Figure 8 shows a price-taker firm with demand curve, D, a short run cost curve, AC, and marginal cost curve, MC. Which one of the dashed lines in Figure 8 indicates the profit-maximising level of output? Select one: Q2
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- only typed answer Assume a competitive firm faces a market price of $120, a cost curve of: C = 13q3 + 20q + 500, and a marginal cost of: MC = q2 +20. What is the firm's profit maximizing output level? ?? Units (round your answer to two decimal places) What is the firm's profit maximizing price? ??? (round to the nearest penny) What is the firm's profit? ??? (round to the nearest npenny) In the short-run, this firm should ?? produce or shut down??Refer to the figure and options below in answering question nos. 15 - 20. Question 15. What is the total fixed cost? 16. What is the value of per unit profit? 17. What is the value of the equilibrium price? 18. What is the value of the total revenue? 19. What is the value of the marginal revenue? 20. What is the value of the average cost? 21. If the price in the market of the perfect competitive firm is P9 (use the same graph in question# 15) Equilibrium quantity would be ___________ 22. Given question #21, MR is equal to P9. (TRUE OR FALSE) 23. Given question #21, equilibrium output of imperfect market is less than the equilibrium output of the perfect competitive firm by 20 units. (TRUE OR FALSE) 24. Given the graph in question #15 ad #21 both perfect market and imperfect market do have a positive profit. (TRUE OR FALSE)Q3: a. If a competitive firm is making loss in the short run, and it is selling a (100) units of a good at S.R(9). To be known that the AVC is S.R(10). What should the firm decide? If the quantity produced changed from 1 to 2, the total cost changed from 64 to 80 and the price is 40. b. What is the total revenue? c. What is the marginal cost?
- Exercise 2: A perfectly competitive firm has cost function: AVC = 2Q + 4 (P: $, Q: kg). When the market price is 24$, the firm incurred a loss of 150$. 41. Supply function of this firm in short-run is 42. Fixed cost of this firm is 43. Break-even quantity of this firm is 44. Break-even price of this firm is 45. Shut-down price of this firm is 46. When the market price is 50$, the optimal quantity of this firm is 47. (Continue question 46) The maximum profit of this firm is 48. (Continue question 46) Producer surplus of this firm is 49. When the market price is 30$, the profit of this firm is 50. When the market price is 3$, the firm should Continue producing Stop producing Expand output None of the aboveFigure: Cost Curves for Corn Producers Reference: Ref 12-3 (Figure: Cost Curves for Corn Producers) Look at the figure Cost Curves for Corn Producers. The market for corn is perfectly competitive. If the price of a bushel of corn is $10, in the short run, the farmer will produce _____ of corn and earn an economic _____ equal to _____. 3 bushels; profit; loss, -$15 2 bushels; profit; $0 4 bushels; profit; just less than $80 per bushel 2 bushels; loss; just more than $80 per bushelThe Trouser Company has fixed costs of 2,000 per week. In addition, we have some information about its marginal costs (MC) and total variable costs (TVC) Output 0 30 60 90 100 120 150 MC 140 59 32 59 80 140 275 TVC 0 2850 4080 5310 6000 8160 14,250 Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm’s short run supply curve.
- Bavarian Crystal Works designs and produces crystal wine decanters for export to international markets. The marketing manager of Bavarian Crystal Works estimates the demand curve for each month to be: P=1,000-0.0025Q Where Q is the number of wine decanters produced monthly. Bavarian Crystal Works also pays a lease for its factory and equipment every month in the amount of $1,000,000. Finally, the cost to produce each wine decanter is $200. What quantity would maximize profits? What is the optimal price for Bavarian Crystals to charge?Suppose that each firm in a competitive pizza market has the following identical cost: Total cost: TC=25+1.5Q2 i. Formulate the equation or level of fixed cost, variable cost, marginal cost, average variable cost (AVC) and average total cost (ATC) for each firm. ii. Sketch a diagram to illustrate average total cost (ATC) and marginal cost (MC) for Q from 1 to 20. Identify the quantity at which the average total cost (ATC) reaches its minimum and interpret its economic or business implication. iii. An innovation was diffused widely among all firms in the market. Adoption of this innovation will help to reduce 20% of the variable cost for any given level of production while all other factors remain the same. A firm needs to pay a fee of $5 to adopt the innovation. Formulate the new production cost functions (TC, TFC, TVC, ATC and MC) for each firm.Following is Ahmed’s competitively firm data and solve all the parts and subparts: Output (Q) Total Cost Total Revenue 0 62 0 30 90 40 60 110 80 90 126 120 120 138 160 150 150 200 180 165 240 210 190 280 240 230 320 270 296 360 a. Find the profit maximizing output. b. Find: a. FC b. VC c. ATC d. AFC e. AVC f. MC c. Find the efficient scale of output. d. Draw all the curves for the variables in part b using two-dimensional space.
- A computer company produces affordable, easy-touse home computer systems and has fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the fourth, $400 for the fifth, $450 for the sixth, and $500 for the seventh. a. Create a table that shows the company’s output, total cost, marginal cost, average cost, variable cost, and average variable cost. b. At what price is the zero-profit point? At what price is the shutdown point? c. If the company sells the computers for $500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the profit or loss. d. If the firm sells the computers for $300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the profit or loss.40) A perfectly competitive firm will earn ________ economic profits in the range of output for which the firm's price is above its minimum average total cost. A) positive B) negative C) zero D) Any of the above answers could be correct. 41) If a perfectly competitive firm's average total cost curve is below its demand schedule at any level of output, then the firm will earn ________ profits. A) positive B) breakeven C) negative D) zero 42) A perfectly competitive firm ________ at the level of output where P = ATC. A) earns an economic profit B) suffers an economic loss C) breaks even D) shuts down 43) If P = MC and MC ATC, then a perfectly competitive firm will earn ________ profits. A) positive B) zero C) negative D) break-even 44) If a perfectly competitive firm is currently producing where P = MC and MC = ATC, then the firm will earn ________ profits. A) positive B) zero C) negative D) above normal 45) If…Our firm produces two products: generators and solar panels. Name five economies of scale you would expect our company to leverage and explain how you would expect the company to leverage them. Our firm’s accountants have put together the following table of costs. Generators Solar Panels Fixed Costs $2 million $2 million Variable Costs $2 million $2 million Revenue $3 million $5 million The accountants have assured us that there are no places to save money. We are at our profit maximizing quantities of each product. We are as efficient as any firm could possibly be. In answering the questions below, do not just say lower costs or increase sales. Explain all your answers. If you cannot explain why you are taking an action, then you are just guessing.