4. Fill in the columns in the following table. What quantity should a profit-maximizing firm produce? Verify your answers with marginal reasoning. TFC TVC MC Price TR TC Profit $10 sO $20 1 10 12 20 10 20 20 10 25 20 4 10 40 20 5 10 65 20 10 100 20 2. 3.
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- Will a perfectly competitive market display allocative efficiency? Why or why not?Fill in the columns in the following table. What quantity should a profit-maximizing firm produce? Verify your answers with marginal reasoning. q TFC TVC MC Price TR TC Profit 0 $10 $0 $20 1 10 12 20 2 10 20 20 3 10 25 20 4 10 40 20 5 10 65 20 6 10 100 20Shakti Inc. has been granted a patent for its arnica toothache balm. The table to the right shows the demand and the total cost schedule for the firm. What is Shakti's profit minus maximizingoutput? A. 4 units B. 6 units C. 7 units D. 5 units Price per dose (Dollars) Quantity Demanded (Dose) Total Cost of Production (Dollars) $80 0 $80 72 1 82 64 2 88 56 3 100 48 4 124 40 5 164 32 6 208 24 7 268 16 8 340
- Sleek Sneakers Co. is one of many firms in the marketfor shoes.a. Assume that Sleek is currently earning short-runeconomic profit. On a correctly labeled diagram,show Sleek’s profit-maximizing output and price,as well as the area representing profit.b. What happens to Sleek’s price, output, and profitin the long run? Explain this change in words, andshow it on a new diagram.c. Suppose that over time consumers become morefocused on stylistic differences among shoe brands.How would this change in attitudes affect eachfirm’s price elasticity of demand? In the long run,how will this change in demand affect Sleek’s price,output, and profit?d. At the profit-maximizing price you identified inpart (c), is Sleek’s demand curve elastic or inelastic?ExplainGiven the data provided in the table below, what is the marginal cost of producing the 4th unit of output? Q P TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 Question 12 options: a) $4.00 b) $19.00 c) $4.75 d) $5.00cc4. a)What is the largest number of thingamabobs that can be produced and sold for Yaster Inc. to break even? thingamabobs. Round to the nearest thingamabob. b)How many thingamabobs should Yaster Inc. produce and sell in order to maximize profit? thingamabobs. Round to the nearest thingamabobs.
- Is what kind of market Resturants and video Rental store operate. Justify your answer. Would the firms that provide insuarance and cellular servise operate in same kind of market.Explain.4. Suppose we have another firm known as Sepanyan Corporation which makes a product known as Yeghias. Suppose the firm’s FC=$8,000 and its TC=$10,000 and its AVC=$5. What is the ATC? a) $25.00 b) $67.50 c) $100.25 d) $200 e) Not enough information 5. Which of the following is true concerning a competitive firm? a) It will produce even when its economic profit is zero b) It prefers not to maximize profits c)t is the only firm in the market d) Its quantity choice will affect the market price e) People’s PED for the firm’s specific product is inelasticUsing the data in the table below, how much profit will be obtained for producing 7 units of output? Q P TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 Question 50 options: a) -$5.00 b) $40.00 c) $0 d) -$10.00
- Explain using a two-dimensional graph how imperfect competition brings a loss of economic efficiency.#38 Use the data in the table to find the marginal cost of producing the 6th units of output. Q P TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 Question 38 options: a) $6.00 b) 4.$30.00 c) $27.00 d) $5.00Refer to the table below. How much profit would this firm make if it produces 2 units of goods? Q P TR MR TC MC 0 $30 0 - $15 - 1 $30 $30 $30 $25 $10 2 $30 $60 $30 $40 $15 3 $30 $90 $30 $60 $20 4 $30 $120 $30 $85 $25 5 $30 $150 $30 $115 $30 6 $30 $180 $30 $150 $35 Group of answer choices $20 $35 $30
