Mark all the correct results for perfect competition 8 correct 5 incorrect O in long run P is at the break even point O in the long run there is Productive efficiency OP- MR O MR - MC O in lông run P- ATC OP- MC OP> MC O there is not Productive efficiency O there is Allocative efficiency O P> MR O long run profits 0 O in the long run positive economic profits is possible O there is not Allocative efficiency
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- Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1 per poster. She has fixed costs of $250. Her variable costs are $1,800 for the first thousand posters, $1,500 for the second thousand, and then $900 for each additional thousand posters. a. What is her AFC per poster (not per thousand!) if she prints 1,000 posters? What if she prints 2,000 posters? What if she prints 10,000 posters? b. What is her ATC per poster if she prints 1,000? What if she prints 2,000? What if she prints 10,000? c. If the market price fell to 85 cents per poster, would there be any output level at which Karen would not shut down production immediately? Yes/NoA market is in long-run equilibrium and firms in this market have identical cost structures suppose demand in this market decreases. Which of the folowing are coreet descriptors of what happens to tho individual firms and the whole market as the market fist leaves and then returns to long-run equilibrium? Instructions: You may select more than one answer cick the box with a check mark for correct answers and dick to empty the box for the wrong answers. 0 Market proe will decrease in the longrun. O Market quantity will remain the same in the long-run. O Individual firms' profit maximizing output will decrease in the long run. O Firms will exit the market inthe long run. O Individual firms' profit maximizing output wil decrease in the shon-nun. O Market quantity decrease in the long run. o Firms win enter into the market in the long run. O Market price wil decrease in the short-run. References eBook & Resources Leaming objective: 13-08 Calculato the Section Responding…The market for apple pies in the city of Ectenia is competitive and has the followingdemand schedule:Price Quantity Demanded$ 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?
- . In a perfectly competitive market there is a donut shop that sells 1,200 donuts daily. Each donut sells for the market price of $0.75 and they sell out every day. Assume that this company has labor costs of $275 and materials costs of $400. a. Using only variable costs, what is the donut shop’s daily profit? - Now assume that the owner is thinking of adding a second location downtown. The capital investment required is $4,000 (Sunk Cost). The $4000 is Sunk Cost. The normal rate of return is 5%. b. If the new shop could operate under the same conditions as the original location is it a good business decision to expand? c. What would be the new shop’s daily profit?only typed answer Assume a competitive firm faces a market price of $120, a cost curve of: C = 13q3 + 20q + 500, and a marginal cost of: MC = q2 +20. What is the firm's profit maximizing output level? ?? Units (round your answer to two decimal places) What is the firm's profit maximizing price? ??? (round to the nearest penny) What is the firm's profit? ??? (round to the nearest npenny) In the short-run, this firm should ?? produce or shut down??Economic profits may result from: O a. innovation b.risk taking Oc. exploiting market inefficiencies Od. all the above O e. a and b
- I need help with econ multiple hw questions asap! 60) When a firm in a competitive market produces 15 units of output, it has a marginal revenue of $8.00. What would be the firm’s total revenue when it produces 8 units of output? A. $64.00 B. $48.00 C. $6.00 D. $4.80 59) The competitive firm’s long-run supply curve is that portion of the marginal-cost curve that lies above which average cost? A. sunk cost B. total cost C. variable cost D. fixed costPlease no written by hand solutions 7If SRTC 200+2q+4qwhere q is output, the firm's short-run supply function is a.P = 2 + 8q for P >= 2 and zero otherwise b. q = 0 P < 2; 0.125P - 0.25 P >= 2 c.P = 2 + 8a for p > 0 and zero otherwise. d.q = 0 P < 0; 0.125P - 0.25 P >= 0 8 Each firm in a perfectly competitive market has long-run average total cost represented as ATC+100/q. Long-run marginal cost is MC = 200q - 10 The market demand is O^ prime =215 dot 0 * 5P . At the long-run equilibrium price, how many firms are in the market? a= 500 b. n = 1000 c. n = 1200 d.n-2000 e.n = 2400Hide student question Time Left : Suppose that the additional revenue that comes from the 100th unit is $5, and the marginal cost of the 100th unit is $4.9. Which of the following is the best strategy for a perfectly competitive firm? Group of answer choices a)the firm should not produce the 100th unit because the additional profit from the 100th unit is $0.1 b)the firm must increase production since marginal revenue is greater than marginal cost. c) the firm must decrease production because marginal cost will decrease with production. d)the firm should not increase production since the opportunity cost of the 100th unit is higher than the additional revenue.
- In a price-taker market, if a business produces efficiently (i.e., that is, where marginal revenues = marginal costs), the firm will be able to make at least a normal profit. True of False. Explain. All firms produce where MR=MC. Price takers produce and price where P=ATC=MC=MR. That is the "normal profit" level. Profits above that level are considered "economic profits." Review economic profits, normal profits, explicit costs, and implicit costs. Why is 'normal profit' considered to be a cost, in economics?I need help with econ multiple hw questions asap! 68)Refer to the attachedTable 3.1. If this firm chooses to maximize profit, it will choose a level of output where marginal cost is equal to what dollar amount? A. $8 B. $12 C. $10 D. $6 67) Refer to the attached Figure 19. In which panel is the firm making a loss? A. panel (b) B. panel (a) C. panel (c) D. both panels (b) and (c)a. A firm operating in a perfectly competitive market is earning K20 million economic profits. What is the firms accounting profits if the opportunity cost is K30 millionb. What will be the firm’s economic profits in the long run? c. Company ‘A’ has been recording accounting profits averaging K50 million by investing in project C. It could earn K60 million and K70 million in projects D and E, respectively. What is the company’s current economic profit? d. Advise management what to do in the long run e. Project ‘B’ has a net present value of zero after applying a discount rate of 10%, which is the risk adjusted required rate of return that takes into account the riskiness of the project. What return is earned on this project f. After a risk assessment, it is discovered that project ‘B’ has become more risky and the risk adjusted required return to use must be 12%. Will the net present value of project ‘B’ still remain zero?
