Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
9th Edition
ISBN: 9780134643175
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 3E
(a)
To determine
The short-run supply curve.
(b)
To determine
Identify the industry supply curve if 100 identical firms are in the market.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Perfect Competition
MC - Marginal Cost
MR - Marginal Revenue
ATC - Average Total Cost
Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, then the firm will set its price at ____ and produce ____ units.
$4; 40
$6; 40
$6; 55
$6; 30
Perfect Competition
MC - Marginal Cost
MR - Marginal Revenue
ATC - Average Total Cost
Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, the firm's total revenue will be:
$240
$90
$60
$180
Perfect Competition
MC - Marginal Cost
MR - Marginal Revenue
ATC - Average Total Cost
Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, the firm's profit will be:
$240
$160
$80
$60
Chapter 8 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
Ch. 8 - Prob. 1RQCh. 8 - Prob. 2RQCh. 8 - Prob. 3RQCh. 8 - Prob. 4RQCh. 8 - Prob. 5RQCh. 8 - Prob. 6RQCh. 8 - Prob. 7RQCh. 8 - Prob. 8RQCh. 8 - Prob. 9RQCh. 8 - Prob. 10RQ
Ch. 8 - Prob. 11RQCh. 8 - Prob. 12RQCh. 8 - Prob. 13RQCh. 8 - Prob. 14RQCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Suppose you are the manager of a watchmaking firm...Ch. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - A sales tax of 1 per unit of output is placed on a...Ch. 8 - Prob. 15E
Knowledge Booster
Similar questions
- Perfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost AVC - Average Variable Cost Refer to the figure above. If this firm decides to operate and is producing the profit-maximizing quantity, then the firm's profit will be: $40 $0 - $40 $240arrow_forwardTRUE OR FALSE? A decreasing cost industry has a long run supply curve that is upward sloping.arrow_forwardAssume demand is D1 and the industry is in long-run equilibrium. How many firms are in the industry? When demand shifts from D1 to D2, the price changes ["less", "more"] in the short run than in the long run, and quantity changes ["more", "less"] in the short run than in the long run: Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forward
- Using diagrams derive a long-run market supply curve for 1)a constant-cost industry, 2)a decreasing-cost industry.arrow_forward1-At which point the firm gets abnormal profit? 2- based on your answer in question one, what is the amount of total revenue? 3- based on your answer in question one, what is the amount of abnormal profit? 4-Find the value of Average Fixed cost at Q=100 5- Determine the shutdown point?arrow_forwardTomato Farms is selling tomatoes in a purely competitive market. Its output is 25,000 bushels, which sell for $30 a bushel. At this level of output, the marginal cost is $30 a bushel, average variable cost is $30.50 a bushel, and average total cost is $34.50 a bushel. Should the firm increase output, decrease output, or not produce? Explain.arrow_forward
- A firm operates in a perfectly competitive market. Its marginal cost = to its marginal revenue. It is incurring economic losses . Based on this information, which of the following is true? a) An increase in output will decrease the forms economic losses. b) a decrease in output will decrease the firms economic losses. c) Any change in output will fail to result in positive economic profits. d) An increase in price will decrease the firms economic losses. e) the forms marginal revenue exceeds its outputs average total costarrow_forwardThe figures show the cost curves and the marginal revenue curve of a Perfectly Competitive firm. (a) Determine the optimal output of the firm (b) Compute the profit or loss of the firm. (c) Below what price should the firm shut down? *Hello, I have the answer sheet but may I request for a more detailed explanation especially for part b and part c? Thank you.arrow_forwardQuestion 13 If a firm operating in a competitive industry shuts down in the short run, it can avoid paying Group of answer choices fixed costs. variable costs. all (total) costs. nothing. The firm must pay all its costs, even if it shuts down.arrow_forward
- how can I know which market type of firm is this? and the profit maximization to this?arrow_forwardThe graph attached illustrates the Demand, Marginal Revenue, Marginal Costs, Average Total Costs and Average variable Cost curves for a firm in a perfectly competitive market. What is the breakeven price? Explain your answer. What is the shot down price? Explain your answer.arrow_forwardRefer to the diagram. To maximize profits or minimize losses, this firm should produce L units and charge price LK. E units and charge price A. M units and charge price N. E units and charge price C.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning