40 b. Quantity -20 -40 In the above figure, the perfectly competitive firm is breaking even at points (check all that apply). a 20 Profit/loss (dollars per day) C.
Q: 1. In a perfectly competitive market, the marginal : of the firms is horizontal. revenue curve
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 2. The short-run supply curve for a perfectly competitive firm is its marginal cost curve above the…
A: The supply curve of a firm illustrates the relationship between the price and quantity supplied.…
Q: 1. A perfectly competitive firm realizes a total revenue of $2500 and a profit of $500. The firm…
A: Total revenue = Price * quantity 2500 = 12 * qty Qty = 208
Q: Use the values for a perfectly competitive firm below to answer the questions: Fixed Variable Cost…
A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…
Q: . Output . The following table shows the costs that a firm in perfect competition (where MR-AR=P)…
A: Meaning of Perfect Competition: The term perfect competition refers to the market under which…
Q: 3. The following graph shows cost curves for a perfectly competitive firm. The market price of each…
A: The answer is given below
Q: QUESTION 7 • Explain the ettect of an increase in demand in a perfectly competitive market in the…
A: The perfectly competitive market is the market structure where a large number of firms compete in…
Q: 5. The short-run cost function of a competitive firm is c(Q) = 0.1Q3 – 2Q2 + 15Q + 10, when the…
A: In perfectly competitive market, price is constant so it is equal to marginal revenue. At profit…
Q: graph shows the short run cot curve of a firm in a purely competitive market. Which of the following…
A: The profit maximizing output for the firm occurs where the (the upward sloping part of the) marginal…
Q: a. Is the firm making an economic profit or loss? b. Will firms enter or exit this market? c. Sketch…
A: Firms in a perfectly competitive market face a perfectly elastic individual demand curve as they…
Q: OW ATC 4 10 $9 $8 年6 MR 岛5 44 $3
A: Equilibrium quantity in perfect competition is decided by the intersection of MC(marginal cost) and…
Q: 2b) If the price of the product in a perfectly competitive market increases what happens to the…
A: The 'available market,' or that of all the individuals in the area, is referred to as a market.…
Q: a. Draw the marginal cost and average total cost curves for a typical firm. Explain why the curves…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: In a perfectly competitive market, the market price is $23. At the current level of output, a firm…
A: 1) in perfect competitive market, there are many number of sellers and buyers which turns the market…
Q: A perfectly competitive firm's short run profit function is: n(q) = 80q - (110 + 40q + 10q?) %3D…
A: Profit function: π = 80q - (110 + 40q + 10q2) Where TR = 80q TC = 110 + 40q + 10q2 ------------ TVC…
Q: What is the short run supply curve of a perfect competitive firm. Expalin using illustrations
A:
Q: 4. The number of firms that can survive in a very competitive industry in the long run depends on a.…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Question 3: Cost Table Question Complete the following short-run cost table for a perfectly…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Please give an example of a market that comes close to being considered perfectly competitive. What…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If…
Q: Assume that the firm is in perfect competition and the price is $ 80. Find maximum profit? A) $100…
A: Maximum profit in perfect competition market where Marginal Cost is equal to Price so here we find…
Q: If price in perfectly competitive market is $42. the firm has marginal cost curve equal to…
A: A perfectly competitive market is characterized by a large number of buyers and sellers. The market…
Q: fP $25, AVC = $20, and ATC = $50, in a perfectly competitive market, what should the firm do in the…
A: Here, given information is: Price= $25 Average variable cost: $20 Average total cost: $50
Q: 3 examples of perfectly competitive markets and dose these firms profit in long run or short run
A: Perfect competition refers to the type of market structure where the firms are able to sell…
Q: If a perfectly competitive firm is making economic loses in the short run, on what basis the…
A: The economic losses refer to the situation that the total revenues are less than the total cost of…
Q: Derive the economic profit and loss of a firm in a perfectly competitive market from the…
A: Perfect competition is the market structure where large numbers of firms and buyers are exchanging…
Q: The attached figure shows the short-run cost curves for a perfectly competitive firm. If the price…
A: In the perfectly competitive market structure there exists a large number of buyers and sellers of…
Q: Price MC ATC 4 10 $8 每6 MR AVG 出4 $ 3 Quantity 10 20 30 40
A: In a perfectly competitive market, an optimal output for a firm is when it is producing at a level…
Q: 2. Suppose the marginal cost curve for a perfectly competitive firm is MC = 10q + 80, where q is…
A: Given: MC=10q+80 Price of output=300
Q: Discuss the long-term effects in a perfectly competitive market if an existing firm is making…
A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…
Q: The table shows the total costs for a perfectly competitive firm, If the firm shuts down in the…
A: A firm if shutdown then produces zero units so the total cost of a shutdown firm is equal to the…
Q: 30) Which one of the following is true for a perfectly competitive industry? a) there are many big…
A: The market is the collection of buyers and sellers in which they exchange goods and services in…
Q: b. Consider a perfectly competitive firm in the following position: output 4000 units, market $1,…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Use the graph above for question one assuming it represents the cost of a perfectly competitive firm…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: 50 MC ATC 40 30 MR 10 10 20 30 40 Quantity (per day) The figure above shows a perfectly competitive…
A: In the above, the profit-maximizing output for the perfectly competitive market is when MR=MC. This…
Q: Quantity of Output Total Cost $ MC 8.5 3.5 15 6.5 22 4 30.5 8.5 5. 45.5 15 a. What are the…
A: Hi, thank you for the question. Since there are multiple sub-parts posted, we will answer the first…
Q: 10. The diagram shows the price, marginal cost and average cost curves facing a perfectly…
A: The key characteristic of a perfect competition firm where the P=Demand = Marginal revenue or we can…
Q: 10 In the long run a perfectly competitive industry will have all firms making profits O all firms…
A: A perfectly competitive industry is one in which a larger number of sellers are allowed to offer…
Q: $20 $18 MC АТС $16 P = MR $14 $12 AVC $10 $8 $6 $4 $2 $0 200 400 600 800 1,000 1,200 Output (Q) The…
A: A perfectly competitive firm is price taker, that is they accept the market price as given.
