Consider an industry made up of only three firms: A, B, and C. The following table shows the supply schedule of each firm. Quantity Supplied Price Firm A Firm B Firm C (Dollars) (Units) (Units) (Units) 10 0 1 2 20 2 2 3 4 30 40 50 5 7 6 8 3 5 7 10
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- What is meant by selling cost? Name one market where selling cost is applicableThe accompanying graph shows the short-run demand and cost situation for a price searcher in a market with low barriers to entry. Price (dollars) 24 10 V ATC The firm will receive $ MR Quantity/time The firm will maximize its profit at a quantity of▼ units. D Options: 6, 8, 9, or 10 After choosing the profit maximizing quantity, the firm will charge a price of in revenue at the profit-maximizing quantity. The total cost of production for this profit-maximizing quantity is $ The maximum profit the firm can earn in this situation is How will the situation change over time? Options: 6,8 10, or 24 per unit for this output. O Profits will attract rival firms into the market until the profit-maximizing price falls to the level of per-unit cost. O The market will adjust until the price charged by this firm no longer exceeds marginal cost at the profit-maximizing quantity. O This market is already in long-run equilibrium, and will not change throughout time. O Losses will induce firms to leave…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
- Using the graph below, calculate the firm's profits at the profit maximizing output Price 408 384 360 336 312 288 264 240 216 192 168 144 120 96 72 48 24 0 0 56 112 168 224 280 336 392 448 504 560 616 672 728 784 840 896 Quantity -PMRMC-ACUse table to find the required values: Price $32 Quantity 400,000 Explicit costs $3,500,000 Implicit costs $4,100,000 (A) Calculate total revenue. (B) Calculate accounting profit. (C) Calculate economic cost. (D) Calculate economic profit.Use the following graphs for questions 22 and 23. At what price would a firm exit the market? (a) Relationship of total cost to total variable cost and total fixed cost (b) Relationship of marginal cost to average total cost, average variable cost, and average fixed cost Total Costs (dollars) 700 Cost 150 Per 140 TC Unit 130 TVC (dollars) 120 MC 600 110 100 500 90 80 400 70 60 ATC 300 TFC 50 AVC 40 AFC 200 30 20 TFC 100 10 AFC 0 1 2 3 4 5 6 7 8 9 10 11 12 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Output Quantity of Output (units per hour) (units per hour) O $20 O $30 $45 $50
- Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50+ 1/2q² Marginal Cost: MC = q where 9 is an individual firm's quantity produced. The market demand curve for this product is: Demand D = 160 - 4P where P is the price and is the total quantity of the good. Each firm's fixed cost is $ What is each firm's variable cost? 50+ 1/1/19 19² 1 291. The following table shows the demand and supply for a popular pair of shoes sold by Akron Enterprise Limited (AEL). TABLE 1 Price per pair Quantity Quantity Market Pressure on $ Demanded supplied Condition price 105 25000 75000 Surplus 90 30000 70000 75 40000 60000 Downward 60 50000 50000 45 60000 35000 30 80000 20000 Shortage 15 100000 5000 Upward Other information regarding AEL are as follows: Fixed Cost = $2000 Variable Cost = 20Q d. Explain and graphically illustrate a price floor implemented by the government using an appropriate price in the table above. e. If Akron Enterprise Limited sells its product at the equilibrium price, calculate total revenue and total profit. f. At what level of price(s) identify above is a shut-down price for Akron Enterprise Limited. g. Graphically illustrate the shutdown position for a typical firm.1. The following table shows the demand and supply for a popular pair of shoes sold by Akron Enterprise Limited (AEL). TABLE 1 Price per pair Quantity Quantity Market Pressure on $ Demanded supplied Condition price 105 25000 75000 Surplus 90 30000 70000 75 40000 60000 Downward 60 50000 50000 45 60000 35000 30 80000 20000 Shortage 15 100000 5000 Upward Other information regarding AEL are as follows: Fixed Cost = $2000 Variable Cost = 20Q a. Complete the table above: b. Graphically illustrate market equilibrium using the information in the above table. c. Calculate and interpret the price elasticity of demand using the midpoint formula as the price of a pair of shoe rises from $60 to $75. d. Explain and graphically illustrate a price floor implemented by the government using an appropriate price in the table above. е. If Akron Enterprise Limited sells its product at the equilibrium price, calculate total revenue and total profit. f. At what level of price(s) identify above is a shut-down…
- Price and costs (dollars) P5 О PA P3 P₂ P₁ 0 AVC P4 P1 P3 P2 H ATC 5 b 8 MC d/ f The figure above represents a firm in a perfectly competitive market. The firm will shut down if price falls below. 10 11 12 Quantity (per day)50 MC ATC 30 MR 10 10 20 30 40 Quantity (per day) How much profit or loss does the firm make at the selected output level? 40 20 Price and costs (dollars)ATC MC PA e AVC P3 P2 P1 8 10 11 12 Quantity (per day) The figure above shows a firm in a perfectly competitive market. If the industry price is between P2 and P3: Firm makes loss but produces because total revenue is greater than total variable cost. Firm makes loss but produces because total revenue is greater than total fixed cost. Firm makes profits because total revenue is greater than total cost. Firm shuts down production because loss from producing is greater than total fixed cost. Price and costs (dollars)