Question 7 In the situation depicted by the following diagram: AC AIC MIC AVC The firm will make a profit. The firm will make a loss, but should still remain o The firm should shut down. ONone of the above.
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- Your company operates in a perfectly competitive market. You have been told that advertising can help you increase your sales in the short run. Would you create an aggressive advertising campaign for your product?How does the average variable cost curve help a firm know whether it should shut down immediately?Why will losses for firms in a perfectly competitive industry tend to vanish in the long run?
- The cost data in the following table are for Marshall’s Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Output Average Variable Cost AverageTotal Cost MarginalCost Total Cost 0 / / / $ 95 1 $ $ $ 115 2 125 3 150 4 200 5 270 6 350 7 450 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $50, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; : $ e. If the market price of the product is $100, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; : $The cost Data in the following table are for Marshals meats , a perfectly competitive firm. Out put Average Variable cost Average Total Cost Marginal Cost Total Cost 0 / / / $70 1 90 2 100 3 150 4 205 5 265 6 355 7 510 A. Complete the above table What is the break even price ? What is the shut down price ? If the Market price of the product is $55, what quantity will Marshall's Meats produce ? What will be its profit or loss? If the market price of the product is $90, what what quantity will Marshall's Meats produce ? What will be its profit or loss? Please provide how you calculate the table step by step and the two corresponding parts after if you need to use more than 1 ask a question please do just need to know how to do this. thank you in advanceThe cost data in the following table are for Marshall’s Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Output Average Variable Cost AverageTotal Cost MarginalCost Total Cost 0 / / / $ 100 1 $ $ $ 130 2 150 3 180 4 220 5 270 6 330 7 440 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $50, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; (Click to select) Loss Profit : $ e. If the market price of the product is $110, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; (Click to select) profit loss : $
- The following table shows the costs of a firm. : Complete the following table: Quantity TC MC ATC AVC AFC 0 20 - - - - 1 ? 20 ? ? ? 2 ? 10 ? ? ? 3 ? 16 ? ? ? 4 ? 20 ? ? ? 5 ? 24 ? ? ? A. Fill in the missing terms. B. Explain the shape of the Average variable costs and Average fixed costs curve. C. If the firm was under perfect competition, and faced a price = Rs 16 , how much would the firm produce? What will be the shut down price for the firm?Cost figures for a hypothetical firm are given in the following table. Use them for the exercises below. The firm is selling in a perfectly competitive market. Output Fixed AFC Variable AVC Total ATC MC Cost Cost cost 1 $50 50/1=50 $30 30/1=30 30+50=80 80/1=80 NA 2 $50 50/2=25 $50 50/2=25 50+50=100 100/2=50 (100-80)/(2-1)=20 3 $50 50/3=16.67 $80 80/3=26.67 50+80=130 130/3=43.33 (130-100)/(3-2)=30 4 $50 50/4=12.50 $120 120/4=30 50+120=170 170/4=42.50 (170-130)/(4-3)=40 5 $50 50/5=10 $170 170/5=34 50+170=220 220/5=44 (220-170)/(5-4) =50 What can you expect from an industry in perfect competition in the long run? That is, what will the price be? What quantity will be produced? What will be the relation between marginal cost, average cost, and price?The cost data in the following table are for Marshall’s Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Output Average Variable Cost Average Total Cost Marginal Cost Total Cost 0 / / / $110 1 $ $ $ 140 2 160 3 190 4 224 5 280 6 342 7 458 a. Complete above the table. b. What is the shutdown price? Shutdown price: $ c. If the market price of the product is $56, what quantity will Marshall’s Meats produce? What will be its profit or loss?
- Draw a graph representing a perfectly competitive firm earning an economic profit. (Make sure to show both the firm and the industry graphs) What happens over-time, if many firms are earning economic profits? Is this good or bad for consumers? Explain. Note: don't use chat gptLisa lawn company (LLC) is a lawn mowing business in a perfectly competitive market for lawn moving services. The following tables set out Lisa's costs Quantity(lawn per hour) Total Cost(dollars per lawn) 0 $30 1 $40 2 $55 3 $75 4 $100 5 $130 6 $165 A. If the market price is $30 per lawn, How many lawns per hour does Lisa's LLC now? B. If the market price is 30 per lawn, What is Lisa"s profit in the short run? C. if the market price falls to $20 per lawn, how many lawns per hour does Lisa's LLC now? D. if the market price falls to $20 per lawn, what is Lisa's profit in the short run? E. At What market price will Lisa shut down?Lisa lawn Company (LLC) is a lawn mowing business in a perfectly competitive market for lawn mowing services. The following table sets out Lisa's cost Quantity(lawns per hour) Total cost (dollars per lawn 0 $30 1 40 2 55 3 75 4 100 5 130 6 175 when Lisa shuts down, what will be her economic loss?
