A firm in a competitive market receives $880 in total revenue and has marginal revenue of $20. The firm's average revenue is $_____________ , and ___________units were sold.
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- A firm sells its product in two different markets. The inverse demand in market A is PA = 72 - 5QA and in market B, it is PB = 60 - 3QB. It has fixed costs of 72. Each unit it produces costs 12, i.e., marginal cost equals 12. To maximize profits, what quantities of output will be sold in each market and what will total profits be?Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price?.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?
- industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of $10, half of the firms have a short-run supply curve with a slope of 1; the other half each have a short-run supply curve with slope 2. The short-run elasticity of market supply is a) 3/10 b) 1/5 c) 2/5 d) none of the aboveAssume perfect competition takes place in the market for hotel rooms. The current market equilibrium price for a standard room is RM300 per night. b. Assume a tax of RM50 per night is charged for hotel occupancy. Show how this tax will prevent the market from achieving efficient revenue.Assume that price is greater than average variable cost. If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximize profits the firm should continue producing at the current output. produce a larger level of output. produce a smaller level of output. not enough information given to answer the question.
- Question 23 A competitive firm has a total cost function in dollars of the form C(q)= 100–4q + q^2, where q is output. Suppose the market price is $10 per unit of output. What is the firm’s short run point elasticity of supply? a) 20/7 b) 5/7 c) 10/7 d) 0.5 e) 2Assume a competitive market in which each firm with has a cost function of: 0.2q3 -7.9q2 +181q. Q1: If the current market price is $87 per unit, how many units will this firm provide to the market? Q2: What are the short-run profits of this firm? Q3: What is the long-run market price, and how many units will each firm provide to the market? Q4: IF the demand func. for this market is P(Q)=1169.49-2Q, how many firms will run in this market in the long-run?Consider a competitive market in which the market demand for the product is expressed as P = 75 ‑ 1.5Q, and the supply of the product is expressed as P = 25 + 0.50Q. Price, P, is in dollars per unit sold, and Q represents rate of production and sales in hundreds of units per day. The typical firm in this market has a marginal cost of MC = 2.5 + 10q. Determine the equilibrium market price and rate of sales (output). Show your working. Determine the rate of sales (output) of the typical firm, given your answer to part (i) above. If the market demand were to increase to P = 100 ‑ 1.5Q, what would the new price and rate of sales in the market be? What would the new rate of sales (output) for the typical firm be?. Show your working If the original supply and demand represented a long‑run equilibrium condition in the market, would the new equilibrium (iii) represent a new long‑run equilibrium for the typical firm? Explain
- The price of a product is expressed as p, PHP = 10 – 28D where D is the demand. Which of the following correctlyexpresses the total revenue? A. 10 − 28D^2 B. 28D = 10 C. 10D − 28D D. 10D −28D^2Assume the market for oil is perfectly competitive, with the following market demand and supply curves (price in S and quantities in millions of barrels per day): Qd=95-P Qs= 15 + 3P Find the equilibrium price and quantity exchanged in this market.Describe the difference between average revenue and marginal revenue. Why are both of these revenue measures important to a profit-maximizing firm? Explain how a firm in a competitive market identifies the profit-maximizing level of production. When should the firm raise production, and when should the firm lower production?