The graph shows the cost curves of a firm in a competitive market. If the market price is $30, and the firm produces the profit maximizing output, what is the amount of profit or loss of the firm a: profit of $1440 B . Loss of $1,080 C. Profit of 1,300
Q: At a market price of $83 a batch, what quantity does Lin’s produce and what is the firm’s economic…
A: Lin operates in a perfect market competition where, nor the buyers nor the sellers are the price…
Q: You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One…
A: Perfectly competitive market refers to a market scenario in which there are large number of buyers…
Q: Draw a two panel Diagram depicting a firm in a competitive market making a profit on the Left hand…
A: The perfectly competitive market is the market structure where a large number of firms compete in…
Q: Suppose Eleanor runs a small business that manufactures teddy bears. Assume that the market for…
A: The profit earned by a firm operating in a competitive market is the difference between the total…
Q: There is equilibrium in the purely competitive market for oranges, and the optimal amount of oranges…
A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost the…
Q: H) The lona College intern suggests that the company should increase the number of sweatshirts it…
A:
Q: Suppose Larry runs a small business that manufactures shirts. Assume that the market for shirts is a…
A: In perfectly competitive markets, there are many sellers which produce homogenous good and sells…
Q: An accountant and an economist are looking at a firm’s records and market situation. The accountant…
A: The money spent to purchase the factors of production to purchase the goods is termed as the cost of…
Q: Suppose that the market for black sweaters is a competitive market. The following graph shows the…
A: Profit maximization occurs at the point where the marginal revenue and marginal cost are equal.…
Q: Farmer Jones grown sugar. The total revenue, marginal revenue, total cost, and marginal cost of…
A: Answer: (1). Maximum profit for a perfectly competitive firm occurs where the marginal revenue is…
Q: Hill Mc Graw Hill Micro- Perfect Competition Corn Market: High Price Наpрy Economics Corn Market:…
A: * In a perfectly competitive market, the price determined by the industry with the help of demand…
Q: following graph shows the market demand and supply curves for camisoles that are sold in a perfectly…
A: Below is the edited graph:
Q: Answer the questions on the cost of production King Crab Restaurant has the following cost schedules…
A: In perfect competition, eqm. Q(quantity) is found by the equality of MC(marginal cost) and P(Price).…
Q: The graph below displays the short-run cost curves for Paola's Pears, a small farm competing in the…
A: perfect competition market is the form of market where large numbers of sellers and buyers exchange…
Q: QUESTION 36 In the long run, if for a firm in a competitive market, at the level of output where P…
A: We have to solve following questions. In the long run , if for a firm in a competitive market at the…
Q: In Perfectly competitive market, firms are a price _________
A: # Perfectly competitive is a market structure whereby large number of buyers and sellers are there.…
Q: Could you explain what is the long run and short run of a firm in a market
A: Production by a firm depends upon the time period. In the short run, the production possibilities of…
Q: f the marginal product equals the average product, we are at the _____________ point of the…
A: Marginal product is the change in total product with respect to change in input. Average product is…
Q: Refer to the information provided in Table 8.2 below to answer the question(s) that follow. Show…
A: Meaning of Perfect Competition: The term perfect competition refers to the market under which…
Q: jirm operates in a perfectly competitive market. If the market price (the price the firm must take)…
A: Perfect Competition is the one where there is infinite number of buyers and sellers and all the…
Q: The relationship between the firm's average variable, average total, and marginal cost curves above:…
A: The market is a perfectly competitive market structure, due to which the firm has a horizontal…
Q: Q2. a. Create numbers for the table below TC TFC | TVC AVC ATC MC 1 3 4 6 7 9 10 b. Indicate a…
A: a) q TC TFC TVC MC AVC ATC 0 10 10 0 _ _ _ 1 18 10 8 8 8 18 2 31 10 21 13 10.5 15.5 3 45…
Q: Perfect competition is an extremely rare type of market in the real world. This is because the…
A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…
Q: The following table shows data for quantity (Q), price (P), fixed cost (FC), and variable cost (VC)…
A: Q P FC VC TC MC TR MR P/L 0 72 100 0 100 100 0 0 -100 1 72 100 64 164 64 72 72 -92 2 72 100 84…
