1.4) Suppose market price is RM60. How much will the firm produce in the short run? How much are total profits?

Q: 1. Consider a typical perfectly competitive firm with an increasing MC curve. At the current…

A: Q1 A firm in the perfectly competitive market produces at MC=P, In the given problem MC<P, in…

Q: 1. Last year, a toy manufacturer introduced a new toy truck that was a huge success. The company…

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

Q: 1. Claude's Copper Clappers sells clappers for $65 each in a perfectly competitive market. At its…

A: The correct solution is option c.

Q: The supply curve of a competitive firm is y = p/2. Suppose the firm produces 5 units. What are its…

A: Introduction In short run, more quantity of a good is produced by working the given capital…

Q: 3. The industry producing and selling wooden pallets is comprised of 100 identical firms each of…

A: We are given the Total Cost function , We know that the rising portion of the MC curve above the…

Q: 5. Suppose a firm faces the following long run total cost function: TC =q³ - 20q² + 200q. What is…

A: Answer: Given, Total cost function:TC=q3-20q2+200q Let us assume that the given cost function is of…

Q: 3. A profit-maximizing firm has the total-cost function C = - a? + 6x + 50 and sells into a…

A:

Q: The equilibrium price in a perfectly competitive market is $75. The marginal cost function is given…

A: profit maximization is the short run or long run process by which a firm may determine the price,…

Q: Claude’s Copper Clappers sells clappers for $65 each in a perfectly competitive market. At its…

A: Since you have asked multiple question so we will solve the first question for you if you want…

Q: 1. If a market is characterized by economies of scale, then which of the following is true: a. this…

A: As a product is put into manufacturing process, cost  takes place and business follow ups. Business…

Q: A Milton company works in perfect competition market, its total cost curve in short run is given in…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: A firm's costs are given in the following table. q TC TFC TVC AVC ATC MC O RM50 1 70 2 80 3 90 4 110…

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

Q: 1.1) Complete the table.  1.2) Draw a graph for each AVC, ATC and MC on one graph.  1.3) Suppose…

A: Q TC TFC TVC AVC AFC ATC TR1( at p = 20) MC MR1 MR 2( at p= 60) 0 50 50 - - - - 0 - - - 1 70 50…

Q: A Milton company works in perfect competition market, its total cost curve in short run is given in…

A: Total revenue (TR): - it is the total amount that a seller receives selling his goods and services…

Q: 6. Using the costs in the table above (question #4), what quantity should the firm produce at the…

A: Answer -

Q: The cost of producing watches is given by C = 300 + 3Q2, where Q is the level of output and C is…

A: Total Revenue = Price * Quantity Total Profit = Total Revenue - Total Cost A firm makes maximum…

Q: 10. An industry currently has 100 firms, each of which has fixed cost of $16 and average variable…

A: Hi Student, thanks for posting the question. As per the guideline we are providing answers for the…

Q: The short-run market demand and supply for Kente cloth are expressed as follows: Demand:P=40-0.25Q…

A: ANS Demand : P = 40 – 0.25Q Supply : P = 5 + 0.05Q Total Revenue (TR) = Price × Quantity demanded.…

Q: 4. A profit-maximizing firm has cost function C(Q) = 500 + 10Q + 200. 4a.What is the firm's marginal…

A: Please find the answer below.

Q: Consider a firm that is currently producing a level of output that maximizes its profits. The firm…

A: Given:  Revenue of the firm = $40 million per month. Worker Compensation = $30 million Renting of…

Q: 8. A firm in a perfectly competitive market has a cost function C(Q) = Q + 128. What is the lowest…

A: In the long run, the firms will continue to produce as long as it is not incurring losses. The…

Q: A. Consider that you're the manager of a competitive firm, KKL INC. with the following short run…

A: In short run the firm will try to recover only Variable cost it means their price must equal to the…

Q: 5. Profit maximization and shutting down in the short run Suppose that the market for wind…

A: The optimal quantity of an output that produces by the firm is at where the price is equal to…

Q: b. Suppose market demand is Qº= 1,000-40P. Solve for output per firm (Q), the long-run competitive…

A:

Q: A perfectly competitive firm has the following total cost function:…

A: Perfect competition refers to the market structure which features more number of sellers and buyers…

Q: A firm in a perfectly competitive market has a short-run total cost function equal to SRTC=4+20q,…

A: Perfect competition is a type of market where the price and quantity of goods sold is determined by…

Q: TC(q)= 4q^2 + 8. The market demand function is Q(p) = 800 - 15p, and there are 40 identical firms in…

A: We have given that  The total cost function of the firm TC(q)= 4q2+8               ...... (1) Market…

Q: 7 What is the total variable cost? 8 Identify the firm's short-run supply curve. 9 Is the industry…

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

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: (Short-Run Loss) Suppose a firm decides to shut down in the short run. What is the resulting loss?

A: When the price level is charged below the average variable cost, the firm forced to shut down. At…

Q: 6. Suppose a competitive firm's production function is q(x) = ax3 –b, where a > 0 and b > 0. q is…

A: Production function : q(x) = ax1/3 - b  Price of input (x) = c  Competitive firms optimizes its…

Q: The short-run market demand and supply for Kente cloth are expressed as follows: Demand: ? = 40 −…

A: Given  Demand  PD = 40 - 0.25Q Supply  PS = 5 + 0.05Q Marginal Cost  MC = -20 + 4Q

Q: A perfectly competitive form sells 40 units of output at the market price of $ 380 per unit . It's…

A: The marginal revenue forms the horizontal straight line which equates the price in the market with…

Q: 12. An industry currently has 100 firms, all of which have fixed costs of $16 and average variable…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: 2. Since a firm in a perfectly competitive market is a price taker, the demand for this firm's…

A: In the perfect competition, there is a large number of sellers present in the market, and each firm…

Q: Q) The short-run market demand and supply for Kente cloth are expressed as follows: Demand: ? =…

A: Answer: Given values: Demand function: NOTE: Instead of? , P= Price is being used on the left-hand…

Q: 11. The graph below shows the marginal revenue, marginal cost, and average total cost at different…

A: Prices are given for a perfectly competitive firm, and it could earn positive or negative profits…

Q: 1) If ATC is below the MR=P=AR=D line is there a profit or a loss? What will happen in the long run…

A: Average revenue (AR): - it is the per-unit revenue generated by selling goods or services which is…

Q: 1. Assume a competitive firm with a cost function c(y) = y + 10 for y > 0 and with c(0) = 0. %3D •…

A: A cost function is a formula used to predict the cost that will be experienced at a certain activity…

Q: 10. In a competitive market, the current equilibrium price is $200 per unit. A firm that produces Q…

A:

Q: 5) Why is a firm willing to produce at a loss in the short run if the loss is no greater than the…

A: Costs refers to the amount of money involved in the production process to produce the goods and…