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When the competitive firm maximizes profit, its marginal cost of an additional unit of output is always equal to the:
Minimum of
Minimum total cost.
Maximum total revenue.
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- The competitive firm maximizes its profit by operating at the point where _____ and price is greater than average variable cost. a. average cost is at a minimum b. total revenue is at a maximum c. profit per unit is at a maximum d. marginal cost equals priceA competitive firm maximizes profit when marginal cost: a. equals the price. b. is less than the price. c. is minimized. d. is greater than the price.if a perfectly competitive firm's output price is $10 and the firm is producing 500 units with a marginal cost of $7, then the firm should increase output in order to increase profit. Group of answer choices True False
- You are the manager of a firm that produces its output in a competitive market at Q = 500 – 25P. Your firm's cost function is C = 5Q + Q2/50. The profit-maximizing output for your firm is: 75. 50. 100. 125. 150.A profit-maximizing firm in the short run will expand output Multiple Choice until marginal cost begins to rise. until total revenue equals total cost. as long as marginal revenue is less than marginal cost. as long as marginal revenue is greater than marginal cost."A profit maximizing firm seeks to produce at an output where its marginal revenue is equal to its marginal costs." Agree or disagree with this statement.
- Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. To maximize its profit, the firm should a. increase its output b. continue to produce 1,000 units c. decrease its output but continue to d. shut downIn the short run , a profit -maximizing firm will produce additional units of a product as long as- a) price at least covers average fixed cost b) total revenue is increasing c) a change in the rate of technical substitution d) elasticity of demand is infinite e) price at least covers average variable costre is a competitive industry with an infinite number of potential firms. All firms have the same cost function c( q) = + . Industry demand is Q = 100 − 5p, where Q is total industry output and p is the output price. Let n denote the number of firms in the industry. Find the long-run equilibrium number of firms (n), price and quantity produced by each firm.
- You are the manager of a firm that sells its product in a competitive market with market (inverse) demand given by P = 50 − 0.5Q. The market equilibrium price is $50. Your firm's cost function is C = 40 + 5Q2. Your firm's marginal revenue is Multiple Choice MR(Q) = 50 − Q. indeterminable based on the information in the question. MR(Q) = 10Q. $50.A competitive firm's cost of producing q units of output is TC=18+4q+q^2 Its corresponding marginal cost is MC=4+2q The firm faces a market price p = $24. Create a spreadsheet with q = 0, 1, 2, …, 15, where the columns are q, TR, TC, TVC, AVC, MC, and profit. Determine the profit-maximizing output for the firm and the corresponding profit. Should the firm produce this level of output or should it shut down? Explain briefly. Suppose the competitive price declines to p = $12. Repeat the calculations of part a. Should the firm shut down?Profits are maximized at the output at which marginal cost equals marginal revenue. If the market price falls below the minimum average variable cost: a. the firm should produce less. b. the firm should produce more. c. the firm should shut down. d. none of the above
