ku9_processed.png&w=3840&q=75)
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