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- Briefly explain the reason for the shape of a marginal revenue curve for a perfectly competitive firm.5. (a) What do we mean by “price taker”? Explain why a firm in perfect competition is a price taker.How is this price determined? Explain. (b) “The demand curve for a perfectly competitive firm ishorizontal and it is also the firm’s marginal revenue curve.” Explain.Under the assumption of perfect competition in short run firms onlye earnabnormal profit. True/False. Explain your answer theoretically and graphically
- A perfectly competitive firm produces the level of output at which MR=MC on the rising portion of the firm’s marginal cost curve. At that output level, it has the following costs and revenues: TC = $830,000 VC = $525,000 TR = $428,000 At that optimal level of output, what profit (loss) does the firm earn?A perfectly competitive firm decides to shut down if: O the price falls below the average-total-cost. O the price falls below the marginal cost. average revenue falls below the average-variable-cost. O the average revenue curve lies below the marginal cost curve. the total revenue is less than total cost.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:1. 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?2. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?3. Comment on your answers to parts (1) and (2).
- Assume that a firm in a perfectly competitive industry has the following total cost schedule:OUTPUT (UNITS) TOTAL COST ($) 10 110 15 150 20 180 25 225 30 300 35 385 40 480a. Calculate a marginal cost and an average cost schedule for the firm. b. If the prevailing market price is $17 per unit, how many units will be produced and sold? What are profits per unit? What are total profits? c. Is the industry in long-run equilibrium at this price?31) If marginal revenue is less than marginal cost for a perfectly competitive firm , it should a) decrease production b) increase production c) not change production d) increase the price of its productSuppose a firm's long-run marginal cost curve is given by LMC(g) = 1000/ q. Is there a price p > 0 for which this firm is in long-run competitive equilibrium? yes no not enough information The answer is no, but I dont know why, please help.
- If price is greater than average variable cost and less than average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will: shut down production. O produce at an economic profit. O produce at an economic loss. O produce more than the profit-maximizing quantity.In perfect competition marginal cost curve of a firm shows supply curve of the firm in short run. True/False. Elaborate your answer theoreticallya andgraphically.ques. 46 The demand curve of a perfectly competitive firm is vertical. True False
