There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. Instructions: Enter your answers as a whole number. a. What is the percentage rate of return for these 298 dairies? percent b. The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of return? I percent

There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. Instructions: Enter your answers as a whole number. a. What is the percentage rate of return for these 298 dairies? percent b. The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of return? I percent

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 3P

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There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. What is their percentage rate of return? The other two dairies have a cost structure that generates profits of $22 for every $200 invested. What is their percentage rate of return? Assuming that the normal rate of profit in the economy is 10 percent, will there be entry or exit? Will the change in the number of firms affect the two that earn $22 for every $200 invested? What will be the rate of return earned by most firms in the industry in long-run equilibrium? If firms can copy each other’s technology, what will be the rate of return eventually earned all firms?
Please answer all of part C And confirm over part A and B
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A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 8 percent. This firm is earning $15 on every $150 invested by its founders. Instructions: Enter your answers as a whole number. a. What is its percentage rate of return? percent b. Is the firm earning an economic profit? (Click to select) V If so, how large? percent c. Will this industry see entry or exit? (Click to select) V d. What will be the rate of return earned by firms in this industry once the industry reaches long-run equilibrium? percent
A purely competitive wheat farmer can sell any wheat he grows for $25 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on. Instructions: Enter your answers as a whole number. a. Use the table below to help answer the following questions. How many bushels will each of the farmer's five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre? That Acre's That Acre's Acre TR MR Yield (bushels) Revenue $0 1 2 3 4 b. If the marginal cost of planting and harvesting an acre is $17,500 per acre for each of the five acres, how many acres should the farmer plant and harvest? acres
what is her ATC if she prints 10000?
Jamal owns and manages a restaurant in Egypt whose annual revenue is $10,000. Annual expenses are as follows: Labor Food and water Electricity Vehicle lease Rent Interest on loan for equipment Jamal could earn $2,000 per year as a farmer. However, he prefers to run the restaurant. In fact, he would be willing to pay up to $550 per year to run the restaurant rather than to farming. Is the restaurant making an economic profit? Calculate the economic profits? 2. Should Jamal stay in the restaurant business? Explain your answer. $4,000 1000 200 300 1000 2,000
The table below displays cost information for a firm operating in a perfectly competitive market. Fill in the missing values corresponding to the empty cells. Average Total Cost $33 Quantity Total Cost Variable Cost Marginal Cost 1 $33 $23 A $38 $15 3 $60 В 4 $54 D G $80 H 6 $88 F $16.33 A = $ type your answer.. B = $ type your answer.. C= $ type your answer. D = $ type your answer.. E = $ type your answer... F = $ type your answer. G = $ type your answer. H = $ type your answer.. Assume all firms in the market have identical costs. With free entry and exit, what will the market price be in the long run? $ type your answer.
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Last answer was wrong. Don't give incorrect answers plz
A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on. Instructions: Enter your answers as a whole number. a. Use the table below to help you answer the following questions.. How many bushels will each of the farmer’s five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre? Create a table with the amount of acres (1-5), that acre's yield (bushels), that acre's revenue, TR, and MR. b. If the marginal cost of planting and harvesting an acre is $7,000 per acre for each of the five acres, how many acres should the farmer plant and harvest? acres