If market demand increases, a perfectly competitive firm will find: ○ its profits decreasing. its profit-maximizing output level increasing. ☐ its marginal cost falling. its average revenue curve shifting down. its cost curves shifting up.
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- Question 6 of 20 A monopolist makes self-cleaning jackets. At a price of $100 each, it can sell 20 jackets. At a price of $98 each, it can sell 21 jackets. Assume the monopolist cannot price discriminate. When charging $100 per jacket, total revenue is When charging $98 per jacket, total revenue is So the marginal revenue of selling the 21st jacket is $ What is true about any firm facing a downward-sloping demand curve? Marginal revenue is always %24 %24 %24You're a milk company in a highly competitive market. The market price of hay and alfalfa, your cows' favorite food, has recently dropped. Which of the following is likely true? A.The price elasticity of demand for your milk decreases B. You can charge a higher price for milk C. Your company's demand curve has fallen D. Your shut down point becomes largerAnswer the following, providing a graphical illustration along with your answer where necessary:a) What is the profit maximising condition in a market with perfect competition?b) Explain what is meant by abnormal profit? What is the adjustment process from short-runabnormal profit to long-run equilibrium in a perfectly competitive market?c) Please find below Pricing options for firm A and B, along with individual payoffs (Firm A’spayoff/Firm B’s payoff)Firm BFirm APrice £2 Price £1Price £2 £20,000/£20,000 £10,000/£24,000Price £1 £24,000/£10,000 £12,000/£12,000Assume you are the pricing manager at Firm A;i) What is your payoff for a ‘maximin’ strategy?ii) What is your payoff for a ‘maximax’ strategy?iii) Does a dominant strategy exist within this prisoners’ dilemma?
- Price Average total cost AVC Demand Marginal cost Marginal revenue Q Quantity Discuss the firm plotted on the figure. What type of firm do you see?is the firm operating at the optimal point of production? is the firm making a proht? s the firm operating in the short or in the long run?Answer the following, providing a graphical illustration along with your answer where necessary:a) What is the profit maximising condition in a market with perfect competition?b) Explain what is meant by abnormal profit? What is the adjustment process from short-runabnormal profit to long-run equilibrium in a perfectly competitive market?c) Please find below Pricing options for firm A and B, along with individual payoffs (Firm A’spayoff/Firm B’s payoff)Firm BFirm APrice £2 Price £1Price £2 £20,000/£20,000 £10,000/£24,000Price £1 £24,000/£10,000 £12,000/£12,000Assume you are the pricing manager at Firm A;i) What is your payoff for a ‘maximin’ strategy?ii) What is your payoff for a ‘maximax’ strategy?iii) Does a dominant strategy exist within this prisoners’ dilemma? QUESTION A AND B ALREADY SOLVED, FROM C ONLY !!!Kyrie owns a company in a competitive market that generates $800 in total revenue and has a marginal revenue of $20. If Kyrie is maximizing profit what quantity of goods are being sold and at what price? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 20 units are being sold at a price of $40. b 20 units are being sold at a price of $20. 40 units are being sold at a price of $80. d. 40 units are being sold at a price of $20. e 80 units are being sold at a price of $20. f 80 units are being sold at a price of $40.
- Kyrie owns a company in a competitive market that generates $800 in total revenue and has a marginal revenue of $20. If Kyrie is maximizing profit what quantity of goods are being sold and at what price? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 20 units are being sold at a price of $40. b 20 units are being sold at a price of $20. 40 units are being sold at a price of $80. d 40 units are being sold at a price of $20. 80 units are being sold at a price of $20. e 80 units are being sold at a price of $40.Suppose the Christmas trees market is perfectly competitive. A business owner is currently suffering from a loss of $1,000, the cost of producing and selling an additional Christmas tree is $20, and the current market price is $25. The owner should advertise in the market. should shut down his business now. should sell more trees. is already minimizing his loss.A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - Mankiw
- I will rate and like. Create a graph that shows the cost curves and profit maximizing output level for a perfectly competitive firm. Label your graph clearly and title your graph with the name of a firm that would exist in a perfectly competitive industry. Consider the characteristics of perfectly competitive markets. Include: Average total cost, marginal cost, and marginal revenue. Indicate the profit-maximizing quantity and price for this perfectly competitive firm Image attached with details. Thank you!Write down the attributes of a perfectly competitive market (200 words).Consider a perfectly competitive market that was in a long-run equilibrium when a permanent increase in demand occurs. Which of the following will occur as a result? i. The existing firms will start to earn an economic profit. ii. New firms will be motivated to enter the market. iii. Some firms that cannot meet the new demand will exit the market. A) i and ii only B) ii and ii only C) i and iii D) ii only E) i, ii and ii
