Please all solve the question Which of the following shift the quinoa supply curve to the right?a. Quinoa farms adopt a better production technology and reduces its marginal cost.b. Major quinoa farmers in the world form a cartel.c. The world-wide outbreak of a deadly virus which makes the transportation of quinoa more difficult.O d. Consumers become more aware of the health benefits of Quinoa.The figure shows the production function of a farmer who produces grain by working certain hours each day.100PF12Hours of work per dayWhich of the following statements is correct about this production function?a. A technological improvement would shift up the production function.O b. The slope of the production function represents the marginal rate of substitution.c. The ceteris paribus assumption means that the farmer becomes more productive as he works more hours.O d. This production function exhibits economies of scale.O e. A rightward movement from B along the production function implies that the farmer has better technology.Quantity of grain produced The figure shows five technologies available to a hypothetical textile firm, which aims to produce 100 metres of cloth. The firm uses twoinputs: workers and coal.1086.3.21 2 3 456 78 9 10Number of workersWhich of the following statements can be derived from the figure above?a. More information is needed to determine the lowest cost technology.O b. Technology D is better than Technology B.O c. Technology Cis better than Technology E.O d. Technology E dominates the other four because it uses the most workers.Which of the following statements is most inaccurate?a. Inequality does not necessarily mean injustice.b. Technology, biology, economic institutions, and people's preferences are all important determinants of economic outcomes.O c. Substantive judgement of fairness involves the evaluation of the final outcome such as freedom or happiness.d. Redistribution policies bring about a Pareto improvement in the economy.e. Procedural judgement of fairness involves the evaluation of the rules and institutions that brought about the final outcome.Tonnes of coal

Which of the following shift the quinoa supply curve to the right? a. Quinoa farms adopt a better production technology and reduces its marginal cost. b. Major quinoa farmers in the world form a cartel. c. The world-wide outbreak of a deadly virus which makes the transportation of quinoa more difficult. d. Consumers become more aware of the health benefits of Quinoa.

Which of the following shift the quinoa supply curve to the right? a. Quinoa farms adopt a better production technology and reduces its marginal cost. b. Major quinoa farmers in the world form a cartel. c. The world-wide outbreak of a deadly virus which makes the transportation of quinoa more difficult. d. Consumers become more aware of the health benefits of Quinoa.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 10PA

