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- A competitive firm sells 500 units of output and its marginal revenue at 500 units of output is $35. The firm’s total revenue amounts to what?A firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. The firm estimates its total costs as C(Q) = 70 + 14Q + 2Q2. Thus, the marginal costs are MC(Q) = 14 + 4Q. How much output should the firm produce in the short run?A firm in a competitive market has the following market price P = 5000, and the following marginal cost curve MC(Q) = 13Q3 and a fixed cost of FC = 100. What is the profit maximizing quantity of production for this firm?
- A perfectly competitive industry has 150 identical firms. At a price of $8, the typical firm supplies 10 units of output, so the market quantity supplied is nothing units of output. (Enter your response as an integer.)In perfectly competitive markets, _____________________ and marginal revenue are identical.The marginal cost of a competitive firm is MC(Q)=4Q+7. The market price is 80. Suppose the current output level is Q=15. At this point, would the firm like to increase or decrease its output level? Enter 1 for increase, 2 for decrease.
- A firm sells a product in a purely competitive market . The marginal cost of the product at the current output is $5.25 and the market is$5.90 . What should the firm do?A perfectly competitive form sells 40 units of output at the market price of $ 380 per unit . It's marginal revenue per unit is ??True or false: In a constant-cost industry, a tax of a constant, fixed amount on each unit of output sold will not affect the amount of output sold by a perfectly competitive firm in the long run. Explain.
- A firm operates in a pure competition market whereby the market price for a product, product A, is currently $15.This firm has an output of Q and faces a total cost curve: TC =1/3Q^3 − 6Q^2 + 44Q, and the resultingmarginal cost curve is given: MC = Q^2- 12Q + 44.It is required that the firm has an output of at least 5.(i) What is the maximum profit of the company in the short run? (ii) At the price of $15, what is the break-even point?A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - MankiwAssume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. To maximize its profit, the firm should a. increase its output b. continue to produce 1,000 units c. decrease its output but continue to d. shut down