Thank you so much for your help. If you can help me I will give a thumbs up! :)[LOOK AT ECO IMAGE PT 1]b.) [CONTINUED FROM ECO IMAGE PT1] (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? [ ] output = [ ] units per firm (iii) What economic profit or loss will the firm realize per unit of output? [ ] per unit = $ [ ]c. At a product price of $32.00 (i) Will this firm produce in the short run? [ ] (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? [ ] output = [ ] units per firm (iii) What economic profit or loss will the firm realize per unit of output? [ ] per unit = $ [ ] Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers.d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3).[NOW LOOK AT IMAGE ECO PT2][The following is a continuation of Part f from ECO IMAGE PT2] What is the equilibrium output for the industry? [ ] units For each firm? [ ] units Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss. What will profit or loss be per unit? [ ] per unit = $ [ ] Per firm? $ [ ] Will this industry expand or contract in the long run? [ ] Assume that the cost data in the following table are for a purely competitive producer:AverageFixedAverageAverageTotalTotalVariableMarginalProductCostCostCostCost1$60.00$45.00$105.00$45.00230.0042.5072.5040.00320.0040.0060.0035.00415.0037.5052.5030.0012.0037.0049.0035.006.10.0037.5047.5040.0078.5738.5747.1445.0087.5040.6348.1355.0096.6743.3350.0065.00106.0046.5052.5075.00Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Notapplicable" and enter a value of "0" for output if the firm does not produce.a. At a product price of $66.00(i) Will this firm produce in the short run? Yes(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?Not applicableoutput9 units per firm(iii) What economic profit or loss will the firm realize per unit of output? Not applicable v per unit = $16b. At a product price of $41.0O(i) Will this firm produce in the short run? Yes(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (1)(2)(3)(4)QuantitySupplied,Single FirmProfit (+) orLoss (-)Quantity Supplied,1,500 FirmsPrice$22.0027.0032.0038.0043.0047.0057.00e. Now assume that there are 1,500 identical firms in this competitive industry. That is, there are 1,500 firms, each of which has the costdata shown in the table. Complete the industry supply schedule (column 4 in the table above).f. Suppose the market demand data for the product are as follows:TotalQualityPriceDemanded$22.0019,00017,00027.0032.0015,00038.0013,50012,00010,5009,500What is the equilibrium price? $43.0047.0057.00

Answered: Thank you so much for your help. If you…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 5SQP

See similar textbooks

Related questions

Question

Thank you so much for your help. If you can help me I will give a thumbs up! :)

[LOOK AT ECO IMAGE PT 1]

b.) [CONTINUED FROM ECO IMAGE PT1]

(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?

[ ] output = [ ] units per firm

(iii) What economic profit or loss will the firm realize per unit of output? [ ] per unit = $ [ ]

c. At a product price of $32.00

(i) Will this firm produce in the short run? [ ]

(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?

[ ] output = [ ] units per firm

(iii) What economic profit or loss will the firm realize per unit of output? [ ] per unit = $ [ ]

Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers.

d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3).

[NOW LOOK AT IMAGE ECO PT2]

[The following is a continuation of Part f from ECO IMAGE PT2]

What is the equilibrium output for the industry? [ ] units

For each firm? [ ] units

Instructions: Enter your answers rounded to two decimal places. Enter positive values for profit or loss.

What will profit or loss be per unit? [ ] per unit = $ [ ]

Per firm? $ [ ]

Will this industry expand or contract in the long run? [ ]

Assume that the cost data in the following table are for a purely competitive producer:
Average
Fixed
Average
Average
Total
Total
Variable
Marginal
Product
Cost
Cost
Cost
Cost
1
$60.00
$45.00
$105.00
$45.00
2
30.00
42.50
72.50
40.00
3
20.00
40.00
60.00
35.00
4
15.00
37.50
52.50
30.00
12.00
37.00
49.00
35.00
6.
10.00
37.50
47.50
40.00
7
8.57
38.57
47.14
45.00
8
7.50
40.63
48.13
55.00
9
6.67
43.33
50.00
65.00
10
6.00
46.50
52.50
75.00
Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not
applicable" and enter a value of "0" for output if the firm does not produce.
a. At a product price of $66.00
(i) Will this firm produce in the short run? Yes
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
Not applicable
output
9 units per firm
(iii) What economic profit or loss will the firm realize per unit of output? Not applicable v per unit = $
16
b. At a product price of $41.0O
(i) Will this firm produce in the short run? Yes
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?

(1)
(2)
(3)
(4)
Quantity
Supplied,
Single Firm
Profit (+) or
Loss (-)
Quantity Supplied,
1,500 Firms
Price
$22.00
27.00
32.00
38.00
43.00
47.00
57.00
e. Now assume that there are 1,500 identical firms in this competitive industry. That is, there are 1,500 firms, each of which has the cost
data shown in the table. Complete the industry supply schedule (column 4 in the table above).
f. Suppose the market demand data for the product are as follows:
Total
Quality
Price
Demanded
$22.00
19,000
17,000
27.00
32.00
15,000
38.00
13,500
12,000
10,500
9,500
What is the equilibrium price? $
43.00
47.00
57.00

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.