GrawHil COMcGrawHillMicro- Perfect CompetitionCorn Market: High PriceНаpрyEconomicsCorn Market: High PriceMentorMarket for Corn: High Price8.00In class, we learned about marginalrevenue (MR). Marginal revenue isthe additional revenue receivedfrom selling one more unit.7,006.00Kim5.004.00James, you sell your corn in aperfectly competitive market withan equilibrium price of $4.00.What is true about your marginal3.002.00Kim1.00revenue?0.0040Quantity (in millions)1020305060708090100110My marginal revenue isconstant and equal to $4.00.For each bushel of corn I sell, Iearn $4.00 in additionalJamesrevenue.That is correct!НаpрyEconomicsMentorContineePrice Corn Market: High PriceНарруEconomicsCorn Market: High PriceMentor8.00Market for Corn: High Price7.00Now that you know your marginalrevenue, how many bushels shouldyou produce to maximize yourprofits in the short run?6.005.00Kim4.003.002.001.000.00010203040506070Quantity (in millions)8090100110I should produce the number of bushels that sets mymarginal revenue equal to my marginal cost ofproduction.I should produce the number of bushels that sets mymarginal revenue per bushel above marginal cost perbushel.I should produce the number of bushels that sets mymarginal revenue per bushel below marginal cost perbushel.Submit

* In a perfectly competitive market, the price determined by the industry with the help of demand…

Hill Mc Graw Hill Micro- Perfect Competition Corn Market: High Price Наpрy Economics Corn Market: High Price Mentor Market for Corn: High Price 8.00 In class, we learned about marginal revenue (MR). Marginal revenue is the additional revenue received from selling one more unit. 7.00 6.00 Kim 5.00 4.00 James, you sell your corn in a perfectly competitive market with an equilibrium price of $4.00. What is true about your marginal 3.00 2.00 Kim 1.00 revenue? 0.00 10 20 30 40 50 60 70 80 90 100 110 Quantity (in millions) My marginal revenue is constant and equal to $4.00. For each bushel of corn I sel, I earn $4.00 in additional James revenue. That is correct! Happy Price

Hill Mc Graw Hill Micro- Perfect Competition Corn Market: High Price Наpрy Economics Corn Market: High Price Mentor Market for Corn: High Price 8.00 In class, we learned about marginal revenue (MR). Marginal revenue is the additional revenue received from selling one more unit. 7.00 6.00 Kim 5.00 4.00 James, you sell your corn in a perfectly competitive market with an equilibrium price of $4.00. What is true about your marginal 3.00 2.00 Kim 1.00 revenue? 0.00 10 20 30 40 50 60 70 80 90 100 110 Quantity (in millions) My marginal revenue is constant and equal to $4.00. For each bushel of corn I sel, I earn $4.00 in additional James revenue. That is correct! Happy Price

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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A textile firm in a competitive industry employs a particularly efficient manager torun the operations at its production facility. In the textile industry, a plant managertypically makes a salary of $4,500 per month. The textile firm employing thesuperior manager faces the LAC and LMC curves shown in the figure below. Inlong-run competitive equilibrium, the price of the product is $9 A- typical textile firm in this competitive industry has a minimum long-runaverage cost of $______. The typical textile firm earns economic profit of$______ B-The textile firm with the superior plant manager could earn economic profitof $___________ per month, if no rent is paid to the superior manager C-The superior plant manager is likely to earn a salary of $______ per month,$____________ of which is economic rent
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Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage rate is $10 per worker. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. a. Fill in the “Total Labor Cost” and “Marginal Resource Cost” columns in the table below. Stephanie's Resource Costs Labor (workers) Total Labor Cost (dollars per hour) Marginal Resource Cost (dollars per hour) 0 $0 — 1 $ 2 3 4 5 6 7 b. Graph the marginal resource cost of labor (MRC) for Stephanie's business. Instructions: Use the tool provided "MRC" to plot the line point by point, starting from 1 worker up to 7 workers Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
(a) Disinguish beween Direct and Indirect production (b) Explain any five (5) reasons why different firms produce different levels of outputshigher costs
Smiling Cow Dairy can sell all the milk it wants for$4 a gallon, and it can rent all the robots it wants tomilk the cows at a capital rental price of $100 a day.It faces the following production schedule:Number of Robots Total Product0 0 gallons1 502 853 1154 1405 1506 155a. In what kind of market structure does the firm sellits output? How can you tell?b. In what kind of market structure does the firmrent robots? How can you tell?c. Calculate the marginal product and the value ofthe marginal product of each additional robot.d. How many robots should the firm rent? Explain.
The market for apple pies in the city of Ectenia is competitive and has the followingdemand schedule:Price Quantity Demanded$ 1 1,200 pies2 1,1003 1,0004 9005 8006 7007 6008 5009 40010 30011 20012 10013 0 ch producer in the market has fixed costs of $9 and the following marginal cost:Quantity Marginal Cost1 pie $ 22 43 64 85 106 12a. Compute each producer’s total cost and average total cost for 1 to 6 pies.b. The price of a pie is now $11. How many pies are sold? How many pies does eachproducer make? How many producers are there? How much profit does eachproducer earn?c. Is the situation described in part (b) a long-run equilibrium? Why or why not?d. Suppose that in the long run there is free entry and exit. How much profit does eachproducer earn in the long-run equilibrium? What is the market price? How many piesdoes each producer make? How many pies are sold in the market? How many pieproducers are operating?
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ASAP Does the state of mr=mc in a perfect competitive market mean that the firm is supposed to sell out no matter how much marginal cost they put? Because mr=mc occurs only if the product sells out 100% corresponing to the put marginal cost, right? I also know that the state is occured because the price in a competitive market is fixed, but i wondered if the state means also selling out completely.