The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive firm. ?Which of the following statements is TRUE اختر أحد الخيارات a. The firm is producing at minimum long-run average cost O .b. Over time, this firm will leave this industry O .c. The firm is earning positive economic profit O .d. The firm will eventually decrease its production

The figure above shows the marginal revenue and long-run cost curves for a perfectly competitive firm. ?Which of the following statements is TRUE اختر أحد الخيارات a. The firm is producing at minimum long-run average cost O .b. Over time, this firm will leave this industry O .c. The firm is earning positive economic profit O .d. The firm will eventually decrease its production

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 5SQP

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Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250Answer the following questions:a. What is the profit-maximizing level of output? Calculate Apex’s profit.b. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?c. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?d. Comment on your answers to parts (2) and (3
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Larry's Linens produces white cloth napkins for restaurants in a perfectly competitive market. The given table shows output and total costs for one day of production. Output TVC TFC TC MC ATC AVC 50 50 20 50 100 35 50 150 60 50 200 90 50 250 125 50 300 165 50 350 210 50 400 260 50 450 315 50 a. Complete the cost schedule for this firm by calculating TC, MC, ATC, and AVC. Remember to record the MC figures between the rows of output and total cost. Output TVC TFC TC MC ATC AVC 50 50 20 50 100 35 50 150 60 50 200 90 50 250 125 50 300 165 50 350 210 50 400 260 50 450 315 50 (Round your responses to two decimal places.)
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16 $20 $18 MC АТС i of $16 P = MR $14 $12 AVC $10 $8 $6 $4 $2 $0 200 400 600 800 1,000 1,200 Output (Q) The diagram above shows a Perfectly Competitive firm in the short-run. At the profit maximizing Output (Q) level, the firm will earn a Total Profit of: Select one: а. $1,000 b. $1,600 с. $3,200 d. $2,000
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ok nces The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly competitive firm producing different quantities of apple pies. The market price of apple pies is $6.00 per pie. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Instructions: Round your answers to two decimal places. Baker Street's Costs and Revenues MR (dollars) $ Quantity (apple pies) 10 15 20 25 30 35 TC (dollars) MC (dollars) $55.00 $3.00 67.50 2.50 3.00 4.0 6.00 8.00 82.50 102.50 132.50 172.50 AR (dollars) $ Instructions: Enter your answers as a whole number. b. At the market price of $6.00 per apple pie, how many apple pies should Baker Street make?
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Larry's Linens produces white cloth napkins for restaurants in a perfectly competitive market. The given table shows output and total costs for one day of production. Output TVC TFC TC MC ATC AVC 0 50 50 50 35 50 60 50 200 90 250 125 300 165 50 350 210 50 400 260 50 450 315 50 100 150 0 20 50 50 a. Complete the cost schedule for this firm by calculating TC, MC, ATC, and AVC. Remember to record the MC figures between the rows of output and total cost. Output TVC TFC TC MC ATC AVC 0 0 50 50 20 50 100 35 50 150 60 50 200 90 50 250 125 50 300 165 50 350 210 50 400 260 50 450 315 50 888 (Round your responses to two decimal places.) b. Draw a scale diagram and plot ATC, AVC, and MC. Use the multipoint drawing tool to plot the ATC, AVC, and MC curves. Properly label the curves. (Plot MC at the midpoint of the output intervals.) Carefully follow the instructions above, and only draw the required objects. c. Below which price should this firm choose to produce zero output? This firm should…