Q: A perfectly competitive firm faces the short-run cost schedule shown in Table Assume market…
A: The total production process of a firm is an amalgamation of various costs, the optimum quantity…
Q: 6. For a perfectly competitive firm, which of the following statement is wrong? A. It enjoys 0…
A: Characteristics of a perfectly competitive market are- 1. Large Number of buyers and sellers -…
Q: Graph the following for a perfectly competitive firm: A graph for long run – normal profit for the…
A: The perfect competitive market is the market with large number of buyers a seller with symmetric and…
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: Graph the following for a perfectly competitive firm: A graph for short run economic loss for the…
A: In perfect competitive market, there are number of buyers and sellers, selling similar products.…
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 Buaxtity d)…
A: Here, the given graph explains the situation under a firm with less competiton perfectly competitive…
Q: 37) In a perfectly competitive industry, the market price of the product is $15. Firm A is currently…
A: In a perfectly competitive industry the profit is calculated as: Profit =Total Revenue - Total Cost…
Q: 3. Illustrate short run supply curve for a perfectly competitive firm and derive market supply…
A: In economics, the short run refers to the time horizon in which some inputs are variable while the…
Q: 46. 45. For a perfectly competitive firm P = 40 – 2Q. Marginal Cost: MC = 8 For competition P = MC…
A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…
Q: 1. For each lettered space in the following table, determine the appropriate dollar amount (3) (1)…
A: As there are more than one question, we would be answering the first question only (Question number…
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- Farmer Sam is supplying corns in a perfectly competitive market. In Year 1 he sells 3000 tons of corns at a price of $150 per ton. In Year 2 he sells 3600 tons at $200 per ton. In Year 2, his average revenue is ________ and her marginal revenue is ________. A) $20; $18B) $150; $200C) $200; $200D) $150; $150The total profit equation for the firm is p =-500-25x-10x^2 -4xy-5y^2+15y ;x +y =100 .where x and y represents output levels.Us8ng substitution method determine the profit maximizing output levels for x and y .Suppose a perfectly competitive firm is operating in short run. The information of MR, Q,ATC and AVC are 15 taka, 60 unit, 45taka and 35 taka respectively. Calculate firm’sprofit/loss and total fixed cost. From these calculations and based on all the giveninformation, can you conclude about the firm’s decision in short run? Explain your reasoningwith the help of a suitable diagram. Show all the relevant information in yourdiagram.[Q=profit maximizing output and MR=marginal revenue]
- If a perfectly competitive firm increases production from 10 units to 11 units and the market price is $20 per unit, total revenue for 11 units is: Select one: a. $10. b. $20. c. $200. d. $220.Assume the following cost data are for a purely competitive producer Total Product AFC AVC ATC MC 0 1 $60 $45 $105 $45 2 $30 $42.50 $72.50 $40 3 $20 $40 $60 $35 4 $15 $37.50 $52.50 $30 5 $12 $37 $49 $35 6 $10 $37.50 $47.50 $40 7 $8.57 $38.57 $47.14 $45 8 $7.50 $40.63 $48.13 $55 9 $6.67 $43.33 $50 $65 10 $6.00 $46.50 $52.50 $75 At a price product of $56, will this firm produce in the short run? Why or Why not? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? Explain. What economic profit or loss will the firm realize per unit of output?AVC = 88−0.026Q + 0.000003Q2 Greene Enterprises faces total fixed costs (TFC) of $300,000. When Greene’s output is 2,000 units, what is short-run marginal cost (SMC)?
- derivative of the firm's profit function is F′(x) = −0.03x2 + 3x - 100, where x ≥ 0 is the output level. How should the company operate now1) There is an oil change firm in town called Oil Pro. The total cost function for Oil Pro is below. What is the break-even price in this market? TC=125+5q^2 A) P=60 B) P=50 C) P=40 D) P=30A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65. At what price would the firm consider shutting down in the short run? a. $10 b. $25 c. $65 d. $70
- A perfect competitive firm estimates her cost function as given below: C = 100 + 5Q2a. What is the firm’s fixed and marginal cost?b. If all other firms in the market sell the product at a price ¢20. How much should thisfirm charge for the product?c. What is the optimal level of output to maximize profits?d. How much profit will be earned?e. In the long run should this firm continue to produce or shut down? Why14. Zero economic profit earned by firms in a perfectly competitive market indicates that A firms will exit in the long run.B total revenue covers all variable costs of production exactly.C MR < AR.D P = ATC.E zero normal profit.Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250Answer the following questions:a. What is the profit-maximizing level of output? Calculate Apex’s profit.b. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?c. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?d. Comment on your answers to parts (2) and (3
