7. There are 1,000 firms in a perfectly competitive market. Each faces the same short-run total cost function: SRTC = 50 + 10q + 5q². What is the minimum price at which a firm will stay open in the short run? a. P= $0 b. P = $5 c. P= $10 d. P = $20 e. P = $50

70. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. What is the long-run equilibrium price in this industry? A. $30 B. $20 C. $15 D. $25

30.What is true of a firm's production if it operates in a perfectly competitive market in long-run equilibrium?  Marginal revenue = demand = marginal cost > average total cost Marginal revenue = marginal cost = average fixed cost Average total cost = price = average variable cost Marginal cost < Marginal revenue Price = marginal cost = average total cost

Assume that a firm in a perfectly competitive industry has the following total cost schedule:OUTPUT (UNITS)         TOTAL COST ($) 10                                      110 15                                      150 20                                      180 25                                      225 30                                      300 35                                      385 40                                      480a. Calculate a marginal cost and an average cost schedule for the firm. b. If the prevailing market price is $17 per unit, how many units will be produced and sold? What are profits per unit? What are total profits? c. Is the industry in long-run equilibrium at this price?

. A firm in a perfectly competitive industry currently faces a market price of $20 and is maximizing       profit by producing 500 units of output at this price. The firm’s total costs are $14,000, of which         $5,000 are fixed costs.   a) How much profit is the firm making? (Show how you determine this.)   b) Should the firm continue to produce in the short run? Explain fully. c) Should the firm continue to produce in the long run? Explain clearly WHY the long run decision may      be different than the short run decision, assuming the firm expects no changes in demand conditions.

true/false   1- if a perfectly competitive firm shuts down in the short run, its variable cost equals zero.   2- if a perfectly competitive firm shuts dowm in the short run, its total cost equals zero.

a) What is the profit maximising condition in a market with perfect competition?b) Explain what is meant by abnormal profit? What is the adjustment process from short-run abnormal profit to long-run equilibrium in a perfectly competitive market?c) Please find below Pricing options for firm A and B, along with individual payoffs (Firm A’s payoff/Firm B’s payoff)Firm BFirm APrice £2 Price £1Price £2 £20,000/£20,000 £10,000/£24,000Price £1 £24,000/£10,000 £12,000/£12,000Assume you are the pricing manager at Firm A;i) What is your payoff for a ‘maximin’ strategy?ii) What is your payoff for a ‘maximax’ strategy?iii) Does a dominant strategy exist within this prisoners’ dilemma?

C. Table below shows some cost data for a perfectly competitive firm i. Is the firm operating in the short run or long run? How do you know?ii. At a market price of $32, what would be the output of the firm? Does this firm makeeconomic profit or loss at this price level? iii. If the market price is $32, would the firm shut down or keep operating? Why? iv. Based on your answer above, would firms enter or exit the market in the long run? What will happen to the market price?

A perfectly competitive firm produces the level of output at which MR=MC on the rising portion of the firm’s marginal cost curve. At that output level, it has the following costs and revenues:             TC = $830,000             VC = $525,000             TR = $428,000 At that optimal level of output, what profit (loss) does the firm earn?

6.a) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which of the point would Penny's Parasols be certain to close down? A,  B,  C,  D, or E.  Explain:   b) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which point(s) would Penny's Parasols endure economic losses, but continue to produce in the short run? D,  F,  A,  C, or E. Explain:   6.c) Which point in Figure 8.7 represents a break-even situation for a perfectly competitive firm? A,  B,  C,  D, or E.  Explain:   6.d) At which point in Figure 8.7 would a perfectly competitive firm earn the same profit, or suffer the same loss, by producing rather than by shutting down? A,  B,  C,  D, or F.  Explain:   Choose and explain your answer above thoroughly--graphical, algebraically, numerically. Kindly see screenshot attached. Please explain with as much detail as possible, using the graph in your answer.