Question 3 A firm has the following cost structure: Output Total Cost($) 1 30 2 32 3 36 4 42 *Don't leave spaces before, after or in between your number. Answer: 6 x (3, 3.0, 3.00) 5 52 6 64 7 78 Refer to the Table. If this firm is in a typical monopolistically competitive market, when price is $12, how many units of output will it likely produce in the long run?
Q: Traditional economic analysis explains why people are predictably irrational irrationally…
A: The Traditional Economic approach or analysis is based on the belief that in an ideal economic…
Q: A project has the following probability distribution of possible present value amounts: Present…
A: Future worth is the current value of an asset based on a projected rate of future growth.The future…
Q: People frequently consume more than they realize in the commons issue because Group of answer…
A: People frequently consume more than they realize in the commons issue because in the common dilemma,…
Q: 13. If the equation for a country's Phillips curve is π = 0.05 – 0.8(u – 0.05), where π is the rate…
A: "Since you have asked multiple questions ,we will solve first question for you. If you want specific…
Q: Two discount stores (Megastore and Superstore) are interested in expanding their market share…
A: In game theory, the Nash equilibrium, named after the mathematician John Nash, is the most common…
Q: Attempts Keep the Highest/1 8. Measuring income inequality Every year, the U.S. Census Bureau…
A: Inequality : Inequality refers to a situation where the income of the society is not identically…
Q: A firm which is the only supplier in an industry is dominating the market through its market power.…
A: Monopoly is the market condition where there is a single seller in the market. The objective of the…
Q: Hank is confused as to what banks do. He reads that banks “transform assets,” but he has no idea…
A: Hence asset transformation is a process through which banks transforms bank liabilities (deposits)…
Q: The Open-Economy Multiplier
A: Aggregate demand is the sum of consumption, investment, government spending and net export. So, AD…
Q: Use the following information to answer questions 23-24 below. Suppose a representative perfectly…
A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…
Q: A consumer is trying to decide between purchasing one smoothie or one cappuccino. They get 30 utils…
A: In economics, the term "utility" refers to define the value or worth of a product or service. More…
Q: Refer to the information provided in Figure 34.1 below to answer the question(s) that follow.…
A: In a closed economy, export and import are zero. Hence, aggregate expenditure is the sum of…
Q: Which one of the following statements is TRUE? Select one: O a. The more extensive are factor…
A: Exchange rate: Exchange rate plays a vital role in determining the economic wealth for a country. A…
Q: What is Mars inc competitive advantage
A: Mars incorporated is a multinational company and manufacture of pet foods, chocolates, Chewing gum…
Q: Consider the following sequential variant of the public goods game we studied in class. Sup- pose…
A: When the game is sequential consisting of two players , then the first player optimizes his utility…
Q: True/False< (1) If the assumptions of the first theorem of welfare economics apply and if the…
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…
Q: Question 11. Rhinoceroses are an endangered species. Worldwide, the number of rhinos has decreased…
A: CITES also known Convention on International Trade in Endangered Species of Wild Fauna and Flora is…
Q: A lumber company purchased a tract of land for $70,000 that contained an estimated 25,000 usable…
A: Tract of Land = 70,000 Unusable trees = 25000 trees Value of land estimated = 20,000 lumber cut down…
Q: In an economy, the demand for deposits is 150,000 goods and the non-borrowed part of the monetary…
A: Reserve requirement refers to the minimum of total demand deposits a bank has to keep within itself.…
Q: Consider an overlapping generations model in which individuals live for two periods. Assume an…
A: PDV of second year endowment = Y2 /( 1+ r) PDV of second year endowment= Y2 /(1+0.12) 120 = Y2 / (…
Q: Price discrimination creates economic inefficiency. False True True, if the firm is a monopolist,…
A: Price discrimination is charging different prices for the same goods and services. The seller of the…
Q: When a firm uses price discrimination as its pricing strategy, it will charge the lower price to…
A: Price discrimination refers to the marketing tactic utilised by monopoly businesses in which it sets…
Q: Two risk neutral players, A and B, simultaneously choose bets on the outcome of a fair coin toss.…
A: Pure strategy Nash equilibrium is one kind of Nash equilibrium which is played by the players with…
Q: C= 1000+ 0.8(Y-T), 1 = 500, G=800, T = 500. Suppose that government spending FALLS by 200. What is…
A: Spending multiplier is given by the following formula :- Spending multiplier = 1/(1 - MPC) MPC is…
Q: The Timex Group, a large multinational watchmaker, has its headquarters in the Netherlands. It has…
A: In this case, Timex group is discussed here which is large multinational watchmaker and it has some…
Q: Mauro Products distributes a single product, a woven basket whose selling price is $23 per unit and…
A: The break-even point in economics, business and specifically cost accounting is the point at which…
Q: How do you find the new equilibrium price?
