Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette (his only product) is $3. If Yann's marginal cost function is given by MC=0.1q: (i) Yann's profit-maximizing level of output is .________ (ii) Yann's variable profit is .________ (iii) The producer surplus is ________

Q: Suppose a firm’s long-run total cost (LTC) curve is given LTC=2Q3-12Q2+20Q, and the long-run…

A: supply curve is the upward sloping curve which shows positive relationship between price and…

Q: Suppose that the agricultural sector is perfectly competitive. Also suppose that all current…

A: Here market equilibrium price is at $1.99 which is greater than ATC $1.50 per pound of roma…

Q: The industry for cobalt mining is perfectly competitive. A typical mine has a capacity constraint of…

A: The supply curve depicts the units of the commodity that producers are ready and willing to supply…

Q: There are 240 firms of type A and 180 firms of type B in a perfectly competitive market. On one…

A: Equilibrium in the competitive market is reached where quantity demanded is equal to quantity…

Q: What happens to the market and the firm in the long run?  Indicate clearly what happens to price,…

A: In the long-run, the demand matches the supply.

Q: Draw 2graphs, one to represent the market (supply and demand), and one to represent a single firm…

A: "Since you have asked multiple parts, we will answer only first two parts for you. If you want other…

Q: Perfect Competition: End of Chapter Problem 14. The opening of formal Cuban relations with the…

A: Here, it is given that the free trade between Cuba and US has increased overtime, especially in the…

Q: Suppose there are 8 firms in this industry, each of which has the cost curves previously shown.…

A: The cost curve refers to the production cost of a firm that is represented as a function of the…

Q: Suppose a perfectly competitive firm is currently operating with the following information:…

A: The profit maximizing perfectly competitive firm will produce output at point where MR = MC. Here MR…

Q: a) What is meant by zero economic profit? (b) What are the conditions that need to be satisfied for…

A: Zero Economic Profit refers to no profit or no loss. It means that firm breakevens. In case of Zero…

Q: Consider a firm in a perfectly competitive market with total costs given by ??=?3 −15?2 +100?+30 a.…

A: Perfectly competitive market is the market where large number of sellers and buyers exchange the…

Q: Assume the following unit-cost data are for a purely competitive producer.

A: Profit maximizing conditions for a competitive market are - Necessary Condition : P = MC  Sufficient…

Q: Suppose that a market consists of 300 identical firms, all with the same cost curve: TC(4) = 0.1 +…

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

Q: Given P = 300 + 200Qs (demand equation), P = 6300 − 50Qd (supply equation), and TC = 500 + 10Q +…

A: P = 300 + 200Qs (demand equation) P = 6300 − 50Qd (supply equation)

Q: Question 5 Consider the following total cost schedule for a perfectly competitive firm producing…

A: For a competitive firm p=mR and it should produce even in the losses if P> AVC.

Q: 2. the price that maximizes the firm's profit 3. the firm's revenue

A: We know that the profit function is :  Profit = TR - TC  Profit = 80q - ( 110+ 40q +10q2 ) TR = 80q…

Q: Suppose that there are 40 firms in a market, each with the following cost function: C(q) = 44 + 3q².…

A: Given: C(q)=44+3Q^2 D(p)=1260-25p

Q: QUESTION 2 The long-run total cost function for producers of mineral water is LRTC (Q) = rQ, where Q…

A: Answer - Part a Answer - Need to find- Long run equilibrium price and quantity  Given in the…

Q: The demand curve and supply curve for carpet cleaning in the local market are currently as follows:…

A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…

Q: Consider the graph, which depicts a single competitive firm hat wishes to maximize profits given its…

A: The perfectly competitive market decides the price and individual firm does not have control over…

Q: Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette…

A: Total revenue is the revenue that is earned by producing goods and services. It is calculated by…

Q: QUESTION 19 The competitive market price of long-haul trucking is $3 per ton-mile. Red Raider…

A: Answer: Given, Total cost function: TC=29.6875+1.75Q+0.025Q2 Marginal cost function: MC=1.75+0.05Q…

Q: Only typed answer You’ve been given a firm’s production and cost functions:   p = 132 − 2q MC =…

A: A perfectly competitive firm maximizes profit by producing output at a level where Price is equal to…

Q: Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette…

A: Perfect competition is a concept in economics that represents an idealized market structure in which…

Q: Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette…

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

Q: Assume a firm is a small business and act as a price-taker in the market, the market price of the…

A: Firm's price product = 20 C(q) = 0.5q2+5q+100

Q: Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette…

A: The Profit maximizing condition in Perfect competition is where Marginal cost = Price = Marginal…

Q: Suppose that each firm in a competitive industry has the following costs: Total cost: TC=  50  +…

A: Total revenue is the total value of the commodities produced and sold in equilibrium.Economic costs…

Q: Suppose that there are 40 firms in a market, each with the following cost function: C(q) = 44 + 3q?.…

A: Given  Cost function of the firm: C(q)=44+3q2            .... (1) Market demand function:…

Q: Suppose Martha's Muffin Mart operates in a perfectly competitive market and is producing its…

A: The perfectly competitive market is a market type with a large number of buyers and sellers of the…

Q: The equilibrium price in a perfectly competitive market is equal to $10. The firms in this market…

A: In economic theory, perfect competition happens when all organizations sell indistinguishable items,…

Q: 2. Consider a market with 90 firms, each firm has a short-run total cost function as follows: TC(q)…

A: Fixed cost is that part of total cost that does not depend on quantity. It remains fixed even when…

Q: 3. Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50…

A: In competitive industry there are many firms producing identical goods that makes them price takers.

Q: In the short run, if a firm is having economic losses, but the profit is greater than the average…

A: The following problem has been solved as follows:

Q: Question 4 Suppose that the market for gasoline is a perfectly competitive market. All gas station…

A: In perfectly competitive market, price is constant so it is horizontal and equal to Marginal…

Q: 2.The marginal revenue of a firm is given by the following equation: MR(Q) = 22 +21Q + 16Q2 Where, Q…

A: The total of a company's sales revenues or income is referred to as its revenue. The change in total…

Q: In competitive markets economic profit becomes zero in the long-run. However, it is also possible…

A: Competitive market is the market structure where large numbers and sellers exchange the homogenous…

Q: On the graph input tool, change the number found in the Quantity Demanded field to determine the…

A: Demand: Demand for a commodity can be defined as the desire and willingness of a consumer to acquire…

Q: Equilibrium in Competitive Market in the Long Run  The long-run average cost function of a…

A: Given that, The long run average cost function of a competitive firm is  AC(Q) = 40 -6Q + Q2/3

Q: Consider a market with 90 firms, each firm has a short-run total cost function as follows: TC(q) =…

A: Firms in perfect competition are takers because there exists large number of firms selling identical…

Q: Explain how the following events may affect the profit rate for a U.S. firm and industry (be sure to…

A: Answer -Part a) Answer - 1. Across firms within the industry -  As all the subsidies to the U.S.…