FL = $18 4. A firm's fixed costs are $108. Using the competitive firm's cost diagrams below, find the firm's short run profit for each of the following prices: 81 67 61.60 60 45 55 36 a. p = 81 ML = 7 b. p = 60 c. p = 45 MC AC ta AVC 10 9
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- All firms in a perfectly competitive industry have a cost function given by: 10Q^2+200Q+2250. What is the profit maximizing quantity of each firm if the current market price is $500? What does each firms profit equal? Give typing answer with explanation and conclusionThe table below shows the short-run production function for Michelle's Accounting Company. Number of Bookkeepers Total Product per Hour 1 8 2 20 3 40 4 55 5 65 6 70 7 65 8 55 (a) After which bookkeeper do diminishing marginal returns begin for Michelle's Accounting Company? Explain using numbers. (b) Assume Michelle's Accounting Company sells its accounting services in a perfectly competitive market at a price of $20. Calculate the marginal revenue product of the sixth bookkeeper. Show your work. (c) Michelle's Accounting Company hires bookkeepers in a perfectly competitive labor market for bookkeepers at a wage rate of $110 per hour, and the market price of services remains $20. How many bookkeepers will Michelle's Accounting Company hire to maximize its profit? Explain using marginal analysis. (d) Assume bookkeepers and accounting software are substitutes in providing accounting services by all accounting firms in the market. If accounting software, a…The Emerald Company, a firm in the perfectly competitive custom jewelry industry, asks you for your expert economic opinion. They tell you the following: Total revenue is $110,000, Total fixed costs are $80,000 Total variable costs are $100,000 Marginal cost is $220/unit Quantity produced is 550 unit What is your advice based upon the information above? Keep operating and do not change the current production level. Keep operating and increase production Keep operating but decrease production Shut-down immediately
- The following are the cost information of a typical ice tea company in an industry with 100 firms. Output (ice tea per hour) Marginal Cost ($ per ice tea) Average Variable Cost ($ per ice tea) Average Total Cost ($ per ice tea) 3 2.50 4.00 7.33 4 2.20 3.53 6.03 5 1.90 3.24 5.24 6 2.00 3.00 4.67 7 2.91 2.91 4.34 8 4.25 3.00 4.25 9 8.00 3.33 4.44 d) Is the price $8 a short-run or long-run equilibrium price for the industry? If the price is not a long run equilibrium price, what adjustments are likely to happen in the market for it to reach long run equilibrium. e) What price must prevail in the market for a typical firm to operate in the short run? At this price, how many ice tea will be supplied by all firms in the market?Hana Co. for Catering provides catered meals, and the catered meals industry is perfectly competitive. Hana’s machinery costs $30 per day and is the only fixed input. Her variable cost consists of the wages paid to the cooks and the food ingredients. The variable cost per day associated with each level of output is given in the accompanying table. Quantity of meals VC 0 0 10 200 20 300 30 480 40 700 45 900 Based on the table, what is the break-even price and what is the shut-down price for Hana Co. for Catering? Show your calculation.What are total fixed costs for the Zonker Company? $0 $8 $12 $20 2. The marginal cost to the Zonker Company of producing the third unit of output is $__________ and the marginal cost of producing the sixth unit of output is $__________. $10; $25 $36; $93 $24; $81 $25; $40 3. If the market price is $15 per unit and Zonker can sell all it wants at that price, then Zonker maximizes profit in the short run by producing __________ units per week. 5 3 4 0 4. If the market price fell to $11 per unit, Zonker maximizes profit in the short run by producing __________ units per week. a. 1 b. 2 c. 3 d. 0 5. The lowest short run average total cost for Zonkers occurs when they produce ________ units per week. 2 3 4 5 6. if the price-taking firm in Exhibit 0126 is currently producing 6 units, then to maximize profits in the short run, it should keep producing 6 units increase production to 13 units increase production to 14 units increase production…
- 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.Suppose that a perfectly competitive industry consists of 240 firms and fixed cost of an individual firm is 384 half of which is a sunk fixed cost while the average variable cost is 12q. Market demand is given by Q-1440-10P. Find the equilibrium output and profit, respectivelyAssume the following cost data are for a purely competitive producer Total Product AFC AVC ATC MC 0 1 $60 $45 $105 $45 2 $30 $42.50 $72.50 $40 3 $20 $40 $60 $35 4 $15 $37.50 $52.50 $30 5 $12 $37 $49 $35 6 $10 $37.50 $47.50 $40 7 $8.57 $38.57 $47.14 $45 8 $7.50 $40.63 $48.13 $55 9 $6.67 $43.33 $50 $65 10 $6.00 $46.50 $52.50 $75 In the table below, complete the short run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3) 1 2 3 4 Price Quantity supplied, single firm Profit (+) or loss (-) Quantity supplied, 1500 firms $26 $32 $38 $41 $46 $56 $66
- Suppose perfect competitive firm short run cost function total cost=1/3q3+3q2+10Q+40 . if the market price of the commodity is birr 26 per unit A, determine the profit maximizing level of out put B find average fixed cost ,average cost ,average variable cost and marginal cost of firm at optimum level of out put C find maximum profit of the firmA perfectly competitive firm has the following total cost function: Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the product on the market is Rs. 14 per unit? How will it change its output if the price rises to Rs 16 per unit?A perfectly competitive firm has the following total cost function: Total Output(Units) Total Cost(₨)0 201 302 423 554 695 846 1007 117 How much will the firm produce if the price of the product in the market is ₨ 14 per unit? How will itchange its output if price rises to ₨ 16 per unit?
