What would happen in the long if the firm produces 84 units and charges $28? PRICE Data 80 80 20 10 20 QUANTITY() ATC a. Firm will exit from the industry. b. Firm will stay in the industry. c. Firm will either stay in the industry or exit from the industry. d. Firm will stay in the industry whether it earns profits or losses.

Q: plot. Assume that all of the plots are basically indistinguishable and that the minimum selling…

A: The maximum sum of money or other resources that a person is ready to trade in exchange for a…

Q: Profits are maximized at the output at which marginal cost equals marginal revenue. If the market…

A: Average variable cost is minimum where MC=AVC

Q: Refer to the following table. If the market price of the good is $150, the firm will in the short…

A: The marginal cost (MC) curve at and above the shutdown point is the short-run supply curve for a…

Q: MC $80 ATC $64 $62 $60 AVC $42 $37 80 100 140 200 a The graph above shows the cost curves for…

A: In a market, the profit Maximizing level of output is the one at which market price of a product…

Q: ATC MC AVC P3 f P2 P1 10 11 12 Quantity (per day) 5 8 The figure above shows a firm in a perfectly…

A: The firm's goal is to maximize profits by minimizing losses. A competitive firm may incur losses in…

Q: 4. The profit function of Firm GG is n=-2q2+280q. What is the profit maximizing quantity?What is the…

A: Given: Profit function, p=-2q2+280q

Q: The following diagrams show the market for a good, as well as the cost curves for an individual firm…

A: Perfect competition is a type of market where there are very large number of firms,which have no…

Q: What are “Adam Smith’s laws of the market” What does Adam Smith think is behind the economy/market?…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Total Marginal Marginal Quantity Price Revenue Revenue Total Cost Cost 0 14 0 2 1 12 12 6 2 10 20 9…

A: In a perfect competition market structure, there are many firms, none of which can influence the…

Q: 3. True or False? d. A firm that receives a price larger than its average variable costs but less…

A: In the short run, a firm may operate with excess profit, normal profit, and even incurring loss. But…

Q: The following image shows the price of Quick Copy at a copy place near the campus. It operates in a…

A: Perfect competition arises when there are several firms offering a homogenous good to large number…

Q: a perfectly competitive market over the long run, a. an increase in market demand or a decrease in…

A: Perfect competition market  Perfect competition is a form of market where there is a large number of…

Q: Referring to the graph below: a. Is this firm operating in the long run? How do you know? b. What…

A: In perfect competition,  In long run , a firm will produce where P = MR = MC = ATC  So, There will…

Q: Here is an industry in long run equilibrium. What is profit in this industry when demand is at D1?…

A: Perfect competition is a type of market structure in which there are large number of buyers and…

Q: es The table below shows the total cost (TC) and marginal cost (MC) for Baker Street, a perfectly…

A: A large number of sellers and buyers with homogeneous products are selling in the markets described…

Q: Price, P (€); cost 3.70 2.50 2 0 20 O 40 60 80 140 120 100 Quantity of loaves, Q 160 180 Marginal…

A: A collection of curves in the QP-plane known as the isoprofit curves correspond to different levels…

Q: The firm has  total revenue $100 and producing total 10 cell phone. How would I calculate average…

A: Total revenue (TR) = $100 Total quantity (Q) = 10 units Average revenue (AR) = ?

Q: $20 $18 MC ATC $16 P = MR $14 $12 AVC $10 $8 $6 $4 $2 $0 200 400 600 800 1,000 1,200 Output (Q) The…

A: A perfect competitive firm is always a price taker.

Q: A. Is this firm working in a comppitive market or monomply? Explain. B. Is it working in short or…

A: The graph is:

Q: Refer to the figure above for the perfectly competitive firm. If the market price is $300, the firm…

A: In perfectly competitive market, equilibrium price is determined at the intersection of market…

Q: Tomas is the general manager for a local automated car wash. The market he operates is perfectly…

A: Perfectly competitive market: It is a market structure where there exists a large number of buyers…

Q: MC АТС 20 -MR 16 30 40 Firm What is the amount of profit for the firm in the graph?

