If average total cost is $50 and average fixed cost is $15 when output is 20 units, then the firm's total variable cost at that level of output is The equilibrium price is likely to increase and profits are likely to increase The equilibrium price is likely to remain unchanged and profits are likely to increase The equilibrium price is likely to decrease and profits are likely to decrease The equilibrium price is likely to increase and profits are likely to remain unchanged

At a market price of $5 your artisanal pencil business maximizes profits by producing 484 pencils per day. When you produce this quantity of pencils per day, your average cost per unit is $4. What is your total revenue per day? $ What is your total cost per day? $ What is your daily profit? $

Q6. The battery packs used in electric and hybrid automobiles are one of the largest cost components for manufacturing these cars. As the price of these batteries decline, we expect that the: supply curve for electric and hybrid autos will shift rightward. supply curve for electric and hybrid autos will shift leftward. demand curve for electric and hybrid autos will shift rightward. demand curve for electric and hybrid autos will shift leftward. Answer ____ Explain your answer:

The table shows cost data for a firm that is selling in a perfectly competitive market. This firm's minimum average variable cost is $14 and has fixed costs equal to $100. Output 5 7 9 11 $30 Refer to the above cost table. If the price of the product is $26, the firm will produce loss. 7 units 9 units Select TWO answers from the choices below, one selection is the number of units produced and the second selection is the dollar amount of the loss earned by the firm. $28 $100 $0 $182 11 units ATC $34.00 30.00 30.55 33.09 O units MC $13 5 units 26 35 48 for a

Question a) The average cost function of a competitive firm is AC= 5/Q+5+9*Q. The optimal quantity is: 10. How much is the profit? b) The average cost function of a competitive firm is AC= 3/Q +8 +9*Q The optimal quantity is: 3 How much is the profit? c) The marginal utility of x is 100-5x, and that of y is 200- 6y. The price of x is 1, the price of y is 2, the income of the consumer is 100. How many of y is there in the optimal basket?

ost functions and competitive markets Assume each firm in a competitive market (i.e., they produce the same homogeneous product) has the cost function C(Q) = 1500 + 20Q. The (entire) market faces the demand curve P(Q) = 220 – 0.5Q. What is the equilibrium price in this competitive market? What is the equilibrium quantity? (b)

Question 10 A supply curve slopes upward because Group of answer choices an increase in input prices increases supply the quantity supplied of most goods and services increases over time. as more is produced, total cost of production falls. an increase in price gives producers an incentive to supply a larger quantity.

On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 6, 12, 15, 18, 24, and 30 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results.   Calculate the total revenue if the firm produces 6 versus 5 units. Then, calculate the marginal revenue of the sixth unit produced. The marginal revenue of the sixth unit produced is________.   Calculate the total revenue if the firm produces 12 versus 11 units. Then, calculate the marginal revenue of the 12th unit produced. The marginal revenue of the 12th unit produced is_________.

If the demand function for a company is given by the equation p= -(16+4)q+(16+16000), and the supply is given by the equation q=(16+550)-p. Find the equilibrium point.

Assume that the cost data in the following table are for a purely competitive producer: Average Average Average Total Variable Marginal Cost Total Fixed Product Cost Cost Cost 1 $60.00 $45.00 $105.00 $ 45.00 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.50 52.50 30.00 12.00 37.00 49.00 35.00 6. 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 7.50 40.63 48.13 55.00 9. 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $57.00 (i) Will this firm produce in the short run? (Click to select) V (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? |(Click to select V output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? |(Click to select v per unit = $ b.…