Use the figure below to answer the next few question, it represents the cost curves of a perfectly competitive firm. P 7 5 AVC 4 2 1 4 6 8 9 12 MC ATC Now suppose the market price is $1. How many units will the firm produce? 12 9 6 ○ 0, they will shut down
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- 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?Calculate the average total, fixed, and marginal costs for a “competitive” firm with the following production cost schedule. q Total Cost ATC AFC MC0 10 100 12 200 16 300 26 400 38 500 75 600 120 What output or q (in the units of 10) is the most efficient production level? If the market price is $0.10 then what output or q (in the units of 10) is the most profitable production level? (This is the answer im looking for)Answer the questions on the cost of productionKing Crab Restaurant has the following cost schedules as Table below:Quantity Variable Cost Total Cost0 $ 0 $ 301 10 402 25 553 45 754 70 1005 100 1306 135 165 1.1 Based on Table above, calculate fixed cost, average variable cost, average total cost,and marginal cost for each quantity.1.2 Following (1.1), if the King Crab restaurant is in a completive market and sells itsproduct at the price of 25$, what is the King Crab’s equilibrium? How much profitwill it get?1.3 Following (1.1) and (1.2), if the King Crab increases its price to be 35$, How will theequilibrium change? How much profit (or loss) will it have?1.4 Consider the following table of long-run total costs for three different firms:
- Use the table Costs for Alina's Apple Pies. If Alina's Apple Pies operates in a perfectly competitive market and the market price for a pie is $18, how many pies should Alina's Apple Pies produce and what is the economic profit or loss per unit?you pay $10 in fixed costs for equipments and $ 9 per day to each of your artist who make the carpets if the industry is perfectly competitive and the cureent market price is $1 how many artists should you employ number of employees ouput 1 10 2 25 3 35 4 43 5 48 a. four b. five c. two d. threeRefer to the figure above. In the perfectly competitive market, the average total cost of the small business owner will be: A)2 B) 3.5 C)4 D)6.5
- Q) I have a question regarding a problem; the oilindustry is perfectly competitive 1: for each producer, the TC = 400 + 4q^2 2: the marked demand for oil (in tons) is given by Qd= 160-p what would the supply curve be for an individual producer? Correctly solve it's.Use the following table and use your previous calculations: find the quantity where ATC is at a minimum and find the quantity that is the most efficient operating point for the firm. Total Output Total Cost TFC TVC AFC AVC ATC MC 0 $20 10 $40 20 $60 30 $90 40 $120 50 $180 60 $280 a. MC = ATC between 30 and 40 Quantity ATC at minimum between 20 and 40 Quantity b. MC = ATC at 30 Quantity ATC at minimum between 20 and 40 Quantity c. MC = ATC at 40 Quantity ATC at minimum between 20 and 40 Quantity d. MC = ATC between 30 and 40 Quantity ATC at minimum between30 and 40 Quantity e. MC = ATC between 20 and 40 Quantity ATC at minimum between 20 and 40 QuantityPlease no written by hand A profitable firm becomes unprofitable following the ban of cheap plastics used in its production. Show this on the cost and revenue graph, the profit graph, and the production graph. Be specific in your labels, indicating carefully the shifts in the curves, if any.( Hand graph please)
- Calculate the average total, fixed and marginal costs for a “competitive” firm with the following production cost schedule. q Total Cost ATC AFC MC0 10 10 12 20 16 30 26 40 38 50 75 60 120Gater Tools, a profit-maximizing firm, has a patent on a power tool, making it the only producer of that power tool. Thegraph above shows GaterTools' demand, marginal revenue, average total cost, average variable cost, and marginal costcurves.(a) Calculate GaterTools' total revenue if the firm produces the allocatively efficient quantity. Show your work.(b) Starting at a price of $12, if GaterTools were to increase the price by 4%, will the quantity demanded decrease bymore than 4%, less than 4%, or exactly 4%? Explain.(c) At a quantity of 10 units, is GaterTools' marginal product increasing, decreasing, or constant? Explain. (f) Does GaterTools have a dominant strategy? Explain using numbers from the payoff matrix.(g) Identify the Nash equilibrium. Explain why this is a Nash equilibrium using information from the payoff matrix.(h) Suppose HandyBilt makes a credible commitment to GaterTools that if GaterTools maintains its price, then HandyBiltwill pay GaterTools $250. Will this offer…The table below shows the cost of a firm that produces handmade pottery vases in a competitive industry. The market price for a handmade vase is $3.75. To maximize it's profit, this firm should produce _______ vases
