11- Which of the following would cause the short-run market supply curve to shift inward? Select one: a. a fall in input prices b. government regulations that raise each firm's marginal cost of productionprice c. an increase in each firm's fixed cost d. both b and c
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- Productive efficiency and allocative efficiency are two concepts achieved in the long mm in a perfectly competitive market. These are the two reasons why we call them perfect. How would you use these two concepts to analyze other market structures and label them imperfect?Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + q2 Marginal cost: MC = q where q is an individual firms quantity produced. The market demand curve for this product is Demand:QD = 120 P where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market. a. What is each firms fixed cost? What is its variable cost? Give the equation for average total cost. b. Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity? c Give the equation for each firms supply curve. d. Give the equation for the market supply curve for the short run in which the number of firms is fixed. e. What is the equilibrium price and quantity for this market in the short run? f. In this equilibrium, how much does each firm produce? Calculate each firms profit or loss. Is there incentive for firms to enter or exit? g. In the long run with free entry and exit, what is the equilibrium price and quantity in this market? h. In this long-run equilibrium, how much does each firm produce? How many firms are in the market?Would independent trucking fit the characteristics of a perfectly competitive industry?
- Q) The short-run market demand andsupply for Kente cloth are expressed as follows:Demand: ? = 40−0.25?Supply: ? = 5+0.05?Marginal cost: −20 +4? a)The short-run level of output is ___________ metres.[1] 40.00[2] 5.05[3] 35.30[4] 20.00[5] 7.71H3. In a perfectly competitive market, a firm’s production in the market described as Q = f(X) = 5X0.5 , where the final product of that firm per unit $20 and the raw material of that product per unit $5. a- much raw material will use by the firm to maximize the profit? b-How much final product will produce by the firm? c-What will be the firm’s profitI need help with econ multiple hw questions asap! 60) When a firm in a competitive market produces 15 units of output, it has a marginal revenue of $8.00. What would be the firm’s total revenue when it produces 8 units of output? A. $64.00 B. $48.00 C. $6.00 D. $4.80 59) The competitive firm’s long-run supply curve is that portion of the marginal-cost curve that lies above which average cost? A. sunk cost B. total cost C. variable cost D. fixed cost
- 26.A firm operates in a perfectly competitive market and is producing at the profit-maximizing output. It is incurring economic losses. Based on this information, which of the following is true? A-Average total cost = price; marginal cost > marginal revenue. B-Average total cost = price; marginal cost = marginal revenue C-Average total cost > price; marginal cost = marginal revenue D-Average total cost > price; marginal cost > marginal revenue E-Average total cost < price; marginal cost > marginal revenue 27.In the short run, a price-taking firm decides to produce zero units of output. Which of the following must have been the case? A-The market price was less than the firm's average variable cost. B-The firm was earning normal profits in the short run but projected economic losses in the long run. C-The firm's average total cost was higher than its average revenue. D-The market price was between the firm's average variable cost and average total cost. E-The…The short-run market demand and supply for Kente cloth are expressed as follows: Demand: ? = 40 − 0.25? Supply: ? = 5 + 0.05? Marginal cost: −20 +4? a) The short-run level of output is ___________ metres.[1] 40.00[2] 5.05[3] 35.30[4] 20.00[5] 7.711.4) Suppose market price is RM60. How much will the firm produce in the short run? How much are total profits?
- 7. Claude’s Copper Clappers sells clappers for $65 each in a perfectly competitive market. At its present rate of output, Claude’s marginal cost is $65, average variable cost is $45, and average total cost is $67. To maximize his profit or minimize his loss in the short run, Claude should increase output reduce output but not to zero maintain the present rate of output shut down raise price 8. A price taker in a perfectly competitive industry is currently selling 6000 units per month at the market price of $8 per unit. Monthly total variable costs are $50,000 and total fixed costs are $20,000. Marginal cost is $8 per unit and rising. Economic profits a. are equal to zero b. are greater than zero c. are less than zero d. cannot be determined 9. Choose two (2) of the incorrect answers to multiple choice Question #7 (Claude’s Copper Clappers problem) and explain why they are incorrect.9.- A competitive firm reaches the minimum of the long-run average cost for y = 20 when it operates with the short-run cost function C = yi3-20yi2 + 100yi + 8000, where yi is the production of the firm. Then the long-run price equilibrium will be 500. If the government imposes a specific tax on output of 40 euros, what are the taxes collected by the government in the short-run and in the long-run, if the market demand is given by x = 2500 - 3p, where x is the quantity demanded by consumers and p is the price? Will the government collect more or less taxes in the long-run than in the short-run? Why?(a) Complete the table.(b) Identify the equilibrium output and price.(c) How much profits does the firm earn at equilibrium output?(d) Is the firm operating in a perfect or imperfect market and is the? firm earning supernormal profit, subnormal profit or normal profit
