The table shows cost data for a firm that is selling in a perfectly competitive market. If the market price for the firm's product is $70, thecompetitive firm will:O b.Output16789102345Select one:O a. shut down.AFC$30015010075605043383330produce 3 units..O c.produce 2 units.O d. produce 1 unit.AVC$1007570738090103119138160ATC$400225170148140140146156171190MC$100506080110140180230290360

The perfect competition consists of many sellers and many buyers trading identical products. Sellers…

The table shows cost data for a firm that is selling in a perfectly competitive market. If the market price for the firm's product is $70, the competitive firm will: Output 1 2 4 5 6 7 3 8 9 10 Select one: O a. shut down. O b. produce 3 units. AFC $300 150 100 75 60 50 43 38 33 30 AVC $100 75 70 73 80 90 103 119 138 160 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360

The table shows cost data for a firm that is selling in a perfectly competitive market. If the market price for the firm's product is $70, the competitive firm will: Output 1 2 4 5 6 7 3 8 9 10 Select one: O a. shut down. O b. produce 3 units. AFC $300 150 100 75 60 50 43 38 33 30 AVC $100 75 70 73 80 90 103 119 138 160 ATC $400 225 170 148 140 140 146 156 171 190 MC $100 50 60 80 110 140 180 230 290 360

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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17 $20 $18 MC АТС I of $16 P = MR $14 $12 $10 $8 AVC $6 $2 $0 200 400 600 800 1,000 1,200 Output (Q) The diagram above shows a Perfectly Competitive firm in the short-run. This firm will maximize its profit by choosing the Output (Q) level: Select one: а. 1,000 b. 800 С. 400 d. 600
The company XYZ produces chairs and its costs are given in the table below. Variable Quantity Total Costs Variable Costs Fixed Costs Value 30 $3,600 $2,400 $1,200 In the short run, should this company shut down if the price of the chair is $95/unit? a. Yes, because the average total cost is higher than the price. b. Yes, because the average variable cost is higher than the price. O c. No, because the average total cost is higher than the price. d. No, because the average variable cost is lower than the price.
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Refer to Figure 8.1. The firm earns zero profit at what output? Consider the following diagram where a perfectly competitive firm faces a price of $40. O A. O. B. 34 and 79. OC. 54, O D. 67. E. 60. 44 40 31 30 20 10 4 10 20 30 40 50 34 Figure 8.1 60 70 67 79 MC AC AVC D 80 1 OUTPUT
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The perfectly competitive farmer's profit maximizing level of output when price is $2 is ___ units of output Cost per unit 296 O 700 200 700 1000 200 0 MC 1000 ATC
Price (S) AB UD A) $(60-C) × 3 Quantity B) $(60-D) x 2 OC) $(60-B) × 5 OD) $(60-B) × 4 O E) $(60 - A) × 5 MC ATC Refer to the figure above, which indicates the short-run cost data for a typical firm in a perfectly competitive industry. If the price faced by a perfectly competitive firm is equal to $60, then this firm will earn profits of......if it maximizes profits. p = $60 AVC
Figure shows the cost structure of a firm in a perfectly competitive market. at the market price $30, the break-even output is: Р. $30-- $25 $13 $5 O a. 1,000 O b. 450 O c. 30 O d. 800 450 MC 800 1,000 AT AV
Question 8 Use the cost chart: Assuming this firm competes in a perfectly competitive market. What is the profit (or loss, loss is a negative) when the price is $1.60. Cost Chart Q 0 5 10 15 20 25 30 35 40 Typed answer will be automatically saved. X₂ X² Ω· FC 10 10 10 10 10 10 10 10 10 Write your response here... VC Twos 0 3 7 12 18 25 33 42 52 TC 10 13 17 225755 28 35 43 62 AFC 0.67 0.29 AVC 0.60 0.70 0.90 1.00 1.10 ATC 2.60 1.47 1.43 1.49 MC 1.00 1.80 □