18. The firm's short-nun supply curve will be: The marginal cost curve b. The marginal cost curve from a and above C The marginal cost curve fromb and above dThe marginal cost curve from d and above 2.
Q: ATC Price MC AVC 8 4 10 11 12 13 Quantity The graph shows the cost curves of a firm in a competitive…
A: In Perfect competition market, MR and AR curve coincides each other and is parallel to X-axis due to…
Q: The market for fertilizer is perfectly competitive. Firms in the market are producing output but are…
A: Part a) Since , the firm is perfectly competitive the price must be equal to MC which is the profit…
Q: Figure 16-12 Price 100 90 80 MC 'ATC 70 Fog 85 50 + 40 + 36 30 + 20 10 + MR 4 12 16 20,24 28 32…
A: Marginal revenue curve lies below the demand curve because the seller has to decrease the price in…
Q: Find price, quantity, and profit. Fixed cost: 300 MR = 64-4q mc= 4q p=64-2q
A: Given information: Fixed cost = 300 MR = 64 - 4q MC = 4q p = 64 - 2q -------------------------
Q: apn shows the fong-run tuation Jucer of running shoes Price and cost (dollars per par) In the market…
A: The practise of mark up is adopted by the producer who has market power. In case of Monopoly and…
Q: 25. A firm in a competitive market has the following cost structure: Output Total Cost $5 $10 $12…
A: Answer in step 2.
Q: 2 firms Demand functions: QA = 120 – 2PA + PB Cost Structure: AC = MC = 20 Calculate PA, QA and…
A: Total Revenue is calculated by taking the product of the price and quantity of firm A. Total…
Q: 7 A firm produces widgets in a highly competitive market. The current market price is $100 per…
A: profit maximizing quantity refers a condition where profit is maximum. here we calculate profit…
Q: Question attahed in image
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 5. A firm with total costs TC = 50 + 2Q for Q units 4 output, which sels its output at price P=5,…
A: Breakeven point is the point where Revenue is equal to cost , where firm cover their expenses only ,…
Q: 1. Šunrise Juice Company sells its output in a perfectly competitive market. The firm's total cost…
A: Marginal cost = Change in total cost/Change in output Average total cost = Total cost/Output a)…
Q: 3. The figure below shows short run cost and revenue curves firm. Price and cost per unit MC £5 ATC…
A: 3) The curve shows the demand and MR curves along with the cost curves.
Q: 11 b. Assume that the market price in the short run is P = $11, Giyen the way YOU drew With the…
A: Long run average cost, or LRAC, is referred to the cost for an unit of output when all the factors…
Q: 4. A puppet maker calculates that the yearly cost of running his manufactory is $14,000.…
A: “Hello, since there are multiple ubpart questions posted, we will answer first three subpart…
Q: Question 4 a. The following presents the costs and revenues for a firm. Quantity Total Cost Marginal…
A: Note: Since you have posted multiple independent questions in the same request, we will solve the…
Q: Consider the graphs of a constant cost industry and a perfectly competitive firm within it.…
A: (a) The long run equilibrium in a perfect competitive market can be illustrated as follows.