Q: Ramona is an asparagus farmer and the world asparagus market is perfectly competitive. The market…
A: Since you have posted multiple questions, we will solve the first question for you. If you want any…
Q: Refer to the figure above. In the perfectly competitive market, the small business owner will
A: in a competitive market there are large number of firms producing identical products thus acting as…
Q: In a perfectly competitive firm, firms always operate at the lowest per unit cost. true False An…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: 11. Suppose Sam sells apples, picked from his apple tree, in a competitive market. Assume all apples…
A: Hi! Thank you for the question but as per the guidelines, we answer only up to 3 subparts. Kindly…
Q: what is the amount of the total fix cost
A: Total cost (TC) = total fixed cost (TFC) + total variable cost (TVC) Average total cost (ATC) = TC…
Q: Thank you for your help
A: Hey, Thank you for the question. According to our policy we can only answer 3 subparts per question.…
Q: George Stigler, "Perfect Competition, Historically Contemplated," Journal of Political…
A: A Perfectly competitive, has many buyers and sellers, with all firms selling identical products,…
Q: The market for fertilizer is perfectly competitive. Firms in the market are producing output but are…
A: The markets are the place where the buyers and sellers of the goods, and services meet and interact…
Q: Pat's Pizza Kitchen has the following total cost schedule. Output (pizzas per hour) Total cost…
A:
Q: The accompanying graph depicts the Marginal Cost (MC), Average Cost (AC), Marginal Revenue (MR), and…
A: Perfect competition refers to the form of market in which there is large numbers of buyers and…
Q: Price of Corn $7 MC $6 $5 ATC $4 $3 AVC $2 $1 47 1000 2000 3000 4000 5000 6000 7000 8000 Bushels of…
A: A perfectly competitive firm produces at level of output where Price equals Marginal Cost. Total…
Q: Mindy's salon is a small business that acts as a price taker (MR=P). The prevailing market price for…
A: Total cost(TC) is the cost a firm incurs during the production process. It includes both fixed cost…
Q: What is the firms profit or loss?
A: A firm in an exceedingly competitive market wants to maximise profits similar to the other firm.…
Q: The following table shows partial cost information of White T-shirt Manufacturing Company. The…
A: A partial cost information is given in the table.The table can be shown below:
Q: 140 123.33 90 56.67 Price 100 133.33 -MR MC ATC Demand Quantity
A: Here, the given graph shows the revenue, demand, and cost curves of a firm.
Q: Suppose that the market for cashmere sweaters is a competitive market. The following graph shows the…
A: A perfectly competitive firm maximizes profit by producing output at a level where Price is equal to…
Q: The graph shows the costs of Quick Copy, one of the many copy shops near campus. If the market price…
A: In the production process, the conditions and fluctuations that happen between demand and also the…
Q: S The table shows some of the costs of production for Frank's Firewood. The firewood market is a…
A:
Q: In the short run, at a market price of $45 per watch, this firm will choose to produce watches per…
A: Equilibrium for a competitive firm is at the point where the marginal cost (MC) curve intersects the…
Q: . You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One…
A:
Q: HW#4 (Costs of Production, Competitive Markets) Attempts: Keep the Highest: /6 20. Problems and…
A: Hi, thank you for the question. As per the Honor code, we are allowed to attempt only first…
Q: Suppose that the market for dress shirts is a competitive market. The following graph shows the…
A: Perfect competition refers to the situation where there is the large number of sellers and buyers…
Q: What is long run and short run production? What is immediate market period
A: Meaning of Production: The term production refers to the situation under which the manufacturer…
Q: Rob Doe just started a ice cream business within a perfectly competitive market. The new business…
A: Marginal cost refers to the change in the total cost that arises when there is a change in the level…
The graph shows the cost
a: profit of $1440
B . Loss of $1,080
C. Profit of 1,300
d.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Suppose that the market for dress shirts is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in this market. (?) 50 45 Profit or Loss 40 35 30 АТС 25 20 15 10 AVC MC 4 8 12 16 20 24 28 32 36 40 QUANTITY OF OUTPUT (Shirts) PRICE AND COST (Dollars per shirt)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 LossCalculate the amount of profit or loss made by this firm at the equilibrium output. State the type of profit.
