Which returns to scale will an efficient firm choose? What market structure has no loss in long run? What production function shows the maximum quantity of goods or services that can be produced with a set of inputs assuming one of the inputs used remains unchanged? Capacity planning refers to adjustment in production considering the what? What can destroy monopoly position?

Q: Alyssa makes sweaters in her home. She started with just some knitting needles and yarn and was able…

A: Marginal product measures the change in the total product due to a change in input by one unit,…

Q: This week, XYZ company made 425 chairs and sold them at a price of $69 per chair. Calculate XYZ's…

A: The total opportunity cost of production of a commodity alludes to the total cost that the producer…

Q: b) How does perfect competition lead to allocative and productive efficiency? (Explain using less…

A: Perfect competition: It means the market where competition is at the highest level.

Q: Planet Earth is protected by the Justice League, and only the Justice League. Demand for earth…

A: The payoff matrix for The Avengers and the Justice League is as follows, (when teaming up is not an…

Q: Assume that Vartoli Saadettin decides to start up a peddler's trade. His bench is in a perfectly…

A: Market is Perfectly Competitive: LTRTC(q)=80q-8q2+q3Q=12500-50P Find: (a) Marginal Cost and Average…

Q: It is an aspect of microeconomics that helps in analyzing the various types of demand which enables…

A: Demand is an economic theory that refers to a consumer's desire to buy products and services as well…

Q: Each firm in a constant costs competitive industry has C = 2q2 + 2 and MC = 4q. Demand is Q = 400 -…

A: Market currently in the long run because we do not have number of firms, we cannot find the supply…

Q: 1/4 1/2 Based on the production function above a. What is the short run maximizing rule condition?…

A: The production function provides a relationship between the overall level of output obtained from…

Q: A firm has the following demand function P=200-2Q  and the average cost of AC=100/Q+3Q-20 a.…

A: Marginal expenses and marginal revenue are important for making the best production decisions. The…

Q: Allocative and productive efficiency are achieved under the market structure of:

A: Allocative efficiency occurs when resources are distributed in a way that maximizes overall…

Q: Suppose that wood industry is a perfectly competitive industry that involves 160 identical firms.…

A: Correct Answer: Option (a) P = 16, q = 8

Q: The following table shows the relationship between workers and output for a factory in the short…

A: The objective of the question is to calculate the Marginal Revenue Product of Labor (MRPL) for the…

Q: Suppose that the production function of a salmon farming firm is given by F(L) = 4*root(L) and it…

A: Production is the process of using inputs (the factors of production) to make useful output.…

Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything,…

A: Marginal cost is the cost incurred when an additional unit of output is produced by the firm. In…

Q: A firm has a production function Q in function of K and L that can be written as follows: Q = 2/K/L…

A: Here, we have Production function,  Q=2KL or Q=2K0.5L0.5 Rental rate of a unit of capital is given…

Q: What can we say a firm receives if the price exceeds the marginal cost?  Group of answer choices A…

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

Q: The demand curve and supply curve for carpet cleaning in the local market are currently as follows:…

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

Q: Widget Corp.'s production function is given by q = 3K + 2L. (b)Find Widget Corp.'s short-run supply…

A: Short Run refers to that time frame in which some factors of production cannot be varied and are…

Q: State what market structure exists in Jamaica since the early 2000s. Explain if excess profit will…

A: Since early 2000s monopolistic competition exists in Jamaica.

Q: A perfectly competitive firm, with MC=q operates in a market character,zed by the following market…

A: Demand: Q=20000-100P Supply: Q=100P

Q: 1. Widget factory Inc. in Wisconsin has the following production function: F(L,K) = 2L¹/2K1/2 L…

A: Given: The production function is: FL, K = 2L1/2K1/2 Hourly wage = $30 Capital rent = $25/hour The…

Q: In the given diagram, BDE represents the average variable cost and BCDF represents the marginal cost…

A: ANSWER IS GIVEN BELOW

Q: Consider the following model of a firm. The firm can sell any number of units at the constant price,…

A: The objective of this question is to find the maximum profit a firm can make given the price,…

Q: Consider a competitive firm with a profit function: *=R-C%=PQ- wL- rK P=price Q= quantity L= labor K…

A: Given, The profit function of a perfectly competitive market, π= R-C π= PQ - wL - rK Here, P = Price…

Q: A firm has a production function Q in function of K and L that can be written as follows: Q = 2/K/L…

A: The production function is a model that expressed the relationship between inputs (like labor and…

Q: Q2. Suppose a firm's production function is given by q = 2923. The market prices are given as Output…

A: At a point where marginal revenue is equal to marginal cost, the cost is minimised or profit is…

Q: . Consider the following information of a hypothetical fırm: Q = 100K0.6 L0.8; w = 1; r = 3 %3D A.…

A: Given  Production function: Q=100K0.6L0.8               .... (1) wage rate w=1 and rent r=3

Q: Image uploaded solution is not allowed please dear

A: Let's solve the problem step by step for each part: Part (a)Given:- Production function:…

Q: In 2002 Boeing reduced employment by 33,000 workers due to reduced demand for aircraft. What does…

A: The marginal revenue product(MRP) is the extra revenue that the firm can earn by employing an…

Q: What is the firm's fixed cost? What is the profit-maximizing level of output? Given that half of…

A: Profit maximizing level of output is given at the point where marginal revenue (MR) equals marginal…

Q: Suppose LA.Banana employs workers to harvest bananas. Answer the following questions using the…

A: Quantity of labor Units of Output Marginal Product  VMPL (20* MP(L) Profit (20*Output - 800)…

Q: 1. In a perfectly competitive and constant cost industry, all firms are identical. If the market…

A: We are going to find the long run equilibrium to answer this question.

Q: change the questions or use different values? Question 1. In competitive markets, there are many…

A: Given, TC = 50 + 2Q + 3Q2

Q: Wheel Co. Ltd, operating in a competitive industry has a cost function: TC=5+13Q2 - 3Q. This firm…

A: Price = $18  Total Revenue (TR) = P*Q = 18Q Marginal Revenue (MR) = 18 Total Cost (TC) = 5+13Q2-3Q3…

Q: There are 136 firms in the industry for the good X above. We will assume that there are no fixed…

A: Market supply refers to the units of the goods or services supplied to the customers in the market…

Q: Imagine there is a firm that only uses labor to produce goods and that its production function is…

A: Firm would use profit maximizing amount of labor, such amount of labor is where marginal revenue…

Q: Consider a profit-maximizing cotton candy firm that operates in a perfectly competitive output and…

A: The cross elasticity of demand for substitute merchandise/goods is consistently positive on the…

Q: 10 A competitive firm has the following total cost function: TC(q) = 10 + q if q>0, TC(q) = 0 if q =…

A: Given Total cost function TC(q) = 10 + q for q > 0 and TC(q) = 0 for q = 0, and the capacity…

Q: IF THE MARGINAL REVENUE IS EQUAL TO THE TOTAL COST PRODUCER IS IN EQUILIBRIUM IS THIS STATEM ENT…

A: If the marginal revenue is equal to the total cost producer will be in equilibrium This statement is…

Q: What is the price elasticity of demand given P = $4 and Qa = 1500 – P2

A: Demand equation Q = 1500 - P2 Put P = 4 => Q = 1500 - (4)2 => Q = 1500 - 16 => Q = 1484 So,…

Q: Suppose all firms in a perfectly competitive market structure are in long-run equilibrium. Then…

A: Tax refers to the compulsory charges levied by the government on its citizen and the citizen. The…