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- Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect me lung-nm average cost curve of a firm? Can you draw the old curve and the new one on the same axes? How might such an improvement affect other firms in the industry?The following graph shows the short-run average total cost curves for different plant sizes and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost (ATC) curve and the long-run average total cost (LRATC) curve; for example, Q1 marks the point of tangency between ATC1 and LRATC. The orange point on ATC3 indicates the firm's current output level in the short run (Q4). ATC, ATC5 LRATC ATC2 ATC, ATC. Q, Q2 OUTPUT In the long run, if the firm decides to keep output at its initial level, what will it likely do? COST PER UNIT
- ull touch LTE 10:08 PM O O 37% O A docs.google.com What is the relationship between a perfectly competitive firm's marginal cost curve and its short-run supply curve? * The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at the point where price is less than average variable cost. The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at the point where price is equal to or greater than average variable cost. The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at all points. The two are unrelated Page 4 of 5 Вack NextYou learn that a firm's average total costs (ATC) and average variable costs (AVC) are exactly equal. What does that mean? O Marginal cost is zero O ATC and AVC must be equal to zero O Average fixed costs (AFC) are zero O Economic profit is positive O Economic profit is negativeThe following graph shows the short-run average total cost curves and the long-run average total cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (ATC) and the long-run average total cost curve (LRATC); for example, Qi marks the point of tangency between ATC1 and LRATC. The orange point on ATC, indicates the firm's current output level in the short run (Q2). ATC, ATC5 ATCA LRATC ATC, ATC, Q, Q5 OUTPUT COST PER UNIT
- The following graph shows the short-run average total cost curves and the long-run average cost curve for a publishing firm. The five marked quantities indicate points of tangency between each short-run average total cost curve (SRATC) and the long-run average cost curve (LRAC); for example, Q₁ marks the point of tangency between SRATC₁ and LRAC. The orange point on SRATC3 indicates the firm's current output level in the short run (Q3). COST PER UNIT SRATC₁ LRAC SRATC₂ Q₁ Q₂ SRATC3 24 QUANTITY OF OUTPUT SRATC5 SRATC4 | 1 Q5 <1. Which of the following remains constant as output increases? O a. TFC O b. TVC C. TC O d. All of the aboveWhat is the difference between accounting profit and economic prof? A Economic profit subtracts both explicit and implicit costs from total revenue, while acounting profit only subtracts explicit costs. OR Accounting proft only subtracts implicit costs from totsi revenue, while economic profit only subtracts explicit costs. OC Economic proft orly subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting proft suberacts both explicit and implicit costs from total revenue, while economic proft only subtracts explicit costs
- .ll touch LTE 10:05 PM O 9 37% O A docs.google.com In a perfectly competitive market, what happens to a firm's profit-maximizing level of output if the price of the product falls? * Because the firm maximizes profit by setting marginal revenue equal to O marginal cost, an increase in the price of the product will reduce the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will not affect the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will reduce the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will increase the firm's profit-maximizing level of output.Which is most hkely to be a constant cost industry? O a Widgits do not require specialized equipment or workers, and Widgits have been produced the same way for a long time O b. Gadgets require a special metal, and the world is starting to run out of this metal Oc Gruffles require a special metal, and people have just started to use this metal. Now, engineers are quickly finding better ways to mine this metal. Od. These are all equally likely to be constant cost industries Oe. None of these could be constant cost industries In Canada, here is the market for Woogets Quantity Demanded- 300 - P Quantity Supplied = 2P The world price is 50, and Canadians can buy and sell as much as they want at this price. What is consumer surplus in Canada, if there is completely open trode? Write the answer as a number. For example, if you think the answer is 100,971, write 100971Economics Consider ADNOC decreasing the hourly wage rate (i.e., hourly salary) to all workers employed in her oil factories. Which of the following state OA All Cost curves, except the Fixed Cost, will shift upwards O B. All Cost curves, except the Fixed Cost, will shift downwards OC. All Cost curves (i.e., Fixed, Variable and Total) will shift upwards O D. All Cost curves (i.e., Fixed, Variable and Total) will shift downwards