Determine the market price that Firm A receives for its product. Assume the price is constant because the firm is a price taker in a perfectly competitive market. Total Revenue for Firm A Quantity Total Revenue 1 $28 2 $56 3 $84 4 $112 5 $140
Q: An improvement in technology raises labor productivity. e. The United States raises exports of new…
A: A macroeconomic model is the AD-AS, or aggregate demand-aggregate supply model. The aggregate…
Q: Question 19 The consumption function shows how consumption depends on the decision to save income…
A: What is consumption function shows.
Q: Dan's utility function is given by (8.2 x₁ + 1.6x₂)² D(x1, x2) = Lan's utility function is given by…
A: Given Dan's utility function: D(x1,x2)=8.2x1+1.6x22 ......(1) Lan's utility function:…
Q: Mr. X takes a loan of $50,000 from a Bank. The nominal rate of interest is 10% compounded annually.…
A:
Q: If consumption is $30,000 when income is $35,000, and consumption increases to $36,000 when income…
A:
Q: In the past, the Federal Reserve (Fed) mandated that member commercial banks must hold a certain…
A: The country's monetary and financial system is made safe, adaptable, and stable by the Federal…
Q: Discuss the situational factors that suggest the need for specialization and centralization. Provide…
A: We show that Situational factors that would suggest that we should use a centralized organization…
Q: Use the following graph (the upper demand curve) and explain how TWTP (willingness to pay) and TB…
A: We have show from a graph As the source decreases from q2 to q1, the TWTP decreases by area a+b.…
Q: If the CPI rises from 103.4 to 108.8, how much money at the start is required to have the same…
A: The Consumer Price Index (CPI) determines the change in prices paid by consumers for the items and…
Q: Macroeconomics is the study of while microeconomics studies the overall economic activity and…
A: Macroeconomics deals studying the economic performance of the economy as a whole. It takes into…
Q: The balance of the trade shows a deficit of 6500. The value of the exports are 4200 crore what would…
A: The balance of the trade is usually defined as the merely distinction merely and gradually between…
Q: Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public…
A: Introduction: In the question, it is given that the gross domestic product is $8 trillion, taxes are…
Q: The market equilibrium is represented by the equation 3p +7X-23 where p unit price $/unit and X…
A: Answer to the question is as follows:
Q: Consider the short-run and long-run aggregate supply curves in the graph to the right. Using the…
A: Long run supply curve is the vertical line. Short run supply curve is upward sloping.
Q: The figure to the right shows the initial distribution of the population aged 15 and older into…
A: Given information: Employed = 18.84 million Unemployed = 1.17 million Not in the labor force = 10.99…
Q: Suppose the demand for L.L. Bean coats is illustrated in the figure to the right. Suppose the price…
A: Revenue refers to the total amount of income that is generated from selling goods and services ,…
Q: Suppose the consumption function is given by C=1000+ 0.55(YT), exogenous investment by I = 660,…
A: Consumption is function which shows the relationship between disposable income and consumption. and…
Q: Jim's nominal income in 2010 was $72,500. How much was his real income if 2010…
A: While nominal income and nominal wages are not adjusted for inflation, real income is. Real wage is…
Q: Annual Upkeep P160,000 P50,000 Repairs P1.5M every 4 years P1M every 6 years If interest is 7.5%…
A: A capitalized cost is an expense added to the cost basis of a fixed asset on a company's balance…
Q: 1. What is the equilibrium price and quantity based on the following demand and supply equations?…
A: As per our policy, only the first three parts are solved, if you want other parts please repost and…
Q: In case of perfect competition, a firm attains maximum satisfaction when MC curve cut MR curve. Is…
A: Perfect competition is the market structure with large buyers and sellers. The market structure…
Q: In the long run, what happens to interest rates when the government increases taxes in closed…
A: Note:- My dear student, as per bartleby guidelines I have done only one answer at a time. Please…
Q: 1-Label the following as either being a final or intermediate good. A_ Recycled steel purchased by a…
A: A good is said to be final good when it is used for personal consumption by the consumer and not for…
Q: If the price of steak falls while the demand for chicken falls, is the cross-price elasticity of…
A: To determine how much demand for one commodity will change in response to a change in the price of…
Q: hat are two key problems that arise for the modern marginalist theory of the firm when the firm has…
A: The constant return to scale: An economic condition known as a constant return of scale occurs when…
Q: _______ raises the equilibrium real interest rate and decreases the equilibrium quantity of loanable…
A: In the loanable funds, an increase in real interest rate with a decrease in the equilibrium quantity…
Q: Suppose the production function of a country is Y = (K^0.5)*(L^0.5). The economy begins with 64…
A: The real wage is equal to the marginal product of labour this can be proved by :- Profit = P x Y -…
Q: Consider the number of options you had to quench your thirst at the various locations. What do you…
A: Here we will use the concept of price elasticity of demand, which refers to the percentage in…
Q: Jerry's utility function is U(x,y) = (5x + y )18. Find Jerry's MRS (for good X in terms of good Y)…
A: The quantity of a good that a consumer is prepared to consume in comparison to another good,…
Q: What happen to the economy of the Philippines when Filipino people mostly unemployed
A: A person is said to be unemployed when he or she is actively looking for job at prevailing market…
Q: e level LRAS SRAS G
A: The demand pull inflation is a result when Aggregate demand is being pushed up by the major…
Q: For the subsidy in the last question ($1000 per month), what are: (a) the change in consumer…
A: When government provides the subsidy, it usually lowers the equilibrium price and increases the…
Q: Question 32 Which of the following is included in net government incom social security benefits…
A: Which of the following is included in net government income.
