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- All firms in a perfectly competitive industry have a cost function given by: 10Q^2+200Q+2250. What is the profit maximizing quantity of each firm if the current market price is $500? What does each firms profit equal? Give typing answer with explanation and conclusionQ4) A perfectly competitive firm has the following total cost function: Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the production the market is Rs. 14 per unit? How will it change its output if price rises to Rs. 16 per unit?39. A perfectly competitive firm maximizes its profit by producing the level of output so that its average total cost equals the market price. True False
- (10) In long-run equilibrium in a perfectly competitive market, which of the following is true? (a) Average cost equals marginal cost (b)Profit = 0 (C)Price equals marginal cost (d)all of the aboveQuestion 8 Art’s Garage operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue, ATC=$20, AVC=$18, and price per unit is $10. Given this situation, in the short run, Art will shut down immediately. Art will shut down, but only after the lease on the garage expires. Art will sustain losses in the short run but will continue to operate. Art will break even.QUESTION 1 A perfectly competitive firm has the following total cost function: Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the production the market is Rs. 14 per unit? How will it change its output if price rises to Rs. 16 per unit? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
- If a perfectly competitive firm sells 50 units of its product for $8 each and has an average cost of $2 a unit its marginal revenue is ____________ its total revenue is ___________ and its total cost is _______________.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. $25Q4) A perfectly competitive firm has the following total cost function: Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the product on the market is Rs. 14 per unit? How will it change its output if the price rises to Rs.16 per unit?
- Q3: a. If a competitive firm is making loss in the short run, and it is selling a (100) units of a good at S.R(9). To be known that the AVC is S.R(10). What should the firm decide? If the quantity produced changed from 1 to 2, the total cost changed from 64 to 80 and the price is 40. b. What is the total revenue? c. What is the marginal cost?The attached figure shows the short-run cost curves for a perfectly competitive firm. If the price of the product were $8, and the firm does not close, the firm's short-run output will be:a. 0 (zero)b. between 0 (zero) and 10c. 10 or mored. Cannot be determined unless more information is available.Please elaborate on your answer to each alternative, whether it is true, false or uncertain.QUESTION 1 A perfectly competitive firm has the following total cost function: Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the production the market is Rs. 14 per unit? How will it change its output if price rises to Rs. 16 per unit?
