FL = $18 4. A firm's fixed costs are $108. Using the competitive firm's cost diagrams below, find the firm's short run profit for each of the following prices: 81 67 61.60 60 45 55 36 a. p = 81 ML = 7 b. p = 60 c. p = 45 MC AC ta AVC 10 9
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- The following cost data is for a firm which is selling in a perfectly competitive market: Average fixed Average variable Average total Total Marginal cost S17 product cost S100.00 50.00 33.33 25.00 20.00 cost $17.00 cost $117.00 66.00 47.33 39.25 34.00 2 16.00 15 3 4 15.00 14.25 14.00 14.00 15.71 17.50 13 12 13 16.67 14.29 12.50 11.11 10.00 9.09 7.33 30.67 30.00 14 26 30 35 7 8. 9. 10 11 30.00 30.55 31.60 33.09 35.00 19.44 21.60 41 24.00 48 12 26.67 56 Refer to the data above. If there were 600 identical firms in this industry and total or market demand is as shown below, equilibrium price will be: Quantity demanded 3,000 6,000 9,000 11,000 14,000 19,500 Price $50 42 36 32 20 13 $36The table shows cost data for a firm that is selling in a purely competitive market. Average Average Output Variable Cost Total Cost 10 12 14 16 20 $5.00 4.00 4.75 5.75 9.00 $15.00 13.00 11.50 9.00 12.00 Marginal Cost $3 4 6 9 14 Refer to the above cost table. If the price of the product is $9, what output level will the firm produce?The following graph shows the marginal cost curve for Oiram-46, a competitive firm producing magic hats. Suppose that currently, the prevailing market price is $1.50 per magic hat. On the following graph, use the blue points (circle symbol) to plot Oiram-46's price line. Then use the grey points (star symbol) to indicate the profit maximizing quantity of output produced by Oiram-46. TOTAL COST (Dollars) he 12 11 10 a 8 N 3 2 1 0 + Oiram-46 7 0 MC + H 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 QUANTITY (Magic hats per week) Based on the graph, Oiram-46's profit-maximizing quantity is Demand Profit maximizing quantity ? magic hats, average revenue is $ and marginal revenue is
- Conigan Box Company produces cardboard boxes that are sold in bundles of 1000 boxes. The market is highly competitive, with boxes currently selling for $100 per thousand. Conigan's total and marginal cost curves are:TC = 3,000,000 + 0.001Q2MC = 0.002Qwhere Q is measured in thousand box bundles per year. Calculate Conigan's profit maximizing quantity. Is the firm earning a profit?Lisa’s Lawn Company (LLC) is a lawn-mowing business in a perfectly competitive market for lawn-mowing services. The following table sets out Lisa’s costs. Quantity (Lawns per hour Total Cost (dollars per lawn) 0 $30 1 40 2 55 3 75 4 100 5 130 6 165 If the market price is $30 per lawn, how many lawns per hour does Lisa’s LLC mow? If the market price is $30 per lawn, what is Lisa’s profit in the short run? If the market price falls to $20 per lawn, how many lawns per hour does Lisa’s LLC mow?ps ndar 2 You're running a small firm, and you have an estimate of both your cost function and your demand curve. Your cost function is TC-791-11q+5g 2. while your inverse demand curve is P-870-0.4q, where P is the price of one unit of your output and q is the quantity of units produced and sold If you wanted to maximize profit. what quantity would you produce? Please round your answer to the nearest whole number (ie, no decimal places) Type your answer...
- Consider a perfectly competitive market for wheat in San Diego. There are 80 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 40 30 AVC 20 10 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of bushels) COST (Cents per bushel)The graph shown displays the cost curves for a firm in a perfectly competitive market. If the market price is $12, which of the following statements is true? S 17 16 15 14 13 12 11 10 098765432. 1 るる 70 70 80 80 40 120 130 MC 140 150 160 170 AVC 1. The firm will earn negative profits if it produces 140 units. 2. The profit-maximizing quantity is 120. 3. The firm should consider how to minimize its losses. 180 190 ATC 200 : ... QuantityAssume that a firm in a perfectly competitive industry has the following total cost schedule: Calculate a marginal cost and an average cost schedule for the firm to complete the following table. Output Total Cost Marginal Cost Average Cost (units) ($) ($) ($) 10 440 15 600 20 720 25 900 30 1,200 35 1,540 40 1,920 If the prevailing market price is $68 per unit, units will be produced. Profits per unit will be and total profits will be . Is the industry in long-run equilibrium at this price? No Yes
- The table below shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Quantity 0 It must fall. 100 200 300 400 500 600 It must rise to offset the increased cost. Total Cost Variable Cost (dollars) (dollars) $1,000 $0 1,360 360 1,560 560 1,960 2,760 4,000 5,800 Suppose the fixed cost of production rises by $500 and the price per unit is still $8. What happens to the firm's profit-maximizing output level? The firm will shut down. O It will remain the same. 960 1,760 3,000 4,800Calculate the average total, fixed, and marginal costs for a “competitive” firm with the following production cost schedule. q Total Cost ATC AFC MC0 10 100 12 200 16 300 26 400 38 500 75 600 120Consider a perfectly competitive market for wheat in Miami. There are 120 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 50 40 AVC 20 0. 0 5 10 15 20 25 30 35 40 45 50 OUTPUT (Thousands of bushels) 30 10 COST (Cents per bushel)