If a perfectly competitive firm decreases production from 11 units to 10 units and the market price is $20 per unit, total revenue for 10 units is:
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- Suppose that the development of a new drought-resistant hybrid seed corn leads to a 50 percent increase in the average yield per acre without increasing the cost to the farmers who use the new technology. If the producers in the corn production industry were price takers, what would happen to the following? a. the price of corn b. the profitability of corn farmers who quickly adopt the new technology c. the profitability of corn farmers who are slow to adopt the new technology d. the price of soybeans, a substitute product for cornA perfectly competitive industry has 150 identical firms. At a price of $8, the typical firm supplies 10 units of output, so the market quantity supplied is nothing units of output. (Enter your response as an integer.)Glowglobes are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC=225+14q+q^2 and Marginal Cost function is MC=14+2q. Market demand is Q=316-P. If the market price is $85, what are the revenues each firm earns?
- You are the manager of a firm that sells its product in a competitive market at a price of $40. Your firm's cost function is C = 60 + 4Q2. Your firm's maximum profits areA perfectly competitive firm has the following total cost function TC=10+20². The price is given at P=4. What is the optimal quantity for this firm? The optimal production is Q=1 B The optimal production is Q=2 This firm should not produce since it incurs in losses for the optimal production D The optimal production is Q=4.Consider a firm in a perfectly competitive market. The firm’s marginal cost, average cost and average variable costs are given by the figure below. Suppose that the current market price is p=10. In order to maximize its profit, the firm will produce q = ___________ units of output.
- a perfect competitive firms has the following total cost function: total output : 0 1 2 3 4 5 6 7 total cost : 20 30 42 55 69 84 100 117 how much will the firm produce if the price of the production the market is RS. 14 per unit? how will it change its output if price rises to RS. 16 per unit?Suppose that many small firms operating in the perfectly competitive market set-up. All firms are identical and have the total cost function c (q)= 40+8q+(q^2/10), where q is the individual firm’s production amount. The market inverse demand function is described as P= A - (Q/50), where A>0 is constant, and Q is the market quantity. In the short-run equilibrium, there are 78 firms in the market, and firm’s maximum profit is $22.5 a) find the short-run equilibrium price b) suppose that in the long-run, firms cost function is still the same C (q)= 40+8q+(q^2/10) (assume LR cost function has fixed component of 40) Find the long-run equilibrium number of firms? (Assume market demand in LR = market demand SR)If the above graph is a typical firm in a perfectly competitive market, if the market price is 9, then in order to profit maximize it should produce 40 units. True or False
- Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC=470+13q+q^2 and Marginal Cost function is MC=13+2q. Market demand is P=401-2Q. What is the long-run equilibrium market price?Derive the optimization condition of a profit-maximizing firm that operates in a perfectly competitive markets.Assume the following total cost schedule for a perfectly competitive firm. Output TVC TFC 0 0 100 1 40 100 2 70 100 3 120 100 4 180 100 5 250 100 6 330 100 The total cost of producing 6 units of output is __________________ If the firm is producing at an output level of 2 units, the ATC is _____________ and the AVC is ______________ The profit-maximizing firm would shut down in the short run if the market price of its output dropped below ___________________ At what price would a profit-maximizing firm earn zero economic profits? _______________
