Consider the competitive market for steel. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. (?) 100 90 80 70 60 50 40 ATC 30 20 MCO AVC 10 + 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of tons) The following diagram shows the market demand for steel. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 30 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 40 firms. 100 90 Supply (20 firms) 80 70 E 60 Supply (30 firms) 50 40 Supply (40 firms) Demand 30 20 10 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of tons) If there were 20 firms in this market, the short-run equilibrium price of steel would be S per ton. At that price, firms in this industry would . Therefore, in the long run, firms would v the steel market. ▼ Because you know that competitive firms earn v economic profit in the long run, you know the long-run equilibrium price must be $ |per ton. From the graph, you can see that this means there will be v firms operating in the steel industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. O True O False PRICE (Dollars per ton) COSTS (Dollars perton)

Question 13 of 16 Lisa and Adam started a business that manufactures cutting tools. They sell the tools for $80 each. Their monthly fixed costs are $4,500 for the building lease and utilities, and $2,300 for salaries. The cost of supplies for each tool is $14. a. To break even, how many tools do they have to sell every month? Round up to the next whole number b. If the cost of supplies for each tool is reduced to $11 and they hire one more person for $1,100 per month, calculate the minimum number of tools that they would have to sell to ensure that they do not incur a loss. Round up to the next whole number

Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100

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The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run.   Plant 1 Plant 2 Plant 3 Output ATC Output ATC Output ATC 10 $ 10 10 $ 15 10 $ 20 20 9 20 10 20 15 30 8 30 7 30 10 40 9 40 10 40 8 50 10 50 14 50 9   What is the long-run average cost of producing 10 units of output?   Multiple Choice   $10   $15   $20   $45

Q15

(This is a single question with five parts to the answer. I would appreciate help with all five parts if possible. Image screenshot of the original question with the formulas more easily readable than can be identified here is attached) Tech firms produce goods and services from labor and energy. The total cost in dollars to produce y amount of goods and services for each firm j is cj(yj) = yi2. There are 100 identical tech firms which all behave competitively. What is the individual supply of technological goods and services?  What is the market supply of technological goods and services? Suppose the demand curve for these goods is D(p)=200-50p. What is the equilibrium price and quantity sold? How much is the total surplus of this economy?  Now suppose that the industry makes a one-time investment for $K amount of dollars to innovate in a new technology of production that allows every firm to reduce its cost of production to a 1/4 fraction of the previous cost. What is the new total…

QUESTION 15 Imagine a small juice producer named " Bilberry Infused Beverages" known for its refreshing beverages. The owner, Louis, keeps track of the production costs. Recently he decided to expand his operations and produce more Juices to meet the increasing demand. Table 15.1 below shows the data he has collected: Complete Table 15.1 below and use the information to answer the question that follows. Table 15:1 Production Costs for Bilberry Infused Beverages (4 Marks) Output Total cost Fixed cost Variable Marginal Average cost cost cost Average fixed cost 0 30 O 1 10 2 18 3 22 4 5 64 B 832 8 76 7 8 15 15 What is the marginal cost of producing the 8th unit of the good? a) 4 b) 10 c) 12 d) 29

The following table represents the short-run total cost schedule of a bottled water manufacturer. Study the table below and then answer the question. When output increases from 30 to 80 bottles of mineral water, the marginal cost of producing one of those 50 bottles of mineral water is: Labour (workers per day) Output (bottles of mineral Total cost (R) water per day 0 0 400 1 30 700 2 80 1000 3 120 1300 4 140 1 600 5 150 1900 a) R5 b) R6 이이 c) R12,50 d) R20