2. (n) The Table below is for a farm operating in a perfectly competitive marke Complete the Table and answer the following questions based on the r provide in the Table. rs that you Table: A farm operating in a perfectly competitive market 9. Input Output MPP Output TR MR Input APP 2. usage PI price price 5: sh u85 270-215 70 18 18 360 8.0 3.33 1200 xXx3. 7 XXX 50 25 9.7 3.33 1615. 3.33 3 18 60 4.5 3:33 899.3.33 3.33 140-13 5 32 18 2.0 3-33 3-33 able: ntinue FC TC MC ATC AVC AFC P it int 2.25 u.69 320.4 69.4310 877.1 69.1 69.1 >80 u9a 37 | 4.255 69.11 2. (b) 2.44 4,3 XXX 900 969-10-72/1.4998 1.855 3.85 G45.9 8.255 18.49/-852.9 (-250 260 1329-1-1-3,8 9.u93 om the Table aboove the profit-maximizing level of output will be how many units? RE MC Why?

2. (n) The Table below is for a farm operating in a perfectly competitive marke Complete the Table and answer the following questions based on the r provide in the Table. rs that you Table: A farm operating in a perfectly competitive market 9. Input Output MPP Output TR MR Input APP 2. usage PI price price 5: sh u85 270-215 70 18 18 360 8.0 3.33 1200 xXx3. 7 XXX 50 25 9.7 3.33 1615. 3.33 3 18 60 4.5 3:33 899.3.33 3.33 140-13 5 32 18 2.0 3-33 3-33 able: ntinue FC TC MC ATC AVC AFC P it int 2.25 u.69 320.4 69.4310 877.1 69.1 69.1 >80 u9a 37 | 4.255 69.11 2. (b) 2.44 4,3 XXX 900 969-10-72/1.4998 1.855 3.85 G45.9 8.255 18.49/-852.9 (-250 260 1329-1-1-3,8 9.u93 om the Table aboove the profit-maximizing level of output will be how many units? RE MC Why?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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The following graph plots daily cost curves for a firm operating in the competitive market for rompers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. (?) PRICE (Dollars per romper) 50 45 40 3.5 30 20 15 10 10 5 0 + 0 2 MC ATC AVC 4 6 8 12 14 16 QUANTITY (Thousands of rompers per day) 10 18 H 20 Profit or Loss
explain what is happening in this graphs
The market for apple pies in the city of Ectenia is competitive and has the followingdemand schedule:Price Quantity Demanded$ 1 1,200 pies2 1,1003 1,0004 9005 8006 7007 6008 5009 40010 30011 20012 10013 0 ch producer in the market has fixed costs of $9 and the following marginal cost:Quantity Marginal Cost1 pie $ 22 43 64 85 106 12a. Compute each producer’s total cost and average total cost for 1 to 6 pies.b. The price of a pie is now $11. How many pies are sold? How many pies does eachproducer make? How many producers are there? How much profit does eachproducer earn?c. Is the situation described in part (b) a long-run equilibrium? Why or why not?d. Suppose that in the long run there is free entry and exit. How much profit does eachproducer earn in the long-run equilibrium? What is the market price? How many piesdoes each producer make? How many pies are sold in the market? How many pieproducers are operating?
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Why will profits for films in a perfectly competitive industry tend to vanish in the long run?
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What two lines on a cost curve diagram intersect at the zero-profit point?
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