$12.5 MC АТС $10.0 P-MR 8.0 $7.5 $5.0 $2.5 $0.0 0 10 20 30 40 50 60 70 80 90 100110120 130 Quantity When maximizing profit, the perfectly competitive firm depicted in the graph will earn per-unit profit approximately equal to: $2.5 $7.5 $2.10 $10 Cost, Price
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- Briefly explain the reason for the shape of a marginal revenue curve for a perfectly competitive firm.Suppose a perfectly competitive firm is operating in short run. The information of MR, Q,ATC and AVC are 15 taka, 60 unit, 45taka and 35 taka respectively. Calculate firm’sprofit/loss and total fixed cost. From these calculations and based on all the giveninformation, can you conclude about the firm’s decision in short run? Explain your reasoningwith the help of a suitable diagram. Show all the relevant information in yourdiagram.[Q=profit maximizing output and MR=marginal revenue]Q23 Suppose a perfectly competitive firm is currently operating with the following information: Output = 1500 tonnesAverage total cost = $627 per tonneAverage variable cost = $614 per tonneMarginal revenue = $620 per tonneMarginal cost = $620 per tonneAt the current level of output, this firm is _____ profit and is an earning economic profit of _____. a. Maximising; -$10500. b. Not maximising; -$10500. c. Maximising; $10500. d. Maximising; $9000. e. Not maximising; -$9000.
- Answer the following questions based on the data provided below for the competitive firm. Assume that fixed cost is equal to $100. All figures are in dollars. q AVC ATC MC 0 - - - 1 17 117 17 2 16 66 15 3 15 48.33 13 4 14.25 39.25 12 5 14 34 13 6 14 30.67 14 7 15.71 30 26 8 17.50 30 30 9 19.44 30.55 35 10 21.60 31.60 41 11…Answer the following questions based on the data provided below for the competitive firm. Assume that fixed cost is equal to $100. All figures are in dollars. q AVC ATC MC 0 - - - 1 17 117 17 2 16 66 15 3 15 48.33 13 4 14.25 39.25 12 5 14 34 13 6 14 30.67 14 7 15.71 30 26 8 17.50 30 30 9 19.44 30.55 35 10 21.60 31.60 41 11…The following table shows the output and total cost for a firm in a purely competitive industry Output TC AC MC 0 40 1 95 2 115 3 130 4 150 5 175 6 210 7 260 8 330 Complete the table
- Answer the following questions based on the data provided below for the competitive firm. Assume that fixed cost is equal to $100. All figures are in dollars. q AVC ATC MC 0 - - - 1 17 117 17 2 16 66 15 3 15 48.33 13 4 14.25 39.25 12 5 14 34 13 6 14 30.67 14 7 15.71 30 26 8 17.50 30 30 9 19.44 30.55 35 10 21.60 31.60 41 11…What is the profit maximization for apex firm if we have the following data quantitiy /unit ={0,1,2,3,4,5,6,7,8,9,10} total variable cost =[0,100,180,220,300,390,500,640,800,1000,1250} 2. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?3. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?4. Comment on your answers to parts (2) and (3)Q2 P= 100-2QTC = 1200 + g2Formulate the profit function for firm "i" given the information above. Note that market output "Q" is the sum of a two firm market firms i & j Full explain this and text typing work only thanks
- Suppose that a perfectly competitive firm faces a market price of $7 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curveat an outpuut level of 1,400 units. If the firsm produces 1,400 units, it's average variable costs equal $6.50 per unit, and its average fixed costs equal $0.80 per unit. What is the firm's maximizing (or loss-minimizing output level? What is the amount of it's economic profits (or losses) at this output level?Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250Answer the following questions:a. What is the profit-maximizing level of output? Calculate Apex’s profit.b. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?c. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?d. Comment on your answers to parts (2) and (3The following table shows the output and total cost for a firm in a purely competitive industry Output TC AC MC 0 40 1 95 2 115 3 130 4 150 5 175 6 210 7 260 8 330 If the price of the product is RM50, what will be the equilibrium output of the firm? Calculate the profits or losses.