Question 17 Referring to Figure 1 in Question 14, When price is $175, will firms enter or exit the market in the long run? enter exit neither not enough information

4. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for demin overalls. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per overalls): 50 45 40 35 25 20 15 10 5 0 0 2 MC ATC 6 AVC 4 8 10 12 14 16 QUANTITY (Thousands of overallses per day) 18 20 Profit or Loss

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st.ca/ 2. If you are operating a business in a perfectly competitive market. You can sell as much as at the market price. Why can you not simply increase your profits by selling a highest quantity? Answer: 3. Your company operates in a perfectly competitive market. Your Manager told you that advertising can help you increase your sales in the short run. What kind of advertising campaign you will start for your product and how much gain is expected from an effective advertisement? Answer: 4. Suppose you are running a business and thinking to enter the monopoly market. As per your calculation, you can make a profit by keeping your product price 20% less than the monopolist. Explain, how the monopolist might react to stop you to enter the business? Answer: 5. The real GDP per capita of many countries such as China and Korea are greater than that of the US. Does this indicate that these countries will eventually overtake the US in terms of the growth rate of real GDP per capita? Explain.…

Use the information in the graphs below to answer the following questions SAb $/gal 25- S1 25 H MC ATC 20 20 15 15 P1 10 10 P2 5 4 6 8 10 2. Thousands of gal/week 1 3 Millions of gal/week What is the long-run equilibrium price in this market? Please enter your answers as whole numbers with and do not type out your answer in words (ie. $5 or $5.00 not "Five dollars"). How many gallons per week will the individual firm produce to maximize profits in equilibrium? Please enter your answers as whole numbers with no extra words (ie. 5000 not "5000 gallons/week"). What is the individual firm's long run economic profit?

13. Firms in Competitive Markets The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. Which of the following statements is true about the price of fertilizer? Check all that apply. The price of fertilizer must be less than average total cost. The price of fertilizer must be less than marginal cost. The price of fertilizer must be equal to average variable cost. The following graphs show the cost curves faced by a typical firm, the demand for fertilizer, and possible price and supply curves. Prics and Cast MC Firm Demand Quantity Market Quantity (?) If firms in the market are producing output but are currently making economic losses, market, and indicates the corresponding supply curve. illustrates the present situation for the typical firm in the Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in the long run? Check…

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8. Refer to the information in the table below to answer the following questions: TVC €0 10 15 Quantity of fruit baskets 0 1 2 3 4 5 6 TFC €50 50 50 50 50 50 50 21 31 46 68 TC MC -- 10 5 6 10 15 22 a) The firm sells fruit baskets in a perfectly competitive market. Calculate the firm's total cost for each level of production and complete the table. b) Assume that the market price of a fruit basket is €15. To maximize profit, how many fruit baskets should the firm sell? c) At the profit-maximizing quantity, what is the profit?

18 Market Representative Firm MC i of A a $7 MR = P ATC b $5 AVC $2 D1 18,000 70 100 115 Quantity (Q) Output (Q) The diagram above shows a Perfectly Competitive market on the left, and a representative firm supplying in that market on the right. In the long run we would expect the market and the Price to Select one: a. existing firms to exit; increase b. new firms to enter; increase С. new firms to enter; decrease d. existing firms to exit; decrease Price $$$

4. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for motor scooters. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE (Dollars per scooter) 100 90 80 70 60 50 40 40 30 ATC 20 MC AVC 10 0 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of scooters per day) Profit or Loss ? In the short run, given a market price equal to $45 per scooter, the firm should produce a daily quantity of 45,000 scooters. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run of $ thousand per day for the firm.