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- A firm sells a product in a purely competitive market . The marginal cost of the product at the current output is $5.25 and the market is$5.90 . What should the firm do?Kenan's stationary shop operates in a perfectly competitive market where the price for a pen (his only product) is $3. If the marginal cost function is MC=0.1q: (i) The profit-maximizing level of output is _____ (ii) The variable profit is _____ (iii) The producer surplus is _____ If Kenan also has a fixed cost of $50, then: (iv) The total profit is _____ If Kenan cannot avoid the fixed cost, Kenan should _____ Answer options (please only select from the following): -5, 0, 3, 5, 10, 30, 45, 50, continue to produce, shut down, otherBitcom, a manufacturer of electronics, estimates the following relation between marginal cost of production and monthly output: MC= $150+ 0.005Q Assume Bitcom operates as a price taker in a competitive market. What is this firm’s profit-maximizing level of output if the market price is $175? Can it be done in Excel?
- Suppose you are a seller in a perfectly competitive market, and you are not happy with the existing selling price of your product, would you raise the price even by a few centavos? explain your answerIf a firm operates in a demand-driven market, then it should expect to face: a.Slow technological innovation. b.Fast technological innovation. c.Massive economies of scale. d.Corporate customers. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.A firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. The firm estimates its total costs as C(Q) = 70 + 14Q + 2Q2. Thus, the marginal costs are MC(Q) = 14 + 4Q. How much output should the firm produce in the short run?
- 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 costA microbrewery operates next to the Bushville Lake and uses water from the lake during production. The marginal cost of beer production is: MC = 8 + 2Q where Q is the quantity of beer produced (keg). The brewery sells its output at a market price of $40/keg. Because the industry is perfectly competitive, the brewery’s action does not affect the market price. The Bushville Lake is also used for kayaking and recreational fishing, but pollution from the brewery reduces the quantity of fish available and makes the lake very unpleasant. Each keg of beer produced emits a pound of pollutants that causes a loss of recreation opportunities worth $3. a) How much beer will be produced? b) What is the efficient level of beer production? If the government used a Pigouvian tax to achieve this goal, what would the tax be?The price charged by a competitive firm is:
- in the long-run, firms that operate in perfectly competitive markets should expect to earn exonomic profits a. greater than $0 b. equal to $0 ( no economic profits) c.less than $0In a competitive market, the current equilibrium price is $110 per unit. A firm that produces Q units ofoutput in this market has a short-run Total Cost (TC) given by TC = 300 + 10Q + 5Q2. What is the marginal cost for this firm? How many units should the firm produce per day?Derive the optimization condition of a profit-maximizing firm that operates in a perfectly competitive markets.