Q: Based on your knowledge of the price elasticity of demand, do you think the deadweight loss of a…
A: When supply and demand deviate from the price and quantity of equilibrium, a deadweight loss is…
Q: what are the two most significant issues that occur for the current marginalist theory of the…
A: An important question that may be asked about production functions is how it responds to the…
Q: Considering the alternatives shown in the table below, perform an incremental ROR analysis and…
A: Given, There are 4 alternatives : A, B , C and DYears : 0 and 1Initial Cost and Benefit are given…
Q: describe short run and long run effects on US interest rate, US/EU Exchange rate and US price level…
A: Interest Rate is defined as the amount that is charged by the lender from the borrower and it stands…
Q: Economics The presence of co-insurance has the following effect on price elasticity of demand: a.…
A: When talking about co-insurance, it can be said that it is the amount of money paid by an insured…
Q: An energy efficient machine costs $300,000. today and has a life of 5 years. At the end of the five…
A:
Q: Positive marginal utility is when the marginal utility increases the total utility whereas negative…
A: Utility is characterised as the entire satisfaction a customer experiences when utilising a good or…
Q: Can you think of a reason why making cars safer would create negative externalities?
A: Negative externalities happen when production and consumption place external costs on non-market…
Q: If you know that with 8 units of output, average fixed cost is $12.50 and average variable cost is…
A: Variable costs are also implied as prime costs or direct costs as it directly affects the output…
Q: John plans to invest an equal amount of $2.000 in equity fund every year-end beginning with this…
A:
Q: 5 4 3 2 0 12 24 36 48 60 72 84 96 108 120 Quantity (kilos) per day If the government were to give…
A: If the government gives subsidies to avocado farmers (the producer), the supply curve will shift to…
Q: The economy experiences a decrease in the price level and an increase in real domestic output. Which…
A: The total quantity of demand for all finished goods and services produced in a given economy is…
Q: Draw a correctly labeled graph showing the firm’s demand and marginal cost curves, and show the…
A: Introduction Total cost refers to the situation when there is a sum of both total fixed cost and…
Q: 4. Apply the classical theory. Consider a hypothetical economy described below: Y=C+I+G C = 50+ c(Y…
A: Given information C=50+c(Y-T) I=300-20r Y=2000 T=900 G=1500 C=0.6
Q: Economists in Funlandia, a closed economy, have collected the following information about the…
A:
Q: A cookshop hires two chefs. The workload, equipment and materials are evenly distributed. The result…
A: The law of diminishing marginal returns state that as more and more units of the variable factor are…
Q: ou are a pricing analyst for QuantCrunch Corporation, a company that sells a statistical software…
A: Two part tariff is followed by monopoly firm to maximize the profit. The consumer has to pay one…
Determine the market
Total Revenue for Firm A
Quantity | Total Revenue |
---|---|
1 | $28 |
2 | $56 |
3 | $84 |
4 | $112 |
5 | $140 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Farmer Sam is supplying corns in a perfectly competitive market. In Year 1 he sells 3000 tons of corns at a price of $150 per ton. In Year 2 he sells 3600 tons at $200 per ton. In Year 2, his average revenue is ________ and her marginal revenue is ________. A) $20; $18B) $150; $200C) $200; $200D) $150; $150Claude’s Copper Clappers sells clappers for $65 each in a perfectly competitive market. At its present rate of output, Claude’s marginal cost is $65, average variable cost is $45, and average total cost is $67. To maximize his profit or minimize his loss in the short run, Claude should increase output reduce output but not to zero maintain the present rate of output shut down raise price A price taker in a perfectly competitive industry is currently selling 6000 units per month at the market price of $8 per unit. Monthly total variable costs are $50,000 and total fixed costs are $20,000. Marginal cost is $8 per unit and rising. Economic profits are equal to zero are greater than zero are less than zero cannot be determined Choose two (2) of the incorrect answers to multiple choice Question #7 (Claude’s Copper Clappers problem) and explain why they are incorrect.Q24 Consider a perfectly competitive firm in the following position: output = 4000, market price = $1, total fixed costs = $2000, total variable costs = $4500, and marginal cost = $1. To maximise profits, the firm should... a. Produce zero output. b. Increase the market price. c. Not change its output. d. None of the other options are correct. e. Expand its output.
- Asap Firm A works in a competitive market and earns 0 profit for the profit-maximizing quantity level. Cost function of the company is: TotalCost=3Q2-10Q+300 a- Find the price and quantity values for the profit-maximizing level. b- Let’s assume that the fixed cost increases to 500. Would you shut down or not the company (based on rationality)?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?.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
- Zelda’s Zippers, a purely competitive firm currently producing 50 units of output earns marginal revenues of $30 from each extra unit of output it sells. If it sells 60 units, then the product price would be A) $60B) $30C) $2D) indeterminate based on the information given.The following table shows partial cost information of White T-shirt Manufacturing Company. The T-shirt market is a perfectly competitive market. thanks!In a perfect competition with 100 identical firms, short-run market supply function of qS=150P+30 and market demand for these firm’s products is Q = 8000 – 200P, the short-run equilibrium market price is 0.33. True or false. Show solution.
- Assume the following cost data are for a purely competitive producer: Using the data in 3d, assume that there are 1500 identical firms in this competitive industry; that is, there are 1500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4).This is related to a competitive market player (company): Please refer to the figure above. The competitive market player will produce ____ units of output. A)0 B)45 C)90 D)100: A firm sells its product in two… QuestionAsked Feb 17, 2019104 views 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?