purely competitive firm currently producing 35 units of output earns marginal revenues of $40 from each extra unit of output it sells. If it sells 40 units, then its total revenues would be $1,400. $1,200. $200. indeterminate based on the information given.
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- Refer to Figure 12-10. If the price is less than $6, the firm should short run and in the long run. OA. shut down; exit the market OB. continue operating, stay in the market and expand OC. continue operating; exit the market OD. exit the market; exit the market in the Revenue and cost (dollars per unit) $20 11 10 6 0 J 200 250 300 ATC AVC MR QuantityBookmarks Profiles Tab Window Help Table 12-1 Quantity 0 100 200 300 400 500 600 #3 Table 12-1 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. Total Cost (dollars) $1,000 1,360 1,560 1,960 2,760 E 51) Refer to Table 12-1. If the market price of each camera case is $8, what is the firm's total revenue when the profit-maximizing quantity is found at the output where MR = MC? B) $3,200 C) $4,000 D) $4,800 A) $2,400 Page Ref: 401-402 D ture.com/courses/2244593/files/144593507?module_item_id=37898795 $ 4 4,000 5,800 R FI Variable Cost (dollars) $0 360 560 960 1,760 3,000 4,800 % 5 T MacBook Pro G ^ 6 Y 87 & H U * 8 J - ( 9 O 49) V 51) ) 0 K L PA firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - Mankiw
- A purely competitive firm currently producing 35 units of output earns marginal revenues of $40 from each extra unit of output it sells. If it sells 40 units, then its total revenues would be $1,400. $1,200. $200. O indeterminate based on the information given.and cost 20 15 14 11 MC ATC 750 1.100 1.350 1,800 AVC MR Quantity Figure 12-5 shows cost and demand curves facing a typical firm in a constant-cost, perfectly competitive industry. Refer to Figure 12-5. If the firm's fixed cost increases by $1,000 due to a new environmental regulation, what happens in the diagram above? None of the curves shifts; only the fixed cost curve, which is not shown here, is affected. All the cost curves shift upward. Only the average variable cost and average total cost curves shift upward: marginal cost is not affected. Only the average total cost curve shifts upward; the marginal cost and average variable cost curves are not affected.A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold?
- Suppose a perfectly competitive firm faces the following short - run cost and revenue conditions: ATC $10; MC $15; MR $16. The firm should = = $12; AVC =Laura is operating a perfectly competitive firm. She sells her goods at $10 per unit. What is her marginal revenue? $10 More than $10 Less than $10 There is not enough information to answer this questionMC АТС $25.00 AVC $19.50 -- $15.00 $12.50 - - 30 40 50 60 Output (Q) For the firm shown in the diagram above, its Long Run Supply Curve is its curve for any price greater than ATC; $19.50 MC; $12.50 AVC; $12.50 MC; $19.50
- A firm sells a product in a perfectly competitive market. The marginal cost of the product at the current output of 500 units is $1.50. The minimum possible average variable cost is $1.00. The market price of the product is $1.25. To maximize profit or minimize losses, the firm should: produce more than 500 units. continue producing 500 units. O shut down. O produce less than 500 units.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 9.1Q23 Suppose a perfectly competitive firm is currently operating with the following information: Output = 1500 tonnesAverage total cost = $627 per tonneAverage variable cost = $614 per tonneMarginal revenue = $620 per tonneMarginal cost = $620 per tonneAt the current level of output, this firm is _____ profit and is an earning economic profit of _____. a. Maximising; -$10500. b. Not maximising; -$10500. c. Maximising; $10500. d. Maximising; $9000. e. Not maximising; -$9000.