Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText - Access Card Package (12th Edition)
12th Edition
ISBN: 9780134004983
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 12, Problem 14APA
(a)
To determine
The equilibrium market price for a smoothie.
(b)
To determine
The equilibrium market quantity of a smoothie.
(c)
To determine
How many smoothies a firm can sell.
(d)
To determine
The economic profit or loss incurred by the firm.
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Students have asked these similar questions
The market for smoothies is perfectly competitive and the market demand schedule
is in the first two columns in the below table. Each of the 100 producers of
smoothies has the costs given in columns 3- 6 when it uses its least-cost plant. What
is the market price of a smoothie?
$5.25
$4.25
$2.91
$2.20
Market demand schedule
Quantity
demanded
(smoothies
per hour)
1,000
Price
(dollars per
smoothie)
1.90
2.00
2.20
2.91
4.25
5.25
5.50
950
800
700
550
400
300
Output
(smoothies
per hour)
3
4
5
6
7
8
9
Producers of smoothies Costs
Marginal cost
(dollars per
additional
smoothie)
2.50
2.20
1.90
2.00
2.91
4.25
8.00
Average
variable cost
(dollars per smoothie)
4.00
3.53
3.24
3.00
2.91
3.00
Average total
cost
3.33
7.33
6.03
5.24
4.67
4.34
4.25
4.44
The following table gives you cost and revenue information for Mac & Kayla's Stacked Sandwiches, which are sold in a perfectly competitive market.
Sandwiches Total Cost Variable Cost Average Total Cost Marginal Cost Revenue
0
$20
1
$30
2
3
4
5
6
$64
$28
$88
www
$19
$21
$90
Use the above information. Answer in an integer format, with no commas, dollar signs, or decimals.
What is the price of a sandwich?
Lisa lawn company (LLC) is a lawn mowing business in a perfectly competitive market for lawn moving services. The following tables set out Lisa's costs
Quantity(lawn per hour)
Total Cost(dollars per lawn)
0
$30
1
$40
2
$55
3
$75
4
$100
5
$130
6
$165
A. If the market price is $30 per lawn, How many lawns per hour does Lisa's LLC now?
B. If the market price is 30 per lawn, What is Lisa"s profit in the short run?
C. if the market price falls to $20 per lawn, how many lawns per hour does Lisa's LLC now?
D. if the market price falls to $20 per lawn, what is Lisa's profit in the short run?
E. At What market price will Lisa shut down?
Chapter 12 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText - Access Card Package (12th Edition)
Ch. 12.1 - Prob. 1RQCh. 12.1 - Prob. 2RQCh. 12.1 - Prob. 3RQCh. 12.1 - Prob. 4RQCh. 12.2 - Prob. 1RQCh. 12.2 - Prob. 2RQCh. 12.2 - Prob. 3RQCh. 12.3 - Prob. 1RQCh. 12.3 - Prob. 2RQCh. 12.3 - Prob. 3RQ
Ch. 12.4 - Prob. 1RQCh. 12.4 - Prob. 2RQCh. 12.5 - Prob. 1RQCh. 12.5 - Prob. 2RQCh. 12.5 - Prob. 3RQCh. 12.6 - Prob. 1RQCh. 12.6 - Prob. 2RQCh. 12.6 - Prob. 3RQCh. 12.6 - Prob. 4RQCh. 12 - Prob. 1SPACh. 12 - Prob. 2SPACh. 12 - Prob. 3SPACh. 12 - Prob. 4SPACh. 12 - Prob. 5SPACh. 12 - Prob. 6SPACh. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - Prob. 9SPACh. 12 - Prob. 10APACh. 12 - Prob. 11APACh. 12 - Prob. 12APACh. 12 - Prob. 13APACh. 12 - Prob. 14APACh. 12 - Prob. 15APACh. 12 - Prob. 16APACh. 12 - Prob. 17APACh. 12 - Prob. 18APACh. 12 - Prob. 19APACh. 12 - Prob. 20APACh. 12 - Prob. 21APACh. 12 - Prob. 22APACh. 12 - Prob. 23APA
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