- Costs MC (per pound) ATC AVC 3.00 2.25 1.50 150 180 225 Quantity (pounds) The figure above shows the cost curves of a perfectly competitive company in the apple market. Use the graph in Figure to answer the following questions. Assume the market price is $3 per pound. a. What is the lowest price at which the apple producer will supply output in the short run? $ per pound. b. What is the firm's profit-maximizing (loss-minimizing) output? c. Is the firm earning a profit or a loss? loss profitThe following graph plots daily cost curves for a firm operating in the competitive market for fitness trackers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE(Dollars pertracker) 100 90 70 60 50 40 20 10 0 0 MO ATC AVC 50 60 70 80 10 20 30 40 QUANTITY (Thousands of trackers per day) 90 100 Profit or Loss In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm.$11.00 MC| $10.00 $9.00 ATC $8.00 $7.00 TRAVCI $6.00 $5.00 $4.00 $3.00 2 3 7 9 10 Quantity of Output (q) Pierre is a photographer in a perfectly competitive market. The graph shown above gives his MC, ATC and AVC curves. Suppose the market price is $10.50. How much profit does Pierre make? 22.5 24 20 O18 S per unit
- ATC 12 Q 1000 1500 1800 Use the graph above to answer the following questions. The graph represents a perfectly competitive firm where the market price is $4. AVCEconomics 50 MC ATC 40 MR 30 20 10 10 20 30 40 Quantity (per day) The figure above shows a perfectly competitive firm. When the firm maximizes its profit, its total revenue is A) $1,200. unable to be determined without more information. $900. $600. Price and costs (dollars)ATC MC Z AVC V. W $13 $10 T $7 $4 N 5 7 9 10 12 144 The graph above shows cost curves of a firm in a competitive market. Several points are marked on the graph to allow tracing curves. Some of them can also be used to indicate various prices. Refer to the graph to answer the following questions: 1. The short-run supply of the firm can be traced by connecting points 2. If the market price is $4 then in the short-run the firm would supply units. At this price the firm would 3. If the market price is $10 then in the short-run the firm would supply units. At this price the firm would 4. If the market price is $7 then in the short-run the firm would supply units. At this price the firm would 5. In the short run, the firm is better off continuing to operate (i.e. Q>0) despite losses if the price is in the interval above and below %24
- The next 6 questions relate to the following table. Calculate total revenue at a quantity of 5 units. (The table gives you Quantity, Price, and Total Costs, leaving the Total Revenue and Profit for you to calculate.) Quantity Price Total Revenue Total Cost Profit 0 70 0 1 70 60 2 70 120 3 70 180 4 70 300 5 70 410 Calculate profit at an output of 4 units. What is the highest profit possible? What is the profit maximizing level of output What is the profit maximizing price? Can you tell if this is the short run or long run? Explain.Please solve Fast i give 2 like Which of the following is not true according to Figure 1? Hide Transcribed Text Figure 1: Cost and Price AC : Average Cost, AVC: Average Variable Cost, and MC: Marginal Cost A) The firm earn a zero economic profit when it produces 40 unit at the price of $5.7 per unit. B) The minimum acceptable price (the shut-down point) is $4.3 per unit. C) The firm's supply curve is its MC curve above minimum of AVC. D) The firm earns an economic profit when the price exceeds $4.3 per unit.Required information The following figure shows the costs for a perfectly competitive producer. AVC, ATC, MC $45 40 35 30 25 201 15 10 5 0 C 10 20 30 40 50 60 70 80 90 100 ATC AVC Output per period Refer to the above figure to answer this question. If the price of the product is $35, what is the profit-maximizing output?