Your business, which has some market power, has the following demand (D), marginal revenue (MR), marginal cost (MC), and average cost (AC) curves. Move point E to label the profit-maximizing price and quantity for your firm.     If the goal of your business is to maximize profit, how much will it produce, and what price will it charge? -The business will exit the market because it is unable to cover its average costs. -The business will produce 40 units, and charge a price of $5. -The business will produce 30 units, and charge a price of $3. -The business will produce 30 units, and charge a price of $6.

A firms cost and revenue functions look like this in 3 questions below. Total cost: TC = 100 + 2Q + Q2 Marginal cost: MC = 2 + 2Q Price: P=22 What is the profit maximizing output? a. 8 b. 10 c. 12 d. 25 e. All the other answers are wrong.   What is the firm's profit? a. -14 b. -6 c. 0 d. 15 e. All then other answers are wrong.   What are the fixed costs and variable costs at the profit maximising output? a. FC=0, VC=220 b. FC=100, VC=80 c. FC=80, VC=244 d. FC=100, VC=120 e. All the other answers are wrong.

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Fill in the Blanks Fill in the blank. "For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be and beyond that level of output Marginal Cost must be

"A profit maximizing firm seeks to produce at an output where its marginal revenue is equal to its marginal costs." Agree or disagree with this statement.

Only typed answer and please answer correctly  It is possible to lower the average cost of production by expanding output beyond Q0 to Q1. Why wouldn't a firm expand its output to Q1?   Group of answer choices   a) Demand is not sufficient for consumers to buy Q1.   b) The firm would suffer an economic loss at Q1 while it would break even at Q0.   c) The firm's marginal revenue would be negative at Q1.   d) The firm wants to maximize accounting profit rather than economic profit.

6.a) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which of the point would Penny's Parasols be certain to close down? A,  B,  C,  D, or E.  Explain:   b) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which point(s) would Penny's Parasols endure economic losses, but continue to produce in the short run? D,  F,  A,  C, or E. Explain:   6.c) Which point in Figure 8.7 represents a break-even situation for a perfectly competitive firm? A,  B,  C,  D, or E.  Explain:   6.d) At which point in Figure 8.7 would a perfectly competitive firm earn the same profit, or suffer the same loss, by producing rather than by shutting down? A,  B,  C,  D, or F.  Explain:   Choose and explain your answer above thoroughly--graphical, algebraically, numerically. Kindly see screenshot attached. Please explain with as much detail as possible, using the graph in your answer.

. Mr DIY is a new small scale palm oil supplier. There are many small scale palm oil suppliers in the market. The price of oil palm is solely determined by the market demand and supply. Describe the market characteristics of this industry. As Mr DIY is a new firm in the market, his firm is facing a problem of revenue lesser than the total variable costs. Illustrate the situation with an appropriate diagram(s). Evaluate the situation of this firm and provide one suggestion for the firm to sustain in the long run.

Doggy Treats is selling dog treats in a purely competitive market. Its output is 800 treats, which it sells for $10 a treat. At the 800-treat level of output, the marginal cost is $11, the average total cost is $9.00, and the average variable cost is $8.00. Should the firm increase output, decrease output, or not produce? Why? How should the firm determine that optimal level of output?

Problem two Consider the total cost and total revenue given in the following table: Total Total Quantity cost Revenue 0 1 2 3 4 5 6 7 8 9 10 11 13 19 27 37 0 8 16 24 32 40 48 56 a) Calculate the profit for each quantity. How much should the firm produce to maximize profit? b) Calculate the marginal revenue and marginal cost for each quantity. Graph them. c) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?