20. Refer to the above data. What is the minimum price, below which the firm would shut down and produce Q=0? A) $12 B) $14 C) $30 D) none of these

35) Refer to Figure 9.2. In which of the following price ranges will the firm continue to operate but at a loss?A) $5-$6 B) $6-$7 C) $7-$8 D) $8-$9 36) Refer to Figure 9.2. Suppose demand for wheat is initially D2. If the price of rice (a substitute for wheat) falls,then demand for wheat will shift to ________. This will ________ the equilibrium price of wheat, and individualprofit-maximizing firms will produce ________ bushels of wheat.A) D1; increase; 13 B) D3; decrease; 10 C) D3; increase; 15 D) D1; decrease; 0 37) Refer to Figure 9.2. If demand for wheat is D3, then a profit-maximizing firm will produce ________ units andearn ________.A) 12; negative profits B) 15; positive profitsC) 9; positive profits D) 13; exactly a normal return 38) Refer to Figure 9.2. If demand for wheat is D1, then in the long runA) firms will increase their output so that their average fixed cost per unit falls.B) the firm will increase its price and output.C) the firm will exit the industry.D) new firms…

To determine the market equilibrium numerically, after a shift of the D curve, we must: Calculate a new Qd (Qd1), then equate Qd1=Qs0 Calculate a new Qd (Qd1), then equate Qd0=Qs0 Calculate a new Qd (Qd1), then equate Qd1=Qd2 none of these

Market Equilibrium) A successful advertising campaign by the California Milk Processor Board increases demand for milk. In the short-term, this moves the market demand curve to the right (i.e., increases demand at all price level). The new (short-term) market demand function becomes: Qd(P) = 10062 - 100P   The advertising campaign does not affect the (short-term) market supply function which remains:   Qs(P) = 3564 + 800P   A. Calculate the new Equilibrium Price.   B. Calculate the new Equilibrium Quantity.   2. (Profit Maximization in a perfectly competitive market). Using the new market price that you calculated in question 3 and assume that your farm’s weekly cost function is unchanged:   TC(Q) = $1036.8 + $2Q + $0.0045Q^2   A. What is the new Profit Maximizing Output Level (Q*) for your farm?   B. Where are the farm's Weekly Profits at the new Profit Maximizing Output Level?   C. Is this market at its long-run equilibrium? If yes, explain why. If not, discuss what will need to…

Question 6 options: The price of a product in a competitive market is $100.  The cost per unit of producing the product is c=50+.1x, where x is the number of units produced each month.  Find a) The monthly revenue R(x) b) The monthly cost function C(x) c) The monthly profit function P(x) d) Find x such that profit is maximized, and find the maximum profit

The market for a brand of yellow maize is in equilibrium. Explain, with the aid of a separate diagram in each case, the effects which each of the following is most likely to have on the equilibrium position: a) Due to the serious drought, there is a reduction in the aggregate harvest. b) A fall in the price of fertiliser, a key input in the production of the yellow maize. c)       The price of beef has gone up tremendously and yellow maize is a key feed for beef animals.

Instruction: Before every answer, please copy the specific circumstance (including the indicated highest possible points) that corresponds to your answer. You are the head of an agricultural association for mango planters in Cebu. Part of your management report, you will need to predict the effects on the price and output of mangoes under the following independent circumstances. a)  A typhoon destroys a vast number of mango trees in Cebu. b) The Department of Agriculture in coordination with the Department of Science and Technology discovers a method that increases the number of mangoes produced by each tree.  c) The price of imported peaches in Cebu falls. Using the demand and supply analysis, what are your predictions?

Question 23 A competitive firm has a total cost function in dollars of the form C(q)= 100–4q + q^2, where q is output. Suppose the market price is $10 per unit of output. What is the firm’s short run point elasticity of supply? a) 20/7 b) 5/7 c) 10/7 d) 0.5 e) 2

Suppose the quantity of apples supplied in yourmarket is 2,400. If there are 60 apple producers,each with identical cost structures, how manyapples does each producer supply to the market?

Assume the market for oil is perfectly competitive, with the following market demand and supply curves (price in S and quantities in millions of barrels per day): Qd=95-P Qs= 15 + 3P Find the equilibrium price and quantity exchanged in this market.