ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 8, Problem 7P
To determine
Complete the table and answer the subparts.
Introduction: Not required.
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The following graph shows the short-run supply curve for pears.
Place the orange line (square symbol) on the following graph to show the most likely long-run supply curve for pears. (Note: Place the points of the
line either on K and T or on K and C.)
(?)
48
Long-Run Supply
K
Short-Run Supply
2
4
6
8
10
QUANTITY (Thousands of pounds of pears)
PRICE (Dollars per pound)
40
32
24
16
8
0
12
(Figure: Big Tree Organic Farms in the Short Run) Use Figure: Big Tree Organic Farms in the Short Run.
Big Tree Organic is a perfectly competitive organic farm in Turlock, California. If the market price is G, the
farm's total cost of producing its most profitable level of output is:
Price
G
F
EN
S
0
OBS.
DK.
OFKD.
OESB.
H
L
MC ATC
AVC
B
D
Quantity (per period)
MR
Homework (Ch 05)
The following graph shows the long-run supply curve for persimmons.
Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for persimmons. (Note: Place the points
of the line either on K and T or on K and C.)
24
Short-Run Supply
20
16
K
O →
PRICE (Dollars per pound)
8
4
0
0
Long-Run Supply
2
6
8
10
QUANTITY (Thousands of pounds of persimmons)
12
Chapter 8 Solutions
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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Similar questions
- Discuss, thank you What does the Law of Supply state? Why do supply and demand curves slope in opposite directions? How is the elasticity of supply affected by the way a product is produced? Explain the difference between a total product and a marginal product. What is the difference between a fixed cost and a variable cost? Note: use references from published scientific articlesarrow_forward1arrow_forwardTyped plzzz Asaparrow_forward
- Confused on how to find the long-run supplyarrow_forward(Table: Costs for Alina's Apple Pies) Use the table Costs for Alina's Apple Pies. If Alina's Apple Pies operates in a perfectly competitive market and the market price for a pie is $38, what profit (or loss) will this firm earn? a profit of $200 a loss of $30 T a loss of $200 a profit of $80 This is what I think the answerisarrow_forwardHW#4 (Costs of Production, Competitive Markets) Attempts: Keep the Highest: /6 20. Problems and Applications Q3 Consider total cost and total revenue, given in the fllowing table: In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.) Total Cost Quantity (Dollars) Marginal Cost Marginal Revenue (Dollars) Total Revenue Profit (Dollars) (Dollars) (Dollars) 12 3 11 18 4 15 24 20 30 26 36 35 42 In order to maximize profit, how many units should the firm produce? Check all that apply. 4 6. In the previous table, enter marginal revenue and marginal cost for each quantity.arrow_forward
- Sub : EconomicsPls answer very faast.I ll upvote. Thank Youarrow_forwardFigure: Cost Curves for Corn Producers Reference: Ref 12-3 (Figure: Cost Curves for Corn Producers) Look at the figure Cost Curves for Corn Producers. The market for corn is perfectly competitive. If the price of a bushel of corn is $10, in the short run, the farmer will produce _____ of corn and earn an economic _____ equal to _____. 3 bushels; profit; loss, -$15 2 bushels; profit; $0 4 bushels; profit; just less than $80 per bushel 2 bushels; loss; just more than $80 per bushelarrow_forwardPlease answer fastarrow_forward
- Sub : EconomicsPls answer very fast.I ll upvote correct answer. Thank Youarrow_forward7. The long-run supply curve in different cost industries The following graph shows the market for tortilla chip. Initially, the market is in a long-run equilibrium. Suppose that a change in tastes resulted in a leftward shift in demand. On the following graph, shift the demand or supply curve to reflect this change in tastes. Then use the grey point (star symbol) to indicate the new short-run equilibrium. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per bag) 10 00 in 2 4 In the short run, firms will Short-run Supply Demand QUANTITY (Thousands of bags) 8 10 Demand Short-run Supply Short-run Equilibrium Long-run Equilibrium Long-run Supply ? . In the long run, the supply curve will On the previous graph, show the shift in the supply curve and then use the purple point (diamond symbol) to indicate the resulting…arrow_forwardBehind the Supply Curve: Inputs and Costs Work It Out: Question 2 of 5 The accompanying table shows a car manufacturer's total cost of producing cars. Calculate the variable cost (VC) for the following quantities. VC for a quantity of 0: $ VC for a quantity of 5: $ VC for a quantity of 9: $ 0 Quantity of cars Total Cost $500,000 540,000 560,000 570,000 590,000 620,000 660,000 720,000 800,000 920,000 1,100,00 0 1 2 3 4 5 6 7 8 9 10arrow_forward
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