In a two-panel diagram, graphically illustrate a perfect competitive market and firm showing the firm earning economic profit in the short run. Use AR, MR, MC, and ATC to identify the profit-maximizing output, as well as the amount of profit earned.  b. Illustrate and explain how this market and firm move to the long-run

Q: 19. Refer to the following diagrams which pertain to a purely competitive firm producing output q…

A: Pure market: It refers to a market situation under which the large producers were unable to…

Q: A new korean restaurant opens in a city. People are initially cautious about eating new food items,…

A: Part a) The health report suggest that people should increase the consumption of Korean food. In the…

Q: 3.    You read in a business magazine that farmers are reaping high profits. With the theory of…

A: Perfect competition refers to a market where the commodity is homogenous in nature, there are large…

Q: Draw a two panel Diagram depicting a firm in a competitive market making a profit on the Left hand…

A: The perfectly competitive market is the market structure where a large number of firms compete in…

Q: Show what happens in the short run on both graphs when a new medical study shows soybeans to be…

A: Demand and the supply curve can shift in the market due to changes in several factors. The changes…

Q: The diagram below, shows the cost structure for a firm in perfect competition. Assume that the…

A: The market price in a perfect competition market is 12. At this price, MC intersects ATC.  It…

Q: Doug's Donut Shop operates in a competitive market and is currently producing 200 donuts. He has…

A: Average Revenue = Total Revenue / Quantity Average Cost = Total Cost / Quantity Profit / Loss =…

Q: a. Is the firm making an economic profit or loss? b. Will firms enter or exit this market? c. Sketch…

A: Firms in a perfectly competitive market face a perfectly elastic individual demand curve as they…

Q: the long-run equilibrium, all firms in a perfectly competitive market earn zero economic profit.…

A: In a perfectly competitive market there are large number of firms producing similar and identical…

Q: What is the meaning of ''acceptable loss'' for a perfectly competitive firm?   Draw a graph and…

A: Perfect competition refers to the type of market organization in which there are many buyers and…

Q: Q2. Ramzah owned a burger stands along the beach. Figure 2 shows Ramzah’s cost curves. Figure 2:…

A: There is many type of market in the economy we can discuss about the perfect competition market here…

Q: Pretzel stands in New York City are a perfectly competitive industry in long-runequilibrium. One…

A: Perfect Competition refers to the type of market where there are large numbers of buyers and sellers…

Q: Q.NO.1 The packaged milk market in Pakistan is perfectly competitive. In the short run some of…

A: Since you have posted multiple independent questions in the same request, we will solve the first…

Q: t competition, in the short run there is insufficient time for new firms to enter the Industry which…

A: Perfect competition is the market structure where there are large no of buyers and sellers selling…

Q: Write True or False and explain briefly 1- Consider a firm in a perfectly competitive market.There…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

Q: 1.(a) Explain with the help of a graph how a perfectly competitive firm determines its profit-…

A: The perfectly competitive market would result in large number of buyers and sellers in the market.…

Q: Draw a diagram illustrating the case of a perfectly competitive business firm making a profit. label…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: State what market structure exists in the hotel industry in Jamaica during the 1990s. Can excess…

A: A kind of structure where many different firms are present and are competing while selling…

Q: Draw a diagram illustrating the case of a perfectly competitive business firm making a profit. Label…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: Question 2: The figure shows the situation facing Lite and Kool Inc., a producer of running shoes.…

A: A firm is in equilibrium in a competitive market when Marginal Cost (MC) = Marginal Revenue (MR).…

Q: ssume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical firm…

A: (a) Market is competitive so a typical firm's demand curve is fixed at market price which means…

Q: Some firms in the market are making profit, others are having losses. Draw and explain graphs…

A:

Q: Discuss the long-term effects in a perfectly competitive market if an existing firm is making…

A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…

Q: Q2. a. Create numbers for the table below TC TFC | TVC AVC ATC MC 1 3 4 6 7 9 10 b. Indicate a…

A: a) q TC TFC TVC MC AVC ATC 0 10 10 0 _ _ _ 1 18 10 8 8 8 18 2 31 10 21 13 10.5 15.5 3 45…

Q: Assume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical…

A: a) The graph below shows Grande's demand curve along with the cost curves.  QG is the profit…

Q: 1. Draw a graph representing a perfectly competitive firm earning an economic profit. (Make sure to…

A: Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Sleek sneakers is one of many firms in the market for shoes. a. Assume that sleek is currently…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the  following situations. For each of…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: 4. The graph shows the perfect competition market. Price per unit MC ATC $3.00 MR 2.00 1.90 1.00 100…

A: Fixed cost is the cost that is same for all levels of production and marginal cost is the cost that…

Q: Below is a two-diagram model representing a perfectly competitive market and a representative firm…

A: All firms get only normal profit over the long run. A firm can get positive or abnormal profit over…

Q: 3.    You read in a business magazine that farmers are reaping high profits. With the theory of…

A: Perfect competition is a market structure where there are large number of buyers and sellers. The…

Q: You are given the following information for a producer of organic grommets in a perfectly…

A:

Q: Papa Mel's is an alfalfa farm in a perfectly competitive industry. Use the information in the graphs…

A: In a perfectly competitive market, market price is taken by the firms and market quantity explains…

Q: Based on the graph above, answer all the questions below. a) Justify the type of market structure…

A: There is two markets that we can consider: 1- Perfectly competitive market 2- Imperfect market Under…

Q: The market and Firm Fdg in a compettive market for Fidgets is at a long run equilibrium Suddenly the…

A: The markets are considered to be the places which are of utmost importance for the growth and…

Q: 4. You read in a business magazine that farmers are reaping high profits. With the theory of perfect…

A: Initially the farmers earned high profits, but moving on to a longer period, in the perfect…

Q: rcinogenic. On the market graph, you will shift a curve or curves. On the firm's graph, use Price 2…

A: * Answer :-

Q: How much output should Sindbad produce to maximize his profit, if the market price is equal to $11?…

A: (1) The equilibrium condition for profit maximization of a perfectly (PC) competitive firms is…

Q: xplanations.

A: In the long run,the profits and losses under perfectly competitive industry tend to get eliminated…

Q: Is the firm maximizing profit? 2. What quantity of output should the firm produce in the long run

A: 1. Given the values: TC = 70 + 10q + 2q2MC = 10 +4q Price = MR = $20 At profit maximizing, MR=MC MR…

Q: A firm is selling apples is profit-maximizing, but they're in a constant cost industry. The industry…

A: The normal goods are those goods whose demand tend to have a positive relationship with the income…

Q: You read in a business magazine that farmers are reaping high profits. With the theory of perfect…

A: Perfect competition refers to the market structure where the number of buyers and sellers are large…

Q: What is the shutdown condition? a.A condition stating when a firm should cease to operate and…

A: The shut-down condition is applicable for short run, where a firm stops production if its revenue is…

Q: By making use of graphs explain the difference between perfect competition and monopoly market.…

A: Monopoly and perfect competi­tion are two extremely opposite kinds of market structure. In the case…

Q: Question 2: The figure shows the situation facing Lite and Kool Inc., a producer of running shoes. 호…

A: a. Quantity produced is determined at the point where MR equals MC At MR = MC, Q = 100

Q: Given perfect competition show on a diagram that profit maximisation implies marginal revenue equals…

A: So as to understand the profit maximization under perfect competition relating to MC & MR along…