Marginal Cost 11.50 11 Price 10.50 Average Total Cost 10 9.50 10 20 50 60 Quantity 30 40 Based on the graph above, this perfectly competitive firm's profit maximizing quantity is
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A.40
B.45
C.60
D.20
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- Tomato Farms is selling tomatoes in a purely competitive market. Its output is 25,000 bushels, which sell for $30 a bushel. At this level of output, the marginal cost is $30 a bushel, average variable cost is $30.50 a bushel, and average total cost is $34.50 a bushel. (a) What is the firm’s total fixed cost? You must show your work.Bob’s lawn-mowing service is a profit-maximizing,competitive firm. Bob mows lawns for $27 each. Histotal cost each day is $280, of which $30 is a fixedcost. He mows 10 lawns a day. What can you sayabout Bob’s short-run decision regarding shutdownand his long-run decision regarding exit?Can the given Marginal revenue be negative ? True or false
- Explain why a firm carries on production in short run even if it makes negative profit. Use well labeled diagrams to support your explanation.Expain whether a perfectly competitive firm would or would not innovate.Tomas is the general manager for a local automated car wash. The market he operates is perfectly competitive. Every car wash in the area is charging $7 for a car wash, which is also the marginal cost per wash. What will happen to Tomas’ profits if he changed his price to $8. Why? What about a price of $5?
- Calculate the average total, fixed, and marginal costs for a “competitive” firm with the following production cost schedule. q Total Cost ATC AFC MC0 10 100 12 200 16 300 26 400 38 500 75 600 120The relationship between the firm's average variable, average total, and marginal cost curves above: Marginal Reveue = Price = US $ 2.50 ; a) Use the graph to find the Firm's profit-maximizing output. b) If the firm maximizes its profit, how much profit does it make (about)? Should the firm stay in business? c) Will other firms with costs the same as Firms enter the market? Explain.If the intersection where MR (Marginal Revenue) = MC (Marginal Cost) occurs BELOW the TPC at that point: a. Loss is minimized b. Profit is maximized c. The business must be closed d. There are no gains or losses