True/False   A perfectly competitve firm's supply curve is its marginal cost curve above the minimum average variable cost.

What is a “price taker” firm?

Find marginal profit when marginal revenue is $90 and marginal cost $50

Calculate the average total, fixed and marginal costs for a “competitive” firm with the following production cost schedule.  q    Total Cost    ATC    AFC    MC0    10            10    12            20    16            30    26            40    38            50    75            60    120

Assume that the cost data in the following table are for a purely competitive producer:   TotalProduct AverageFixed Cost AverageVariable  Cost AverageTotal Cost Marginal Cost 0         1 $60.00 $45.00 $105.00 $45.00 2 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 5 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 8  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 $56.00        (i) Will this firm produce in the short run?    (Click to select)   No   Yes         (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?                (Click to select)   Not applicable   Loss-minimizing…

Does a compentve firms price equal its marginal cost in a short run, on the long run or both? Explain, Does a competitive firms price equal the minimum of its average total cost in the short run, in the long run, or both ? Explain

Please provide quick answer

I need typing no chatgpt used please i will give 5 upvotes

The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 20 1.00 25 2.00 1.20 30 2.46 1.41 35 3.51 1.71 40 4.11 2.01 45 5.43 2.39 50 5.99 2.75 55 8.47 3.27 Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? pairs b. At the profit-maximizing quantity, what is the total cost of producing ear buds? 2$ c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what will Buddies profit or loss be per week? 2$

Define the term "sunk costs" and illustrate with an example. View keyboard shortcuts