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- Price per Tonne of Wheat MC 18.00 ATC 17.00 15.75 16.00 15.25 1550 15.00 14.00 13.00 12.00 11.00 500 1000 ++ 1500 Tonnes of Wheat per Month Figure 9-5 shows the cost curves of a firm in a perfectly competitive market. If the market price is $17 and the firm is maximizing profit, how much is its total cost? OA. $20 400 OB. $17 000 OC. $18 300 OD. $15 000Course: Microeconomics A given firm, which is part of a perfectly competitive market, would have following cost function: TCLR = 2X3 - 20X2 + 200XWhat will be its level of output (X) and long-run equilibrium price (P)? NOTE: TCLR is long run total cost function13. Suppose a representative firm in a perfectly competitive industry has the following totalcost of production in the short run: TC=Q^3-40Q^2+600Q.a. What will be the long run equilibrium quantity for the firm? What will be the longrun equilibrium price in this industry?b. Let the industry demand be given by QD=12400-4P. How many firms will be activein the long-run equilibrium?c. Suppose the firm faces a positive demand shock that increases the industry demandto QD=16000-4P. Describe how the industry would respond and calculate thechange in the number of firms.
- 1-> O O O O Suppose the market for peaches is perfectly competitive. The short-run average total cost and marginal cost of growing peaches for an individual grower are illustrated in the figure to the right. Assume that the market price for peaches is $6.50 per box. What is the profit-maximizing quantity for peach growers to produce? boxes. (Enter your response as an integer.) At this level of output, profit will be $. (Enter your response rounded to the nearest dollar.) Peach growers will earn positive economic profit in the short run at any market price above $ per box. (Enter your response rounded to one decimal place.) Price (dollars per box) 10- 9- 8- 7- 6- 4- 3- 2- 1 0 MC ATC 10 20 30 40 40 50 60 70 80 90 100 Output (boxes of peaches per day) Q NextConsider the market for solar power. Assume the market is perfectly competitive and initially in long-run equilibrium; solar power sells for $.25 per kwh (kilowatt hour, a unit of power). Draw2graphs, oneto represent the market (supply and demand), and one to represent asingle firm (demand, marginal cost, and average cost curves). Assume a u-shaped average cost Show the equilibrium price and the quantity produced by the market (Q) and by each individual firm (q).A perfectly competitive firm can produce its current level of output at an average total cost of $10 and a marginal cost of $8. If the market price of the product is currently $8, what should the firm do? a. The answer depends upon the relationship between price and average variable cost. The firm should shut down if average variable cost is $8 or greater, but the firm should continue to produce the current level of output if average variable cost is less than $8. O b. The firm should definitely shut down since average total cost exceeds price. Oc. The firm should continue to produce, but they should decrease production in order to increase profit. O d. The firm should increase production in order to increase profit. 0= Icon Key mentMain.do?takeAssignmentSessionLocator=assignment-take,53ef7eec-ce82-423c-a5cf-a72630d672e7#
- Each firm in a competitive market has a cost function of C= 10g - 49² +g°. There are an unlimited number of potential firms in this market. The market demand function is Q= 34 -D. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The long-run equilibrium price is $ (Enter your response as a whole number.) DEC 13 O tv MacBook Air 80 DII esc F1 F2 F3 F4 F5 F6 F7 FB @ $ % & 1 2 3 4 7 8. Q W Y tab S J caps lock C M. control option command つ エ > *: レA firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - MankiwQuestion list Question 8 O Question 9 O Question 10 K Sophia grows Christmas trees. Her cost of production is shown in the table below. Christmas Trees Total Cost $40 $60 $108 II $164 $228 6 $300 7 $380 Suppose the market for Christmas trees is perfectly competitive and that the market price for Christmas trees is $60 per tree. How many Christmas trees should Sophia grow? Sophia should grow trees. (Enter your response as an integer value.)
- Suppose that the market for dress shirts is a perfectly competitive market. The following graph shows the daily cost curves of a firm operating in this market. (?) 50 45 Profit or Loss 40 35 30 АТС 25 20 15 10 AVC MC 4 8 12 16 20 24 28 32 36 40 QUANTITY OF OUTPUT (Shirts) PRICE AND COST (Dollars per shirt)Consider the market for solar power. Assume the market is perfectly competitive and initially in long-run equilibrium; solar power sells for $.25 per kwh (kilowatt hour, a unit of power). Next, to encourage conservation, Congress taxes all forms of energy EXCEPT solar power, causing an increase in the demand for solar Show what happens to the market and the firm in the short run; indicate clearly what happens to price, quantity, and profit.only typed answer Assume a competitive firm faces a market price of $120, a cost curve of: C = 13q3 + 20q + 500, and a marginal cost of: MC = q2 +20. What is the firm's profit maximizing output level? ?? Units (round your answer to two decimal places) What is the firm's profit maximizing price? ??? (round to the nearest penny) What is the firm's profit? ??? (round to the nearest npenny) In the short-run, this firm should ?? produce or shut down??