What is the profit maximizing price for this firm?

Q: how do you draw a firm's supply cure, using marginal curve, average cost, and marginal revenue…

A: A supply curve is a graphical representation in economics that shows the relationship between the…

Q: How does a competitive firm determine the quantity that maximizes profit?

A: The markets are considered to be of utmost importance for the economies, because it assists in the…

Q: Apply the marginal principle to determine the profit-maximizing price and output.

A: The profit-maximizing price and output is got by taking the first order condition of the…

Q: Competition from Amazon and other online booksellers has resulted in some brick-and-mortar…

A: Market of books and bookstores as the providers can be considered to have competitive market…

Q: What is the equilibrium or profit-maximizing quantity of production for a perfectly competitive…

A: Prefect competitive market is:- 1) in perfect competitive market, there are many number of sellers…

Q: What are the characteristics of a perfectively competitive market?

A: There are different market structures with different characteristics.

Q: In the long-run, a perfectly competitive firm will earn what kind of economic profit?

A: In the long run, a perfectly competitive firm will earn normal/zero economic profit.

Q: If you are a manager in a highly competitive business such where should you put your most effort to…

A: Answer: In a highly competitive industry, all the firms sell almost homogeneous goods. The cost of…

Q: Why do a firm's profit disappear in the long run?

A: The firms operating in the long run, have to adjust and abide by the time frame which would allow…

Q: Using the previous table, what is the profit maximizing level of output?

A: Profit Maximization:Profit maximization happens at the point where the marginal revenue (MR) and…

Q: What does acceptable loss mean for a competitive firm? Explain and Draw a graph

A: Making business decisions and allocating resources in the face of numerous challenges is part of…

Q: Draw a correctly labeled graph showing the firm’s demand and marginal cost curves, and show the…

A: Introduction Total cost refers to the situation when there is a sum of both total fixed cost and…

Q: How does a perfectly competitive firm decide what price to charge?

A: Firms in a perfectly competitive market cannot influence the price as there are large numbers of…

Q: Quantity Total Price Demanded Revenue Revenue Marginal Total Cost Marginal Cost $24 1000 $24,000…

A: Profit maximization occurs when the Marginal Revenue is equal to the Marginal cost. This is because…

Q: what are the maximum profits this firm can earn?

A: A competitive market is a typical market that answers the demands for goods and services. A…

Q: If you're a manager in a highly competitive business such where should you put your most effort to…

A: As a manager ,the primary responsibility is to look in the profits of the business. Business can be…

Q: Sterling runs a donut shop which which is being operated in a perfectly competitive market where…

A: Firms in perfectly competitive market, are price taking firms because there are a large number of…

Q: In the short run, the firm should

A: A firm should produce in short run if the market price is greater than average variable cost.  And a…

Q: Why does exit occur?

A: When the firms earn less than their total cost of production, they make loss. If existing firms in…