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- 9. a corn farmer will tend to expand his output as long as the price of corn exceeds aversge variabke cost and: a) marginal cost is smaller than the market price b) marginal revenue is larger than the market price of corn c) marginal revenue is positive d) marginal revenue is kess than the market price of cornA computer company produces affordable, easy-to-use home computer systems and has fixed costs of $250. The marginal cost of producing computers is as indicated below. Output Fixed Cost Variable Cost Total Cost Marginal Cost Average Cost Average Variable Cost 1 $250 $700 $950 $700 2 $250 $925 $1175 $225 3 $250 $315 4 $250 $360 5 $250 $400 6 $250 $450 7 $250 $550 If the company sells the computers for $550, is it making a profit or a loss? How big is the profit or loss? If the firm sells the computers for $315, is it making a profit or a loss? How big is the profit or loss? We expect the marginal cost to increase as this firm produces more computers. But when the firm shifts from producing 1 to 2 computers, marginal cost falls. What might explain this?Price (dollars per packet of chips) Quantity demanded (millions of packets of chips per year) Quantity supplied (millions of packets of chips per year) 4 135 26 5 104 53 6 81 81 7 68 98 8 53 110 9 39 121 C: Harry-Chips is a firm in the potato chips industry. Harry-Chips produces 10 million packets of chips per year at an average total cost (ATC) of $4. What is Harry-Chips short-run profit or loss per year? Explain your answer in detail. D: Given your answer in part d, would new firms enter or existing firms exit the market? What would be the long-run impact on Harry-Chips’ profit or loss? Explain in detail.
- COURSE: ECONOMY A company has a total cost function TC = 80+3q+2q2 and a marginal cost function MC = 3+4q. If market price is P = $30 and it is producing 10 units:(a) Is firm maximizing its profits?b) What quantity should it produce in long run? Hint: MC= ATCc) Construct a table with all costs.d) Plot profit maximization points in short and long run.What are the four basic assumptions of perfect competition? Explain in words what they imply for a perfectly competitive firm.Productive efficiency and allocative efficiency are two concepts achieved in the long mm in a perfectly competitive market. These are the two reasons why we call them perfect. How would you use these two concepts to analyze other market structures and label them imperfect?
- 4.Average variable cost is found by dividing.............. a. variable cost by output b. output by variable cost c. marginal cost by output d. output by marginal cost 5. A profit maximizing firm will increase production a. price is less than marginal cost b. price equals marginal cost c. price exceeds marginal revenue d. price exceeds marginal cost 6. Which statement is true? a. Accounting profits are greater than economic profits. b. Economic profits are greater than accounting profits. c. Accounting profits are equal to economic profits...Problem 2 Price and Cost (dollars) 11- 10 B-J6 2 2 0 Firm A ¡MC ATC 70 90 100 AYC Exhibit U-8 d 150 Price and Cost (dollars) 11 10 876 4 0 Firm B 100 150 200 ,MC ATC AVO d Quantity a. What is the total fixed cost of firm B at the point where it produces in the short run? Quantity b. Assume that firm A is in an industry consisting of ¹100 firms identical in all respects. Determine the price- output combinations in the short run?4. Which formula represents the profits for a firm? (check all that apply) (AC=average cost, MC=marginal cost, AVC=average variable cost, P=price, Q=output, TC=total cost) a. PQ-TC b. PQ-AC c. Q(P-AC) d. P(Q-AC) e. Q(P-MC) f. P(Q-AVC)
- 5. The cost function for a firm facing perfect competition isC(q)=1000+25q-0.5q^2+0.01q^3 Sketch the firm’s cost curves and supply curve on one set of axes. a.sketch MC,AVCAFC, and ATC. The basic shapes and relationshipsshould reflect the cost functions above,but you do not need exact numbers. b. On the same axes,sketch the firm’s supply curve.Your curve shouldstart from P=0.a. A firm operating in a perfectly competitive market is earning K20 million economic profits. What is the firms accounting profits if the opportunity cost is K30 millionb. What will be the firm’s economic profits in the long run? c. Company ‘A’ has been recording accounting profits averaging K50 million by investing in project C. It could earn K60 million and K70 million in projects D and E, respectively. What is the company’s current economic profit? d. Advise management what to do in the long run e. Project ‘B’ has a net present value of zero after applying a discount rate of 10%, which is the risk adjusted required rate of return that takes into account the riskiness of the project. What return is earned on this project f. After a risk assessment, it is discovered that project ‘B’ has become more risky and the risk adjusted required return to use must be 12%. Will the net present value of project ‘B’ still remain zero?14. Zero economic profit earned by firms in a perfectly competitive market indicates that A firms will exit in the long run.B total revenue covers all variable costs of production exactly.C MR < AR.D P = ATC.E zero normal profit.