Price $10 * * * 57 MC ATC AVC D-MAR Quantity Refer to the firm above which is operating in a perfectly competitive market. When the price of the good is $7, the firm's total profit is ____ [Do NOT put the dollar $ sign, just the number.]
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Refer to the firm above which is operating in a perfectly competitive market. When the price of the
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- A juice producing company operates in a perfectly competitive market and is therefore a price taker. The prevailing market price is $20.00 per juice.The costs are given by: Total Cost= 0.2Q2+8Q+40 Marginal Cost= 0.4Q+10 a) Calculate how many juices the company should sell to maximize its profits CMg=P b) Calculate the maximum daily benefits. Total income= P*Q Total costs= 0.2Q2+8Q+40 Maximum benefits= Total income Total costCase D: Apex Company. Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10 Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250 Answer the following questions: What is the profit-maximizing level of output? Calculate Apex’s profit. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case? If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case? Comment on your answers to parts (2) and (3).Refer to the table. For a firm operating in a competitive market, the price is Quantity Total Revenue 0 $0 1 $15 2 $30 3 $45 4 $60 5 $75 Question 3 options: a) $45 b) $30 c) $15 d) $0
- (Table: Costs for Alina's Apple Pies) Use the table Costs for Alina's Apple Pies. If Alina's Apple Pies operates in a perfectly competitive market and the market price for a pie is $38, what profit (or loss) will this firm earn? a profit of $200 a loss of $30 T a loss of $200 a profit of $80 This is what I think the answerisThe table below shows the cost of a firm that produces handmade pottery vases in a competitive industry. The market price for a handmade vase is $3.75. To maximize it's profit, this firm should produce _______ vasesConsider the following short-run data for a perfect competitor. Use the data to answer the following questions. Justify your answers and calculations. Quantity Demanded Price TC TVC MC 0 22 150 - 1 20 2 15 3 22 4 34 5 54 6 78 d) What is the profit maximizing level of output for this producer? e) Calculate profits or losses at all levels of output.
- A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - MankiwA firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold?Use the table Costs for Alina's Apple Pies. If Alina's Apple Pies operates in a perfectly competitive market and the market price for a pie is $18, how many pies should Alina's Apple Pies produce and what is the economic profit or loss per unit?
- Pls don't use AI solution Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price?.Case D: Apex Company. Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10 Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250 Answer the following questions: If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case? If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case? Comment on your answers to parts (1) and (2).Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit. Quantity (units) 0 1 2 3 4 5 6 7 8 9 10Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250Answer the following questions:a. What is the profit-maximizing level of output? Calculate Apex’s profit.b. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?c. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?d. Comment on your answers to parts (2) and (3