Suppose that Zoomba is one of over a dozen competitive firms in the Oviedo area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is $ Fill in the price and the total, marginal, and average revenue Zoomba earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price Total Revenue Marginal Revenue (Trucks) (Dollars per truck) (Dollars) (Dollars) Average Revenue (Dollars per truck) 0 AAA
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- Firms ill a perfectly competitive market are said to be price takers that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfectly competitive market, but you are not happy with its price, would you raise the price, even by a cent?2. The demand curve facing a competitive firm The following graph shows the daily market for large cardboard boxes in San Francisco. 0123456789104036322824201612840PRICE (Dollars per large box)QUANTITY (Millions of large boxes)DemandSupply Suppose that Talero is one of more than a hundred competitive firms in San Francisco that produce such cardboard boxes. Based on the preceding graph showing the daily market demand and supply curves, the price Talero must take as given is . Fill in the price and the total, marginal, and average revenue Talero earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 – 1 2 3 The demand curve that Talero faces is identical to which of its other curves? Check all that apply. Marginal revenue…2. The demand curve facing a competitive firm The following graph illustrates the market for small moving trucks in Waco, TX, during Baylor's fall move-in week. PRICE (Dollars per small truck) 100 90 80 70 60 50 8 40 30 20 10 0 0 0 Demand 1 1 2 3 2 3 5 6 7 QUANTITY (Hundreds of small trucks) Suppose that You Yeet is one of over a dozen competitive firms in the Waco area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price YouYeet must take as given is $ Fill in the price and the total, marginal, and average revenue YouYeet earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price Total Revenue Marginal Revenue Average Revenue (Dollars) (Dollars) (Dollars per truck) (Trucks) (Dollars per truck) Supply curve Supply 9 Average revenue curve Marginal cost curve 10 0 Marginal revenue curve The demand curve faced by YouYeet is identical to which of its other curves? Check all that apply.
- 8. Refer to the information in the table below to answer the following questions: TVC €0 10 15 Quantity of fruit baskets 0 1 2 3 4 5 6 TFC €50 50 50 50 50 50 50 21 31 46 68 TC MC -- 10 5 6 10 15 22 a) The firm sells fruit baskets in a perfectly competitive market. Calculate the firm's total cost for each level of production and complete the table. b) Assume that the market price of a fruit basket is €15. To maximize profit, how many fruit baskets should the firm sell? c) At the profit-maximizing quantity, what is the profit?2. The demand curve facing a competitive firm The following graph illustrates the market for small moving trucks in Flagstaff, AZ, during Northern Arizona's fall move-in week. PRICE (Dollars per small trick) 100 90 70 8 8 8 8 8 8 8 0 0 Demand 1 2 0 1 2 3 QUANTITY (Hundreds of small trucks) Supply Suppose that Zoom be is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is 9 Fill in the price and the total, marginal, and average revenue Zoomba earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price (Trucks) (Dollars per truck) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) 10 O Marginal revenue curve O Supply curve O Marginal cost curve Ⓒ Average revenue curve 0 The demand curve faced by Zoomba is identical to which of its other curves? Check all that apply. $10Figure A Price (dollars per unit) Figure B Figure C Price (dollars per unit) Price (dollars per unit) 154 144 13 15 15- MC MC 14 13 14 13 MC ATC 12 ATC 12 ATC 12 10 MR 10 10 MR MR 9. 8 8 8 7 7 6 6 06 100 Quantity (units) T10 90 00 T10 T 10 Quantity (units) 90 100 Quantity (units) Use the figure above to answer this question. Consider a perfectly competitive firm in a short run equilibrium. Figure shows a firm in bad times because the firm makes a(n) O A; economic loss of $4 per unit if the firm decides to operate O A; economic loss of $4 so it must close O B; economic loss of $3 per unit O B; economic profit because the price exceeds average variable cost O C; normal profit and can stay open in the long run
- The following graph illustrates the market for small moving trucks in Eugene, OR, during Oregon's fall move-in week. PRICE (Dollars per small truck) 100 90 80 70 30 20 2 10 D D Demand 1 0 1 2 3 2 3 4 5 QUANTITY (Hundreds of small trucks) 7 Suppose that Zoomba is one of over a dozen competitive firms in the Eugene area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is S Supply Fill in the price and the total, marginal, and average revenue Zoomba ears when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price Total Revenue Marginal Revenue Average Revenue (Trucks) (Dollars per truck) (Dollars) (Dollars) (Dollars per truck) Average revenue curve O Marginal revenue curve Marginal cost curve O Supply curve 10 0 The demand curve faced by Zoomba is identical to which of its other curves? Check all that apply.2. The demand curve facing a competitive firm The following graph shows the daily market for large cardboard boxes in San Francisco. Attached the graph Ch 14 Homework Q2 Suppose that Falero is one of more than a hundred competitive firms in San Francisco that produce such cardboard boxes. Based on the preceding graph showing the daily market demand and supply curves, the price Falero must take as given is $ ________. Fill in the price and the total, marginal, and average revenue Falero earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars 0 ? 0 – ? 1 ? ? ? ? 2 ? ? ? ? 3 ? ? ? The demand curve that Falero faces is identical to which of its other curves? Check all that apply. Marginal revenue curve Average revenue curve…do 1 2 1 4 5 6 7 A 9 TC MC TVC AVC ATC PRICE 12 14 5 7 10 14 19 t 32 Complete the above table and indicate the profit maximizing quantity of good to produce for the perfectly competitive firm HASRAHAST Below, graph the Demand, MR, ATC, AVC, and MC curves form the data given above. Be sure to indicate the profit maximizing quantity. Is the quantity the same as indicated above? 36 32 28 Perfect Competition Homework Problem 21 /2 8 TR Quity MR PROFIT GETTING STARTED 10 Getting to Know the Professor Q Search
- The following graph illustrates the market for small moving trucks in Bloomington, IN, during Indiana's fall move-in week. PRICE (Dollars per small truck) 100 90 80 70 80 50 40 30 20 10 0 Demand I 01 5,50 2 3 8 5 6 7 QUANTITY (Hundreds of small trucks) Supply 9 10 ? Suppose that SendIt is one of over a dozen competitive firms in the Bloomington area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price SendIt must take as given is SChapter 16 Homework PRICE (Thousands of dollars per fire engine) 220 Femi 200 180 160 140 120 100 80 60 40 20 0 0 True 1 False 2 4 56 7 QUANTITY (Fire engines) 3 8 Demand 9 10 increase production from 8 to 9 fire engines because the True or False: If alternatively Femi's HookNLadder were a competitive firm and $80,000 were the market price for an engine, decreasing its price from $80,000 to $40,000 would result in the same change in the production quantity and, thus, total revenue. Revenue Lost Revenue Gained dominates in this scenario.2. The demand curve facing a competitive firm The following graph shows the daily market for extra-large cardboard boxes in San Francisco. Suppose that Vesoro is one of more than a hundred competitive firms in San Francisco that produce such cardboard boxes. Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is . Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 – 1 2 3 The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply. Average revenue curve Marginal revenue curve Supply curve Marginal cost curve