Consider the perfectly competitive firm pictured above the firm is earning: economic profits, since its price is above AVC, Losses, since it is operating at the shutdown point, norpmal profits, since its price just covers total costs, normal profits, since its price is above AVC or Losses, since its price is not higher than ATC

The figure depicts the demand curve of a firm producing cars, together with its marginal cost, average cost, and isoprofit curves. Based on this figure, which of the following statements are correct? 8,000 Price, Marginal cost ($) 0 E Quantity of cars, Q At A, the firm makes positive profits. The firm makes the same profit at B and D. O Profit margin is the same at B and D. O The slope of the isoprofit is zero at D. MC Isoprofit A Isoprofit B AC 100

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 9.1

The following graph plots the marginal cost (MC) curve, average total cost (ATC) curve, and average variable cost (AVC) curve for a firm operating in the competitive market for snapback hats. COSTS (Dollars) 100 100 80 90 80 20 70 70 HD 50 40 30 20 0 11 D 10 O MC Price (Dollars per snapback) 15 15 20 25 55 70 85 201 ATC 0 D AVC O 50 60 70 80 QUANTITY (Thousands of snapbacks) For every price level given in the following table, use the graph to determine the profit-maximizing quantity of snapbacks for the firm. Further, select whether the firm will choose to produce, shut down, or be indifferent between the two in the short run. (Assume that when price exactly equals average variable cost, the firm is indifferent between producing zero snapbacks and the profit-maximizing quantity of snapbacks.) Lastly, determine whether the firm will earn a profit, incur a loss, or break even at each price. □ Quantity (Snapbacks) BO 100 ▼ On the following graph, use the orange points (square symbol) to…

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Refer to Figure 7.4 (above) for a perfectly competitive firm. At the profit-maximizing output, total costs would be equal to: Group of answer choices a )OBGE. b)BAHG. c)OCFE. d)OAHE.

Macmillan Learning The diagram depicts the cost curves and the marginal revenue curve of a price-taking firm that produces cherries. Identify each item in the graph of this cherry producer. There are more labels than boxes. The average total cost (ATC), marginal cost (MC), and marginal revenue (MR) curves are already labeled. S ATC MC MR Answer Bank ATC at the profit-maximizing output output at the minimum ATC Josses market price Quantity of cherries profits profit-maximizing output minimum ATC

At a market price of $35.20 a batch, what quantity does Lin's produce and what is the firm's economic profit in the short run? The table below shows the demand schedule for Lin's Fortune Cookies. The second table shows some cost data for Lin's. Price (dollars per batch) (batches per day) Quantity demanded AVC Quantity AFC (batches per day) ATC MC (dollars per batch) 84.0 S1.00 135 37 50 2 420 44.00 86 50 29 50 28.0 39.00 67 2 3 27 50 21.0 36.00 57 32 50 4 168 35.20 52 50 40 14.0 36.00 50 50 57 12.0 39.00 51 83 10.5 44.50 55

Apex is a perfectly competitive firm. It has total fixed costs of $300/day and a daily variable cost schedule in the table below. Apex’s product sells for $200 per unit.                 Quantity (units) 0   1     2     3     4     5      6    7     8      9      10Total Variable Cost (TVC) 0 100 180 220 300 390 500 640 800 1000 1250Answer the following questions:a. What is the profit-maximizing level of output? Calculate Apex’s profit.b. If the market price dropped to $80, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?c. If the market price dropped further to $40, what is the profit-maximizing level of output? What is Apex’s profit (or loss) in this case?d. Comment on your answers to parts (2) and (3