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Price $3 2 10,000 20,000 30,000 S D Quantity Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 10,000 units the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high. the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low. the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently low. producers should lower the price to $1 in order to sell the quantity demanded of 10,000.
1. The market for manicures and other nail treatments is very competitive. How would the following developments affect the number of nail treatments that a typical nail salon wants to supply in the short run? a. Heightened concern about their appearance causes people to want more manicures at a given price. b. The government requires all nail salons to pay a new yearly licensing fee to operate. c. Worse job prospects elsewhere in the economy cause more people to want to become manicurists, causing the wages of manicurists to fall.
13. Firms in Competitive Markets The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. Which of the following statements is true about the price of fertilizer? Check all that apply. The price of fertilizer must be greater than average total cost. The price of fertilizer must be greater than marginal cost. The price of fertilizer must be greater than average variable cost. The following graphs show the cost curves faced by a typical firm, the demand for fertilizer, and possible price and supply curves. Price and Costs MC Firm ATC AVC Quantity Price No U 1 Demand If firms in the market are producing output but are currently making economic losses, market and indicates the corresponding supply curve Market Quantity 52 S illustrates the present situation for the typical firm in the
V.A producer faces the following demand schedule for the next medicine from one of its popular researchers: Quantity Demanded O boxes Price $100 90 100,000 80 200,000 70 300,000 60 400,000 50 500,000 40 600,000 30 700,000 20 800,000 10 900,000 1,000,000 The researcher is paid $2 million to development of new medicine, and the marginal cost of producing new medicine is a constant $10 per box. a. Compute total revenue, total cost, and profit at each quantity. What quantity would a profit maximizing producer choose? What price would it charge? b. Compute marginal revenue. (Recall that MR =A TR/A Q.) How does marginal revenue compare to the price? Explain. c. Graph the marginal-revenue, marginal-cost, and demand curves. At what quantity do the marginal revenue and marginal-cost curves cross? What does this signify? d. In your graph, shade in the deadweight loss. Explain in words what this means. wwww www e. If the researcher were paid $3 million instead of $2 million, how would this affect…
explain your answers in detail and use graphs whenever appropriate: The market for rental cars is very competitive. How would the following developments affect the quantity of car rentals that a typical rental car company wants to supply in the short run? a. With the easing of fears about Covid 19, people are more excited to travel than before. b. Local governments reduce the yearly fee that rental car companies have to pay for their facilities. Note, these fees do not vary with how many cars the company rents. c. Rental car companies have to pay higher wages for their workers. Suppose that initially the market for rental cars is in long-run equilibrium. a. What does the fall in the yearly fee rental car companies have to pay for their facilities do to the profits of a typical rental car company in the short run? b. What will happen to the equilibrium price and quantity of rental cars in the long run? Why? What will happen to the profits of a typical rental car company in the long run?
Figure 12-6 Price (dollars per pound) Market 3 price 2 0 10 20 30 MC ATC D=MR 40 Quantity (thousands of pounds) Figure 12-6 shows the demand, marginal cost (MC) and average total cost (ATC) curves for Jason's House of Apples. Refer to Figure 12-6. Jason is currently producing 20 thousand pounds of apples. To maximize his profit Jason should keep production at 20 thousand pounds. O increase production to the output rate indicated by point e. increase production to the output rate indicated by point d. O decrease production to the output rate indicated by point a.
5. Darnell owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more, Here is the cost he incurs to produce each bottle of water: Cost of first bottle: $1 Cost of second bottle: $4 Cost of third bottle: $7 Cost of fourth bottle: $9 From this information, complete the following table by denving Darne/'s supply schedule. Price Quantity Supplied More than $9 $7 to $9 $4 to $7 $1 to $4 $1 or less
Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.
a. Demonstrate what happens in the short run on both graphs when a new medical study shows soy beans to be an effective weight-loss supplement. On the market graph, you will shift a curve (or curves). On the firm's graph, use "Price 2" to draw a new price line for the firm. On both graphs, indicate the new equilibrium points with the points labeled B. b. Now, demonstrate the changes that get both graphs back to long run equilibrium. Use shift(s) for the market and "Price 3" for the firm. Indicate the new long-run equilibrium with the green points labeled C.
1. Adam owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water. Cost of first bottle $1 Cost of Second bottle $3 Cost of Third bottle $5 Cost of fourth bottle $7 a. From this information, derive Adam's supply schedule. Graph his supply curve for bottled water. b. If the price of a bottle is $4, how many bottles does Adam's produce and sell? How much producer surplus does Adam's get from these sales? Show Adam's producer surplus in your graph. c. If the price rises $6, how does quantity supplied change? How does Adam's producer surplus change? Show these changes in your graph.
A pretzel-stand owner in Chicago hires workers to make hot pretzels and sell them to customers. If the firm is competitive in both the market for pretzels and in the market for pretzel-makers, then it has A. no control over the price of pretzels but some control over the wage it pays to its workers. B. some control over both the price of pretzels and the wage it pays to its workers. C. some control over the price of pretzels but no control over the wage it pays to its workers. D. no control over either the price of pretzels or the wage it pays to its workers.
3. The components of marginal revenue Nick's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Nick produced eight fire engines, but he has decided to increase production to nine fire engines. The following graph shows the demand curve Nick faces. As you can see, to sell the additional engine, Nick must lower his price from $80,000 to $40,000 per fire engine. Note that although Nick gains revenue from the additional engine he sells, he also loses revenue from the initial eight engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $40,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $40,000. PRICE (Thousands of dollars per fire engine) 200 180 160 140 120 100 Nick 0 1 2 4 Y 5. 6 QUANTITY (Fire…