A: A Firm will be in equilibrium when its profit is maximized or loss is minimized. For this following…

Q: The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely…

A: Characteristics of a Purely Competitive(PC) Market:Many sellers and purchasers exist in the…

Q: not use ai please

A: In perfect competition, the firm has no control over prices, and it can only change the quantity it…

Q: 2 A profit seeking firm should always a. Maximize the difference between price and average total…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 7. Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable…

A: (a) Quantity TVC MC 0 0 NA 1 100 100 2 180 80 3 220 40 4 300 80 5 390 90 6 500 110…

Q: Instructions: Use the tool provided "Pt. A to identify the profit-maximizing quantity and price.…

A: The primary goal of optimizing a firm's revenue and minimizing costs is termed 'profit…

Q: MC ATC H K Demand MR ELM Quantity Dollars

A: Firm will be in equilibrium when either profit is maximized or loss is minimized. Mathematically…

Q: Using the graph for the questions : A. There are fixed costs of $50 no matter what the output level…

A: The profits are maximizes profit when the value of the last unit of a good (i.e. marginal revenue)…

Q: olve the following: d. what is the marginal cost when the firm increases the output from 5 to 6? e.…

A: Marginal cost measures the change in total cost due to a change in quantity.  i.e., Marginal cost =…

Q: Price 8 7 6 5 4 3 I I 10 11 12 13 MC ATC AVC Quantity

A: The market price is $4, which is below the firm's average variable cost at all levels of output.…

Q: Market Representative Firm MC A MR = P $7 ATC $5 AVC $2 70 100 115 18,000 Quantity (Q) Output (Q)…

A: Q18AnswerThe firm produces at MC=PP=$5 then MC=P at Q=100 and…

Q: Provide an explanation to the following statements about perfect competition. (a) Firms are price…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: ... 50 MC ATC 40 MR 30 20 10 10 20 30 40 Quantity (per day) The figure above shows a perfectly…

A: Equilibrium price and equilibrium quantity will set at the point where marginal revenue equals…

Q: Market (Industry) MC Firm ATC 10 AVC 81 D (millions) 40 70 80 Study the graph given above. What will…

A: For a perfect competitor firm, it accepts the market price as its own price, and equates this price…

Q: 74. In the video, when MC > MR, what action should the firm take to Maximize Profit. Select one: a.…

A: 74. Marginal revenue is the amount of revenue received from selling one additional unit. Marginal…

Q: Draw the firm's demand curve. Label it D. Draw the firm's marginal revenue curve. Label it MR. Draw…

A: Since you have posted a question with multiple subparts, we will provide the solution to only the…

Q: Use the graph above for question one assuming it represents the cost of a perfectly competitive firm…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: MR 10 20 25 40 40 Quantity How much profit will this firm make? D

A: Profit refers to the financial gain or surplus that a firm receives after deducting all costs(C)…

Q: 3. Apples are produced in a perfectly competitive industry. Assume that there are 100 identical…

A: Part (a)  In case of perfect competition , the supply curve is given by marginal cost curve above…

Q: (Figure: Maximum Profit in Perfect Competition 3) Price and Costs $16 A) C. B B. In the figure,…

A: In perfect competition,  There exists large no. of buyers and sellers.  The profit is maximized…

Q: MC ATC MR Quantity The diagram portrays Multiple Choice the equilibrium position of a competitive…

A: Competitive market refers top a market where there are many buyers and sellers in the market selling…

Q: Fill in the blank. "For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC)…

A: The change in the total costs arising when a quantity is increased and the total cost of producing…

Q: Suppose the market price of a good is $20 and TC=0.5Q2. A.   What Q should a profit maximizing…

A: A competitive firm is a price taker as there are large number of firms selling identical goods

Q: Basti’s Coffee operates in a competitive market. The short run price in the coffee market is equal…

A: In a perfectly competitive market structure there exists a large number of buyers and sellers of the…