Suppose the market price of a good is $20 and TC=0.5Q2. A.   What Q should a profit maximizing perfectly competitive firm choose? B.   What are profits?   C.  Draw a graph that shows the short run choice of Q, revenue and profits.

Q: 1. Suvreen runs a flower shop in a perfectly competitive market and sells each flower bouquet for…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Refer to the following table. If the market price of the good is $150, the firm will in the short…

A: The marginal cost (MC) curve at and above the shutdown point is the short-run supply curve for a…

Q: MC $80 ATC $64 $62 $60 AVC $42 $37 80 100 140 200 a The graph above shows the cost curves for…

A: In a market, the profit Maximizing level of output is the one at which market price of a product…

Q: . In a perfectly competitive industry,       a. Firms earn a breakeven profit in the short-run, but…

A: In the short run, a firm that is operating at a loss (where the revenue is less that the total cost…

Q: Which of the below changes in demand in the long-run would lead to entry in the perfectly…

A: In perfect competition there are large number of firms selling identical goods.

Q: how do you draw a firm's supply cure, using marginal curve, average cost, and marginal revenue…

A: A supply curve is a graphical representation in economics that shows the relationship between the…

Q: The following diagrams show the market for a good, as well as the cost curves for an individual firm…

A: Perfect competition is a type of market where there are very large number of firms,which have no…

Q: PRODUCTION 2 4 10 12 14 LEVEL MARKET 3 3 3 3 PRICE ТОTAL INCOME TOTAL FIXED COST 14 14 14 14 14 14…

A: The following formulas need to calculate the value of the missing colunm: Total Income = Production…

Q: What is the main characteristic of a perfectly competitive market? A. Many sellers with…

A: In financial matters, a perfectly competitive market is a glorified type of a market structure. This…

Q: apn shows the fong-run tuation Jucer of running shoes Price and cost (dollars per par) In the market…

A: The practise of mark up is adopted by the producer who has market power. In case of Monopoly and…

Q: K Matt's Family Photos is a photographic portrait business in a perfectly competitive market in…

A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…

Q: In perfect competition, why do firms act as price takers? What happens if they charge a different…

A: In a perfect competitive market, the firm will earn a super normal profit in the short run,…

Q: Referring to the graph below: a. Is this firm operating in the long run? How do you know? b. What…

A: In perfect competition,  In long run , a firm will produce where P = MR = MC = ATC  So, There will…

Q: Marginal Cost 11.50 11 Price 10.50 Average Total Cost 10 9.50 10 20 50 60 Quantity 30 40 Based on…

A: A perfectly competitive firm is one of many firms that sell homogeneous goods in the market.

Q: The Competitive Equilibrium. TC = 1600 + 4Q². Consider a competitive firm with the cost functic a.…

A: TC = 1600 + 4Q2

Q: Question 32 Draw a graph to demonstrate the circumstances that would prevail for a perfectly…

A: A competitive market refers to a market where zero barriers to entry exist along with perfect…

Q: Price Marginal cost 0 AVC Average total cost Demand Marginal revenue Quantity Discuss the firm…

A: According to the question here The graph in question  is related to the Monopoly firm where .…

Q: Google search images and find the graphs for a perfectly competitive firm. Find the graph for short…

A: In perfectly competitive market, a firm is a price taker while the industry determines the price…

Q: B. Consider the graph of a perfectly competitive firm: Price 175 125 100 80 270 322 515 MC ATC AVC…

A: The cost of producing an extra unit of goods is known as Marginal cost.(MC) .  Average cost  (AC)is…

Q: Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing…

A: A competitive industry refers to a industry in which there are many buyers and sellers dealing a…

Q: Question 2 Use the following graph: Costs and Revenue $14 $12 $11.50 $10 0 100 What will firms do in…

A: A competitive market consists of a large number of small firms. No single firm has market power to…

Q: The diagram at the right shows the various short-run cost curves for a perfectly competitive firm.…

A: A perfectly competitive firm is a price taker in the market, meaning it has no control over the…

Q: Refer to the figure above for the perfectly competitive firm. If the market price is $300, the firm…

A: In perfectly competitive market, equilibrium price is determined at the intersection of market…

Q: Tomas is the general manager for a local automated car wash. The market he operates is perfectly…

A: Perfectly competitive market: It is a market structure where there exists a large number of buyers…

Q: Ellen's total cost is; C = 100+ Q² The market price of eggs is: P = 20 d. Find the equations of…

A: Total Cost : C=100+Q2 Price=20   a. Marginal Cost is the change in the total cost due to the change…

Q: If price in perfectly competitive market is $42. the firm has marginal cost curve equal to…

A: A perfectly competitive market is characterized by a large number of buyers and sellers. The market…

Q: A perfectly competitive firm showing a profit

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Briefly explain why the following statements are either TRUE or FALSE: a. Perfectly competitive…

A: A perfectly competitive firm is one that deal has to compete with many firms to sell a specific…

Q: a. What quantity does Smart Shoes produce? Answer: b. What is the price of a pair of Smart shoes?…

A:

Q: What is the main characteristic of a perfectly competitive market? A. Many sellers with…

A: Prior to jumping into the points of interest of the given choices, it's fundamental to have a…

Q: What does acceptable loss mean for a competitive firm? Explain and Draw a graph

A: Making business decisions and allocating resources in the face of numerous challenges is part of…

Q: The graph contains the relevant cost curves for a perfectly (or purely) competitive firm. Move point…

A: In a perfectly competitive firm, Price is constant so profit is maximised at a point where price is…

Q: Which of the following is proof that the firm is not perfectly competitive a. Marginal cost is below…

A: In the perfectly competitive market, it can be said that the average revenue, marginal revenue and…

Q: Everett also works in the perfectly competitive manicure industry. The market price is $20 and he…

A: In general terms, cost is the amount paid in order to acquire any resource or service. The main aim…

Q: In perfect competition, why is a firm's marginal revenue curve also the demand curve for the firm's…

A: In a perfectly competitive firm there are huge number buyers and sellers in the market alongside…

Q: 1. Draw a graph that shows a perfectly competitive fırm operating at a loss in the short run. Label…

A: In a perfectly competitive market there are large number of firms selling identical products.

Q: Using the graph for the questions : A. There are fixed costs of $50 no matter what the output level…

A: The profits are maximizes profit when the value of the last unit of a good (i.e. marginal revenue)…

Q: olve the following: d. what is the marginal cost when the firm increases the output from 5 to 6? e.…

A: Marginal cost measures the change in total cost due to a change in quantity.  i.e., Marginal cost =…

Q: Price 8 7 6 5 4 3 I I 10 11 12 13 MC ATC AVC Quantity

A: The market price is $4, which is below the firm's average variable cost at all levels of output.…

Q: If you're a manager in a highly competitive business such where should you put your most effort to…

A: As a manager ,the primary responsibility is to look in the profits of the business. Business can be…

Q: Price (per unit) MC ATC $3.00 7.88 2.00 1.90 1.00 100 250 300 400 Output (per day) Use Figure: The…

A: At $3 output is 400.

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.