Q: The market for apple pies in the city of Ectenia is competitive and has the followingdemand…
A: a. It is known that the marginal cost which shows the additional rise in cost due to the production…
Q: Answer the questions on the cost of production King Crab Restaurant has the following cost schedules…
A: In perfect competition, eqm. Q(quantity) is found by the equality of MC(marginal cost) and P(Price).…
Q: Number of Fruit Baskets TFC TVC TC MC $50 $0 $50 1 50 10 60 10 2 50 15 65 50 21 71 6 4 50 31 81 10…
A: When the market price of the fruit basket is $22, then the Exotic fruit should sell 6 fruits baskets…
Q: Surplus A perfectly competitive firm has this short run total cost equation: STC = 4q2 + 81 a. Find…
A: Cost of production is the monetary value incurred on factors of production . There are two types of…
Q: Buppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of…
A: Given: C=200+2q2MC=4qFixed Cost=$200 The profit maximizing condition in competitive market is P=MC…
Q: The market price is: A The firm's marginal revenue is: A At the current market price, what quantity…
A: The market price would be the one where the quantity supplied is equal to the quantity demanded.…
Q: Refer to the information provided in Table 8.2 below to answer the question(s) that follow. Show…
A: Meaning of Perfect Competition: The term perfect competition refers to the market under which…
Q: Paulina sells beef in a competitive market where the price is $5 per pound. Her total revenue and…
A: Marginal revenue is a central concept in microeconomics that describes the additional total revenue…
Q: 5. A firm produces a product in a competitive industry and has a total cost of function…
A: A competitive industry is an industry in which there are many firms that sell easily substitutable…
Q: Q2. a. Create numbers for the table below TC TFC | TVC AVC ATC MC 1 3 4 6 7 9 10 b. Indicate a…
A: a) q TC TFC TVC MC AVC ATC 0 10 10 0 _ _ _ 1 18 10 8 8 8 18 2 31 10 21 13 10.5 15.5 3 45…
Q: Enplain the lImportance of the concept of price, elasticuty diagram for each to support your Income…
A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…
Q: Ques 6 For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be and…
A: In a market, an equilibrium is one at which firms and households both are able to maximize their…
Q: 1.1. Let a firm be in a perfectly competitive output market with the following data abou production.…
A: A perfectly competitive market is an ideal sort of market structure where all producers and…
Q: When a firm in a competitive market produces 15 units of output, it has a marginal revenue of $8.00.…
A: In a competitive market there are many firms with free entry and exit so there are no barriers.
Q: 5. Profit: iPhones Assume that Apple's marginal cost function for the manufacture of x 32GB iPhone…
A: Introduction We have given Apple's cost function for the manufacture of x 32 GB iPhone 6's per hour…
Q: (a) Complete the table. (b) Identify the equilibrium output and price. (c) How much profits does the…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Ques 5 Under imperfect competition, Average Revenue (AR) remains Marginal Revenue (MR). (Fill up the…
A: When the total revenue is divided by the total units it is termed as average revenue. While marginal…
Q: Quantity of Output Total Cost 0 $12 1 $14 2 $18 3 $24 4 $32 5 $42 6 $54 7 $68 The table above shows…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: lls CrunchyCrunch for a price of $10 with a marginal cost of $6. Firm 2 sells FibryFibre for a price…
A: Marginal cost: It refers to the cost that changes with a change in output. The marginal cost of the…
Q: Number of Fruit Baskets TFC TVC TC MC $50 $0 $50 1 50 10 60 10 2 50 15 65 5 50 21 71 6 4 50 31 81 10…
A: In a perfectly competitive market, price equals the marginal cost. If the market price of the fruit…
Q: Price (per unit) MC ATC $3.00 2.00 1.00 100 250 300 400 Output (per day) $900.. Use Figure: The…
A: Given the market price,firms total cost would be 300+400=700
Q: 18. The firm's short-nun supply curve will be: 2 The marginal cost curve b. The marginal cost curve…
A: We know that the supply is the quantity that is sold by a firm during a given period of time at a…
Q: Price (Rials NC ATC per unit MC ATC ANCAVC 5 10 15 16 15 6 22 In the above figure, at a price of RO…
A: A firm earns an economic profit if Total Revenue (TR) = P X Q, is greater than the Total Cost (TC) =…
Q: QUESTION 1 ssume a perfectly competitive market. he graph below indicates the price and different…