A: Equilibrium is where the demand curve intersects the supply curve. At the intersection point , both…
Q: 31 Based on the table below, which outcome reflects the prisoner’s dilemma? ( top left top right…
A: A prisoner’s dilemma is a situation where both players act in their self-interest and do not produce…
Q: In markets that are not perfectly competitive, ________. A. minimum transfer price will equal the…
A: Perfectly competitive market refers to the market where many sellers exists in the market and firms…
Q: This question below addresses whether monetary policy should be discretionary or be implemented…
A: In contrast to monetary policy, which is determined by predetermined rules, discretionary monetary…
Q: Which of the following describes bundling as a form of price discrimination? Customers with similar…
A: Price discrimination refers to the different prices charged to the different section of the economy…
Q: Aria is an economy with constant population. Each person is endowed with a certain amount of goods…
A: A feasible set is a collection of allocations that adheres to every restriction in an economic…
Q: What is the solution to question 6? I really need help with that one.
A: The amount of gas the buyers would be willing to purchase would drop if it turned out that 50% of…
Q: MARR is 10% per year. Compare the two plans using the Capitalized Cost Method. The first plan calls…
A: Capitalized cost is the present worth of infinite cash flow series. The present worth of annual cost…
Q: Analyze whether each of the following is primarily a microeconomic or macroeconomic issue. Justify…
A: Microeconomics refers to that branch of economics which relates to the study of individual decision…
Q: Two prospecting partners, Curtin and Dobbs, find an area containing 40 ounces of gold. For each day…
A: Given: Curtin and Dobbs are two prospecting partners. Both alternatively serve as watchman at night.…
Q: QUESTION 22 In a fractional reserve system, banks are able to create money and wealth True…
A: In a fractional reserve banking system, commercial banks keep a fraction of deposits as reserves and…
Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…
A: A monopoly refers to a type of market condition in which there is only one single seller that sells…
Q: 37. A perfect price discriminator will create a deadweight loss of ________.
A: Deadweight loss is created where the trade does not happen because of disequilibrium in the demand…
Q: Two bidders compete in a sealed-bid auction for a single indivisible object. For each bidder i, the…
A: A second-price sealed bid auction is a type of auction in which the player who bids the highest have…
Q: Answer the following as indicated. (Format: problem, then, solution) 7. How many shares can you…
A: Amount Invested = 5000 NAV = 3.46
Q: . A firm produces output with the production function, Q = F(K, L) = K0.5 L0.5 with r=4 and w= 2.…
A: In the short run, firm produces the output with the fixed level of capital whereas, in the long run,…
Q: In a number of countries, government contracts are awarded by means auctions in which the winner is…
A: Nash equilibrium is the condition when all the involved parties do not wish to move from their…
Q: As in the lemons model, suppose that there is one seller and one buyer who may exchange a good of…
A: Lemon model: 1 seller, 1 buyer Value of good for seller = v Value of good for buyer = 3v/2 Fixed…
Q: QUESTION 26 Which of the following best illustrates the unit of account function of money? a.…
A: Money is defined as anything that is generally acceptable as a medium of exchange and at the same…
Q: The degree of rivalry in a market moves from high to low in the following order: monopoly, imperfect…
A: introduction Rivalry is common in marketplaces among producers. But from an economic theorist's…
Q: If the multiplier is 10, the marginal propensity to consume must be 0.1. True False
A: The multiplier could be measured by using the following formula: Multiplier (k) =11-MPC Given,…
Q: Two entrepreneurs, A and B, independently choose whether to sell their product in country X or…
A: Game theory is an economic activity study that determines the payoffs received by the players in a…
Q: Economists ___________ perform controlled experiments the way medical researchers can.
A: An experimental economics subfield looks at human behaviour in real-world situations instead of…
Only typed answer
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm 3. A firm on competitive market has the data about cost as below Q 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 TC 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. C. Determine the supply curve of this firmDon't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price (P) Per Hour (Q) 0 123 456 7 8 $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $2.00 6.00 9.00 11.50 13.50 15.00 16.00 17.50 20.00 loaves of ciabatta bread per hour. (Enter your response as an integer.) a. To maximize profits, Maria should sell Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is $ (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is $ (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is $. (Enter your response rounded to two decimal places.)
- Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Price Total Cost Per Hour (Q) (P) (TC) $1.50 $6.00 1 5.50 6.00 5 00 4 50 9.50 3 12.50 4.00 15.00 5 3.50 17.00 6 3.00 18.50 7 2.50 20.50 8 2.00 23.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.) Maria should charge a price of $ (Enter your response rounded to two decimal places.) Maria's maximum profit is S (Enter your response rounded to two decimal places.) b. The marginal revenue when selling the profit-maximizing number of loaves of ciabatta bread is S: (Enter your response rounded to two decimal places.) The marginal cost when selling the profit-maximizing number of loaves of ciabatta bread is S (Enter your response rounded to two decimal places.)3. Profit maximization using total cost and total revenue curves Suppose Ana runs a small business that manufactures shirts. Assume that the market for shirts is a perfectly competitive market, and the market price is $20 per shirt. The following graph shows Ana's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for the first seven shirts that Ana produces, including zero shirts. TOTAL REVENUE, TOTAL COST, AND PROFIT (Dollars) Total Revenue A 125 100 Total Cost ☐ Profit 200 175 150 75 50 ༔་ཎྜ་ ྴ་སྐྱ ིི་ཐྭ་8་མ་° 1 2 3 4 5 6 7 8 QUANTITY OF OUTPUT (Shirts) (?) Calculate Ana's marginal revenue and marginal cost for the first seven shirts she produces and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Note: Be sure to plot marginal values between the appropriate whole unit values. For instance, plot…Using the graph below, calculate the firm's profits at the profit maximizing output Price 408 384 360 336 312 288 264 240 216 192 168 144 120 96 72 48 24 0 0 56 112 168 224 280 336 392 448 504 560 616 672 728 784 840 896 Quantity -PMRMC-AC
- Suppose Felix runs a small business that manufactures frying pans. Assume that the market for frying pans is a competitive market, and the market price is $20 per frying pan. The following graph shows Felix's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for frying pans quantities zero through seven (inclusive) that Felix produces. TOTAL COST AND REVENUE (Dollars) 200 175 150 125 100 75 50 25 0 -25 0 1 ● ^ 2 O ☐ A ☐ A 3 4 5 QUANTITY (Frying pans) O ☐ 6 Total Cost ☐ 7 8 o Total Revenue Profit ? image 1 Calculate Felix's marginal revenue and marginal cost for the first seven frying pans he produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.Help meE E on The diagram illustrates the demand curve, isoprofit curves and the marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors. Assume that MQ Motors currently chooses to operate at Point E. Which statement correctly describes the market of MQ2020? 10,000 Price, marginal cost (5) Pt-$5,440 Po B 0 190 20 Q=32 D Qo Quantity of cars, Q Marginal cost Isoprofit curve $150,000 Isoprofit curve 563,360 Demand curve 120 Select one: O a. Total surplus is not being maximised. Ob. Deadweight loss is the loss incurred by MQ Motors for not selling more cars. O All possible gains from trade are being achieved as MQ Motors operates at its profit-maximising output and price. Od. The amount of consumer surplus is the area ADP. O e. Pareto efficient allocation is currently being achieved.
- Price and cost (dollars) 50 40 .ATC 10 MC MR 10 Quantity (thousands of households) 20 30 40 50 The above figure represents the market for cable television in Oakland, Florida. Time Warner Communications (TWC) is the sole provider of cable television to the residents of this Central Florida community. If TWC operated under a marginal cost pricing rule, how many households in Oakland are served? 10,000 30,000 40,000 20,000 30 20Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Price Total Cost Hour (Q) (P) (TC) $6.00 $1.50 1 5.50 5.00 2 5.00 7.50 3 4.50 9.50 4 4.00 11.00 3.50 12.00 6 3.00 12.50 7 2.50 13.50 8 2.00 15.50 a. To maximize profits, Maria should sell loaves of ciabatta bread per hour. (Enter your response as an integer.)Maria manages a bakery, that specializes in ciabatta bread, and has the following information on demand and costs: Ciabatta Bread Sold Per Hour (Q) Price (P) Total Cost (TC) 0 $6.00 $1.50 1 5.50 6.00 2 5.00 9.50 3 4.50 12.50 4 4.00 15.00 5 3.50 17.00 6 3.00 18.50 7 2.50 20.50 8 2.00 23.50 a. To maximize profits, Maria should sell nothing loaves of ciabatta bread per hour. (Enter your response as an integer.)