EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Chapter 9.9, Problem 1MQ
To determine
To ascertain: Long term
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If a price-taking firm’s production function is given by q = √6l , its short-run supplyfunction is given by(a) q = 3Pw.(b) q = 3P/w.(c) q = P/(3w).(d) q = 3w/P.
Please explain reason correctly.
In the perfectly competitive market, if a single producer increases or decreases production while the other competitive companies remain constant, the effect on the total supply and on the market price is significant. True or false
Assume that the cost data in the following table are for a purely competitive producer:
Chapter 9 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 9.2 - Prob. 1MQCh. 9.2 - Prob. 2MQCh. 9.2 - Prob. 1TTACh. 9.2 - Prob. 2TTACh. 9.4 - Prob. 1MQCh. 9.4 - Prob. 2MQCh. 9.5 - Prob. 1MQCh. 9.5 - Prob. 2MQCh. 9.8 - Prob. 1MQCh. 9.8 - Prob. 2MQ
Ch. 9.8 - Prob. 1TTACh. 9.8 - Prob. 2TTACh. 9.9 - Prob. 1MQCh. 9.9 - Prob. 2MQCh. 9.9 - Prob. 1TTACh. 9.9 - Prob. 2TTACh. 9.10 - Prob. 1MQCh. 9.10 - Prob. 2MQCh. 9.10 - Prob. 1TTACh. 9.10 - Prob. 2TTACh. 9.10 - Prob. 1.1MQCh. 9.10 - Prob. 2.1MQCh. 9.10 - Prob. 3.1MQCh. 9.10 - Prob. 1.1TTACh. 9.10 - Prob. 2.1TTACh. 9.10 - Prob. 1.2MQCh. 9.10 - Prob. 2.2MQCh. 9.10 - Prob. 3.2MQCh. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - Prob. 9RQCh. 9 - Prob. 10RQCh. 9 - Prob. 9.1PCh. 9 - Prob. 9.2PCh. 9 - Prob. 9.3PCh. 9 - Prob. 9.4PCh. 9 - Prob. 9.5PCh. 9 - Prob. 9.6PCh. 9 - Prob. 9.7PCh. 9 - Prob. 9.8PCh. 9 - Prob. 9.9PCh. 9 - Prob. 9.10P
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- What relationship, if any, can you detect between the facts that farmers’ fixed costs of production are large and the supply of most agricultural products is generally inelastic? Be specific in your answer.arrow_forwardA firm operates in a perfectly competitive market. The market price of its product is 4 birr and the total cost function is given by TC= 1/3 Q3 - 5Q2+20Q + 50, where TC is the total cost and Q is the level of output.a) What level of output should the firm produce to maximize its profit?b) Determine the level of profit at equilibrium.c) What minimum price is required by the firm to stay in the market?arrow_forwardA competitive firm uses two variable factors to produce its output, with a production function y = min{ x1, x2 }.The price of x1 is w1 = $8 and the price of x2 is w2 = $5. Due to a lack of warehouse space, the company cannot use more than 10 units of x1. The firm must pay a fixed cost of $80 if it produces any positive amount but doesn't have to pay this cost if it produces no output. What is the smallest integer price that would make a firm willing to produce a positive amount? please solve asap?arrow_forward
- A competitive firm uses two variable factors to produce its output, with a production function y = min{ x1, x2 }.The price of x1 is w1 = $8 and the price of x2 is w2 = $5. Due to a lack of warehouse space, the company cannot use more than 10 units of x1. The firm must pay a fixed cost of $80 if it produces any positive amount but doesn't have to pay this cost if it produces no output. What is the smallest integer price that would make a firm willing to produce a positive amount?arrow_forwardSuppose a farmer is a price taker for soybean sales with cost functions given by the following: TC=0.1q2 +2q+30 MC = 0.2q + 21. Refer to Scenario 9-3. If P = 6, the profit-maximizing level of output is (a) 10. (b) 20. (c) 40. (d) 80. 2. Refer to Scenario 9-3. If P = 10, the profit-maximizing level of output is (a) 0. (b) 30. (c) 40. (d) 50.arrow_forwardWhat is the effect on the short-run equilibrium of a specific subsidy of s per unit that is given to all n firms in a market?arrow_forward
- Long-run market supply curves are downward sloping if Group of answer choices All of these. input prices fall as the industry expands. firms are identical. the number of firms is restricted in the long run.arrow_forwardif the rent of the building the firm occupies increases what will happen to the firm's profit-maximizing quantity of output in the short run.arrow_forwardConsider a perfectly newspaper market with identical firms, each with the usual shaped cost curves. (1) The government imposes a (permanent) $2 per-newspaper subsidy on the market. What is the impact of the subsidy on the newspaper market? Make sure to distinguish between the short-run and the long-run impacts. (2) If demand permanently decreases, what is the impact on the newspaper market? Make sure to distinguish between the short-run and the long-run impacts.arrow_forward
- A perfectly competitive industry has 150 identical firms. At a price of $8, the typical firm supplies 10 units of output, so the market quantity supplied is nothing units of output. (Enter your response as an integer.)arrow_forwardEach firm in a perfectly competitive industry has the following production function: q = K1/4L1/4 Each firm takes factor prices as given. Factor prices are r = 4, w = 16 Suppose firms in this industry face a recurring fixed cost FC=144, ie, firms face a fixed cost FC=144 in the long run. Rewrite long run MC(q) and AC(q) functions and then find the long run equilibrium price.arrow_forwardSuppose the short-run cost function of a perfectly competitive firm is: C(q)= 193/8q - 1/2q2+ 2/3q3+100 In addition, there is a tax of t per unit produced. Solve for the firm's short-run supply function q(p,t). Be sure to show every step.arrow_forward
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