2. Suppose the marginal cost curve for a perfectly competitive firm is MC = 10q + 80, where q is production of the individual firm. The price of output is 300. If the firm maximizes profit, what level of output will the firm produce?
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- 2. Suppose the marginal cost curve for a perfectly competitive firm is MC = 10q + 80, where q is production of the individual firm. The price of output is 300. If the firm maximizes profit, what level of output will the firm produce?Under what conditions will a competitive firm continue to grow in size? O Until it achieves minimum efficient scale. O Until it is just able to cover its variable costs. As long as other firms do. Until it makes an economic profit. O Until diminishing returns set in.1-> O O O O Suppose the market for peaches is perfectly competitive. The short-run average total cost and marginal cost of growing peaches for an individual grower are illustrated in the figure to the right. Assume that the market price for peaches is $6.50 per box. What is the profit-maximizing quantity for peach growers to produce? boxes. (Enter your response as an integer.) At this level of output, profit will be $. (Enter your response rounded to the nearest dollar.) Peach growers will earn positive economic profit in the short run at any market price above $ per box. (Enter your response rounded to one decimal place.) Price (dollars per box) 10- 9- 8- 7- 6- 4- 3- 2- 1 0 MC ATC 10 20 30 40 40 50 60 70 80 90 100 Output (boxes of peaches per day) Q Next
- A perfectly competitive firm can produce its current level of output at an average total cost of $10 and a marginal cost of $8. If the market price of the product is currently $8, what should the firm do? a. The answer depends upon the relationship between price and average variable cost. The firm should shut down if average variable cost is $8 or greater, but the firm should continue to produce the current level of output if average variable cost is less than $8. O b. The firm should definitely shut down since average total cost exceeds price. Oc. The firm should continue to produce, but they should decrease production in order to increase profit. O d. The firm should increase production in order to increase profit. 0= Icon Key mentMain.do?takeAssignmentSessionLocator=assignment-take,53ef7eec-ce82-423c-a5cf-a72630d672e7#Suppose, at a given point in time, Stephanie's Soda Fountain sells ice cream in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost of producing ice cream is $3.30, average variable cost is $2.50, and marginal cost is $3.50. Over time, Stephanie's output of ice cream will everything else held constant. Select one: OA. decrease OB. remain unchanged OC. increase1. Emad is a lettuce supplier in a perfectly competitive lettuce market in Kuwait. If the demand for lettuce in Kuwait is given by: Qo = 40,000 – 10,000P, Where Q is the quantity of lettuce boxes and P is the price of a lettuce box. In the short-run, Emad's has the following total cost function for his production of lettuce: TCimad = 0.25Q +Q +3 Assume that Emad is one of 1000 sellers in the Kuwaiti lettuce market with identical costs. Answer the following questions: e. wnat is tne market suppiy tunction in the short-run? 1. What is the short-run equilibrium price and equilibrium quantity in this market? g. Draw a rough sketch of the market demand and supply functions, showing the optimal point and all intersections with the horizontal and vertical axes. h. What is the demand function for Emad's lettuce in the short-run?
- 1) The cost curves for a firm in a perfectly competitive industry are given below. Complete the table. If the firm operates in a perfectly competitive market, and the market price is $25 per unit, what Quantity should this firm produce at? TFC TC TVC AVC ATC MC TR S100 S100 1 S100 S130 2 S100 S150 S100 S160 S100 S172 5 S100 S185 6 S100 $210 S100 $240 S100 $280 S100 $330 10 S100 $390 Table 9.1a.Suppose a perfectly competitive firm can produce10000 bushels of corn a year at an output at which marginal revenue is equal to marginal cost. The market price of corn per bushel is $2. The firm's total costs per year are $30000 and fixed costs per year are $15000. Show and explain which of the following is true: In the short run, this firm should a) Produce 20000 bushels to try to increase economic profit. b) Produce 10000 bushels of corn because, although they are losing money, they are losing less than if they shut down. c)Shut down. d) Continue producing until the price of corn increases. b.A perfectly competitive firm, with MC=q operates in a market character,zed by the following market demand and supply conditions: Demand: Q=20000-100P Supply: Q=100P How much output does this competitive firm produce to maximize profit? Show your work graphically and algebraically.. A perfectly competitive, profit maximizing firm earns zero economic profit in the long run. The firm's total cost is: TC = a + bQ?. Use only the cost curve given. a. Determine mathematically the level of output the firm will produce in the long run.
- A firm produces a product in a competitive industry and has a total cost function (TC) of TC(q) = 90 + 10q + 2q² and a marginal cost function (MC) of MC(q) = 10 + 4q. At the given market price (P) of $16, the firm is producing 1.50 units of output. Is the firm maximizing profit?The graph below provides a perfectly competitive graph for a firm in the short run, complete 1a – 1d using the graph. a. Assume the price of the firm’s product in the graph is $15 per unit. The firm will produce how many units per week, Why? b. At what price would the firm earn a zero economic profit in the short-run? Why? c. If the price the firm faces for it’s product is $6 per unit. What should the firm do? d. Assume the price of the firm’s product in Exhibit 1 is $10 per unit. The maximum profit the firm earns is? Why?I need help with econ multiple hw questions asap! 60) When a firm in a competitive market produces 15 units of output, it has a marginal revenue of $8.00. What would be the firm’s total revenue when it produces 8 units of output? A. $64.00 B. $48.00 C. $6.00 D. $4.80 59) The competitive firm’s long-run supply curve is that portion of the marginal-cost curve that lies above which average cost? A. sunk cost B. total cost C. variable cost D. fixed cost