A: In a perfectly competitive market there are large number of firms producing similar and identical…
Q: Total product TFC AFC TVC AVC TC MC $. $_ $_ 1 $ $12 2 12 10 3 60 4 56 a. Fill out the table…
A: Disclaimer: Since you have posted a question with multiple sub-parts, we will provide the solution…
Q: 2. Complete the following table Price output (Q ed costVariable cost Revenue total Cost Marginal…
A:
Q: ically competitive firm faces the following demand curve for its product: ice ($) uantity 10 9. 5.…
A: Monopolistic competitors produce up to MR> MC. That is, the additional revenue generated by the…
Q: 3. A profit-maximizing firm has the total-cost function C= r³ - + 6x + 50 and sells into a…
A: Given, Cost function, Price (P) = $10 Here, x is the output. So, The marginal cost,
Q: 4. (Table) Based on the table, what price does J Output Marginal Cost Total Revenue 1,200 1,300…
A: Total Revenue = Price * Output => Price = Total Revenue / Output From the given table…
Q: 3. Given information in the following table: Quantity Price (RM) Total Cost 1 60 18 58 20 3 54 24 4…
A: Since we only answer up to 3 sub-parts, we will answer the first 3. Please resubmit the question and…
Step by step
Solved in 2 steps
- 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?A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.(The Short-Run Firm Supply Curve) Use the following datato answer the questions below: a. Calculate the marginal cost and average variable costfor each level of production.b. How much would the firm produce if it could sell itsproduct for $5? For $7? For $10?c. Explain your answers.d. Assuming that its fixed cost is $3, calculate the firm’sprofit at each of the production levels determined inpart (b).
- 2 firms Demand functions: QA = 120 – 2PA + PB Cost Structure: AC = MC = 20 Calculate PA, QA and Profits for firm A.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] 7.71(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
- 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] 7.71COURSE: ECONOMY A company has a total cost function TC = 80+3q+2q2 and a marginal cost function MC = 3+4q. If market price is P = $30 and it is producing 10 units:(a) Is firm maximizing its profits?b) What quantity should it produce in long run? Hint: MC= ATCc) Construct a table with all costs.d) Plot profit maximization points in short and long run.COURSE: ECONOMICS A competitive firm has a marginal cost function CM = 6 + 4q and market price is P = $12.a) What the firm's level of output?b) What producer surplus? Hint: graph and computec) Assume that Average Variable Cost is AVC = 6 + 2q and Fixed Costs FC = $6; does firm have a positive, negative or zero profit? Explain
- Answer the questions on the cost of productionKing Crab Restaurant has the following cost schedules as Table below:Quantity Variable Cost Total Cost0 $ 0 $ 301 10 402 25 553 45 754 70 1005 100 1306 135 165 1.1 Based on Table above, calculate fixed cost, average variable cost, average total cost,and marginal cost for each quantity.1.2 Following (1.1), if the King Crab restaurant is in a completive market and sells itsproduct at the price of 25$, what is the King Crab’s equilibrium? How much profitwill it get?1.3 Following (1.1) and (1.2), if the King Crab increases its price to be 35$, How will theequilibrium change? How much profit (or loss) will it have?1.4 Consider the following table of long-run total costs for three different firms:The market for apple pies in the city of Ectenia is competitive and has the followingdemand schedule:Price Quantity Demanded$ 1 1,200 pies2 1,1003 1,0004 9005 8006 7007 6008 5009 40010 30011 20012 10013 0 ch producer in the market has fixed costs of $9 and the following marginal cost:Quantity Marginal Cost1 pie $ 22 43 64 85 106 12a. Compute each producer’s total cost and average total cost for 1 to 6 pies.b. The price of a pie is now $11. How many pies are sold? How many pies does eachproducer make? How many producers are there? How much profit does eachproducer earn?c. Is the situation described in part (b) a long-run equilibrium? Why or why not?d. Suppose that in the long run there is free entry and exit. How much profit does eachproducer earn in the long-run equilibrium? What is the market price? How many piesdoes each producer make? How many pies are sold in the market? How many pieproducers are operating?Pls don't use AI solution Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price?.
