A perfectly competitive firm is expected to make a $0 economic profit in the long-run. What typels) of Bl earn in the longerun? Why the difference?

Q: A firm in a perfectly competitive market has a short-run total cost function equal to SRTC=4+20q,…

A: In perfect competition there are large number of firms selling identical goods.

Q: The handcart market contains many identical firms and operates perfectl competitively. Each firm has…

A: Total Cost function : 400 + 5q + q2 In perfectly competitive market optimal production level is…

Q: For a perfectly competitive firm, suppose that all fixed cost is sunk and total fixer cost is 100…

A: Sunk cost refers to the cost that cannot be covered. Total cost is the sum of Fixed and variable…

Q: Consider the following cost information for a firm that operates in a perfectly competitive market.…

A: Marginal cost is the additional cost incurred with an additional unit of output produced. A…

Q: rm

A: The short run supply curve In a perfectly competitive market is the curve of marginal cost being at…

Q: MC Price ATC AVC 10 15 Quantity

A: Shut down point is the point where a firm is unable to recover its variable costs in the short run.…

Q: Explain the fact that the short-run supply curve for a price taking firm is that segment of its…

A: The individual supply curve of short-run is the marginal cost of an individual at all of the points…

Q: The table below shows the short-run production function for Michelle's Accounting Company. Number…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: MC P=AR=MR ATC AVC Ouantitv he firm in the graph above represents the cost structure for all firms…

A: This is a case of perfectly competitive market where price is decided by the market forces of demand…

Q: discuss the short run supply curve for a perfectly competitve firm

A: There are various forms of market structure such as perfect competition, oligopoly, monopoly, and…

Q: A perfectly competitive firm will maximize its profit when marginal revenue is greater than marginal…

A: Marginal Revenue is the cash a firm makes for each extra deal. As such, it decides how much a firm…

Q: below shows a perfectly competitive firm. What is the economic profit earned or loss incurred by the…

A: GIVEN   the economic profit earned or loss incurred by the firm is

Q: A perfectly competitive firm, with MC=q operates in a market character,zed by the following market…

A: Demand: Q=20000-100P Supply: Q=100P

Q: A perfectly competitive firm’s total cost function is given by c(y) = 100 + 5y^2. Derive this firm’s…

A: In a perfectly competitive market, the short run supply curve is the marginal cost (MC) curve at and…

Q: Use the following to answer questions 8-9: Refer to the short-run graph below. Total fixed cost for…

A: Total fixed costs are the total of all fixed expenses incurred by a company. Fixed costs are…

Q: uppose perfect competitive firm short run cost function     total cost=1/3q3+3q2+10Q+40     .…

A: Total Cost = 1/3q3+3q2+10Q+40 Market Price = 26

Q: For the pizza seller whose marginal, average variable, and average total cost curves are shown…

A: In a perfectly competitive market there are large number of firms producing similar and identical…

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: Suppose an avocado farm has cost: C = 0.003q° + 25q + 1000 (where q is measured in bunches). The…

A: Given: The cost of a farm is: C = 0.003q3 + 25q + 1,000 The market price per bushel of avocados is =…

Q: Suppose a perfectly competitive firm's production function is f(x1,x2) = xx, e price of the product…

A: f(x1,x2) = x11/3 x22/3. Put x2 = 8 (Given) => f(x1,x2) = x11/3 (8)2/3. => f(x1,x2) = 4*x11/3 .…

Q: In the short run, when average variable cost of production is less than the price, a price takers…

A: The correct solution is option e.

Q: What is the relationship between marginal cost and the short-run supply curve for the purely…

A: Supply curve is the graphical representation of direct relationship between price and quantity…

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: In the táblé bélów, the firm; Output Total Revenue Total Cost $25 $49 $69 0. $0 $30 $60 3 $90 $120…

A: We have to find answer following table below.

Q: We know that a perfectly competitive firm is a price taker because O A) MC and ATC are equal at the…

A: In a perfect competitive market, there are large number buyers and sellers selling identical goods…

Q: Kyle owns a foreign used car dealership which sells the 2020 Toyota Aqua Hybrid. His total cost…

A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…

Q: Explain ''that  segment of a competitive firm's marginal-cost curve that lies above it's average-…

A: A perfectly competitive market is the one where firms are price takers and they can sell any…

Q: Consider a firm that is currently producing a level of output that maximizes its profits. The firm…

A: Given:  Revenue of the firm = $40 million per month. Worker Compensation = $30 million Renting of…

Q: A. Consider that you're the manager of a competitive firm, KKL INC. with the following short run…

A: In short run the firm will try to recover only Variable cost it means their price must equal to the…

Q: The table below shows the short-run production function for Michelle's Accounting Company. Number of…

A: Since you have posted a question with multiple sub parts, we will solve first three subparts for…

Q: Suppose that a firm sells its output in a perfectly competitive output market. If the price at which…

A: Perfect competition refers to the situation where there are large number of prouder and consumers…

Q: (T/F) When price in a perfectly competitive market increased from $5 to $10, John's production…

A: In a perfect competition market, the equilibrium price is achieved when: P=MC=AC In this, AC…

Q: ost curve is usually U-shaped. Therefore, in a perfectly competitive m

A: The maximization of profit is the process by which a firm might tend to determine the levels of…

Q: Need help with top half of attached picture

A: Answer - Dear student Thank you for submitting your question. Since we only answer up to 3 sub parts…

Q: The table below shows the short-run production function for Josh's Consulting Firm. Number of…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: The cost function faced by a firm in a perfectly competitive market is the following ctyl-dy+10y+25,…

A: Total Cost (C) = 4y2 +10y+25 Average Total Cost (ATC) = C/y ATC = 4y + 10 + 25/y

Q: Does a competitive firm’s price equal the minimumof its average total cost in the short run, in the…

A: A perfect competition(PC) market is one with many consumers and sellers producing identical…

Q: An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: The average variable cost (AVC) and average total cost (ATC) of a price taker firm are provided…

A: Answer is given in step 2

Q: 46T he table below shows the short-run production function for Phyliss's Carpentry Contractors.…

A: A production function illustrates the relationship between the inputs used and the output produced…

Q: A perfectly competitive, profit maximizing firm earns zero economic profit in the long run. The…

A:

Q: Should a firm shut firm if its revenue is R = $1,500 per week and: a. Its variable cost is VC =…

A: There are two types of cost in short run which are fixed and variable cost. The total variable cost…

Q: Question 12 (i) Monica can go to work today and earn $500. However, she is also thinking about…

A: 1. Opportunity Cost: It is the cost of the next best alternative forgone for doing an…

Q: Question 45 Consider the graph of a firm in a perfectly competitive market to answer the question…

A: Perfectly competitive market The market mechanisms imply the interaction between suppliers and…

Q: (T/F) When price in a perfectly competitive market increased from $5 to $10, John's production…

A: A market system where all producers and consumers have full and symmetric information and there are…

Q: Dietrick owns a ‘custom built’ gaming laptop company and his total cost function is given by TC =…

A: Given: TC =  4q3 - 2q2 + 1997 Quantity = 20 laptops

Q: Under what conditions will a competitive firm continue to grow in size? O Until it achieves minimum…

A: Competitive firm would grow until diminishing returns sets in.When increasing returns are there,its…