b. At a product price of $42.00 (i) Will this firm produce in the short run? (Click to select) v (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? |(Click to select voutput = units per firm (iii) What economic profit or loss will the firm realize per unit of output? (Click to select ♥ per unit = $ C. At a product price of $33.00 (i) Will this firm produce in the short run? (Click to select) V (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select ♥output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? [(Click to select ♥ per unit = $
b. At a product price of $42.00 (i) Will this firm produce in the short run? (Click to select) v (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? |(Click to select voutput = units per firm (iii) What economic profit or loss will the firm realize per unit of output? (Click to select ♥ per unit = $ C. At a product price of $33.00 (i) Will this firm produce in the short run? (Click to select) V (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select ♥output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? [(Click to select ♥ per unit = $
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...
Related questions
Question
Just Section B and C
not A
![Assume that the cost data in the following table are for a purely competitive producer:
Average Average
Fixed
Variable
Average
Total
Total
Marginal
Product
Cost
Cost
Cost
Cost
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
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 "O" for output if the firm does not produce.
a. At a product price of $67.00
(i) Will this firm produce in the short run? (Click to select) ♥
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
|(Click to select voutput =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select v per unit = $
b. At a product price of $42.00
(i) Will this firm produce in the short run? (Click to select) ♥
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
|(Click to select v output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? |(Click to select v per unit = $
c. At a product price of $33.00
(i) Will this firm produce in the short run? [(Click to select) ♥
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
(Click to select ♥ output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select
per unit = $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F262e8cca-a0d8-415a-ba95-7ab2e379e77f%2F07f91913-dfb3-4c5b-85d0-9ed1e91d5c51%2Fs8p06ql_processed.png&w=3840&q=75)
Transcribed Image Text:Assume that the cost data in the following table are for a purely competitive producer:
Average Average
Fixed
Variable
Average
Total
Total
Marginal
Product
Cost
Cost
Cost
Cost
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
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 "O" for output if the firm does not produce.
a. At a product price of $67.00
(i) Will this firm produce in the short run? (Click to select) ♥
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
|(Click to select voutput =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select v per unit = $
b. At a product price of $42.00
(i) Will this firm produce in the short run? (Click to select) ♥
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
|(Click to select v output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? |(Click to select v per unit = $
c. At a product price of $33.00
(i) Will this firm produce in the short run? [(Click to select) ♥
(ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output?
(Click to select ♥ output =
units per firm
(iii) What economic profit or loss will the firm realize per unit of output? (Click to select
per unit = $
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