No answer from chat gpt will dislike No handwritten solution please Trout farming is a perfectly competitive industry and all trout farms have the same cost curves.When the market price is $38 a fish, each farm maximizes profit by producing 1,000 fish a week. At this output, average total cost is $18 a fish, and average variable cost is $10 a fish.Minimum average variable cost is $2 a fish.What are two points on a trout farm's supply curve?Two points on a trout farm's supply curve are 1,000 fish supplied ateach and 0 fish supplied ateach.OA. $0; $10OB. $0; $38OC. $10; $0O D. $38; $0OE. $38; $10

Remember that a firm's MC curve is also its supply curveThe value for MC at profit-maximizationFirms…

Answered: Trout farming is a perfectly…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section: Chapter Questions

Problem 7WNG

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Assume that a firm in a competitive market faces the following cost information. If the market price for this firm's product is $40, calculate the profit maximizing level of output for this firm using marginal analysis. It may help to create your own cost table and fill in columns for Marginal Cost and Average Total Cost based on the Total Cost information below. a.What is the level of profit for this firm at the profit maximizing output? b.To convince yourself that the quantity you found is indeed the profit maximizing quantity, try calculating what the profit would be at the next higher level of output. What did you find? c. What do you predict will happen in this market over the long run?
Consider the perfectly competitive market for sports jackets. The following graph shows the marginal cost ( MCMC ), average total cost ( ATCATC ), and average variable cost ( AVCAVC ) curves for a typical firm in the industry.
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. The price of fertilizer must be less than average total cost. The price of fertilizer must be equal to average variable cost. The price of fertilizer must be less than marginal cost. 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. Average total cost will decrease. The quantity supplied by each firm will decrease. The total quantity supplied to the market will decrease. Marginal cost will decrease. The price of fertilizer will increase.
Rose growing is perfectly competitive and all growers have the same costs. The market price is $16 a bunch and each grower maximizes profit by producing 1,100 bunches a week. Average total cost is $18 a bunch and average variable cost is $10 a bunch. Minimum average variable cost is $5 a bunch. What is each grower's economic profit at the shutdown point? Each grower's economic profit at the shutdown point is dollars a week. >>> If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm earns an economic profit, do not include a plus sign.
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Trout farming is a perfectly competitive industry and all trout farms have the same cost curves. when the market price is $25 a fish, farms maximize profit by producing 200 fish a week. at this output, average total cost is $20 a fish and average variable cost is $15 a fish. minimum average variable cost is $12 a fish. i) If the price falls to $20 a fish, will a trout farm produce 200 fish a week. Explain why or why not ii) If the price falls to $12 a fish, what will the trout farmer do? iii) What are two points on a trout farm's supply curve?
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