Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves: a. $18 b. $0 c. $15 d. $12 PRICE 20 18 16 14 878 4 2 1 2 3 4 5 6 7 QUANTITY Refer to Figure 14-2. If the market price is $6, what is the firm's short-run economic profit? 8 MC ATC 9 10

Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves: 20 MC 18 16 14 12 ATC 10 8 7 4 1 3 4 5 6 7 8 9 10 QUANTITY Refer to Figure 14-2. If the market price is $10, what is the firm's total revenue? a. $35 b. $30 C. $15 d. $50 PRICE

Suppose that a firm in a competitive market has the following cost curves: 13- 12 11 10 Price +++ 9- 8. $3. Refer to Figure 14-1. The firm's short-run supply curve is its marginal cost curve above $4.50. MC 1 2 3 4 5 6 7 8 9 10 11 Quantity $6.30. O $1 ATC AVC

Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE 20 18 16 14 432 10 8 6 4 2 MC 2 3 QUANTITY ATC AVC 5 Refer to Figure 14-1. If the market price is $5, the firm will earn a. negative economic profits in the short run but remain in business. O b. negative economic profits and shut down. c. zero economic profits in the short run. O d. positive economic profits in the short run.

1. The following figure shows the marginal cost curve and the average total cost curve of a firm operating in a perfectly competitive industry. Price ($) 14 12 10 MR =8 6 4 2 10 20 30 MC ATC Quantity (units) a. What price does the firm face in the market? b. At what level of output does the firm maximize profits? c. What is the revenue of the firm when it sells the profit-maximizing level of output? d. What is the total cost of the firm when it produces the profit-maximizing level of output? e. What is the maximum profit that the firm can make? f. Discuss the implications if the level of production is 10. g. Discuss the implications if the price is 2.

22 In the above figure, at a price of RO 7, the firm's output would be units and it Would a. 16; cam an economic profit b. 0; shutdown 16; incur an economic loss d. 10; incur an economic loss

3. Profit maximization using total cost and total revenue curves Suppose Yakov runs a small business that manufactures teddy bears. Assume that the market for teddy bears is a competitive market, and the market price is $25 per teddy bear. The following graph shows Yakov's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for teddy bears quantities zero through seven (inclusive) that Yakov produces.     Yakov's profit is maximized when he produces   teddy bears. When he does this, the marginal cost of the last teddy bear he produces is   , which is ___   than the price Yakov receives for each teddy bear he sells. The marginal cost of producing an additional teddy bear (that is, one more teddy bear than would maximize his profit) is   , which is    than the price Yakov receives for each teddy bear he sells. Therefore, Yakov's profit-maximizing quantity corresponds to the intersection of the…

Question 21 please solve

7. Working with Numbers and Graphs Q8 The following graph illustrates the demand and marginal revenue curve (D-MR) of a perfectly competitive firm. Suppose that when the firm produces 70 units, its average variable cost equals $30 per unit and its average total cost equals $55 per unit. Use the green rectangle (triangle symbols) to plot the total cost of producing 70 units. Next, use the grey rectangle (star symbols) to plot the total variable cost of producing 70 units. Then, use the tan rectangle (dash symbols) to plot the total revenue at 70 units. Finally, use the purple rectangle (diamond symbols) to plot the profit or loss at 70 units. PRICE AND COST (Dollars) 100 90 80 70 60 50 40 30 20 10 0 0 10 30 40 50 60 QUANTITY (Units) + ATC +AVC 70 80 D=MR 90 100 Total Cost Total Variable Cost Total Revenue Profit or Loss ?    Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer.  Take care of plagiarism. Answer completely. You will get up vote for…

Question 25 Use the graph below to answer the following question: MC AVC # Q5 P4 P3 Ⓡ P2 ↑Price P1 Q1Q2 Q3 Q4 ATC Quantity If the market price is less than P3 and greater than P2, in the short run, the perfectly competitive firm will earn O positive economic profit zero economic profit. O negative economic profit and shut down. O negative economic profit but continue to produce output.