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- A profit-maximizing firm in a competitive industry has the cost structure shown in the table below. Quantity Average Total Cost Average Fixed Cost Marginal Cost 1_ 25.00 20.00 4.20 2 14.40 10.00 3.60 3 10.87 6.67 4.20 4 9.40 5.00 6.00 5 9.00 4.00 9.00 6 9.33 3.33 13.20 7 10.26 2.86 18.60 8 11.70 2.50 25.20 9 13.62 2.22 33.00 10 16.00 2.00 42.00 Calculate this firm's shut-down price and explain your answer. What is this firm's supply curve? In answering this question, indicate the minimum price necessary for the firm to produce a positive quantity and the quantity it would produce at that minimum price? (Hint: Draw on your answer to part a.) If marginal revenue is $9, how much output will the firm produce, and how much profit will it make? Show your calculations.Employ the production cost theory to explain why we consider the Fruit & VegetableMarketin Al-Aweer to have a perfect competition structure.Monopoly and perfect competition are two market structures at the opposite endof the spectrum. Compare and contrast the two structures to influence our view ofwhich structure is most desirable. Critically analyse this statement.
- Is the Stackelberg leader guaranteed to make a higher profit than it would under standard Cournot competition? Explain using words and graphs.What is the non price behavior of a perfect competition market structure. (Include examples)Identify the type of market structure macdonald falls into stating reasons explaining such classification.
- Which of the following about perfect competition market structure is true? There are barriers to entry and exist of firms in the industry. Firms sell differentiated products. There must be a lot of advertising and branding of product. Firms sell homogenous products.Explain the differences/similarities between monopoly and imperfect perfect competition in detail.Monopolostic competition is characterized by _____ and perfect competition is characterized by _____. Question 30 options: a free entry; free entry b free entry; barriers to entry c barriers to entry; free entry d barriers to entry; barriers to entry
