Homework Answers
2)
Equilibrium is established where the demand and supply are equal.
Qd = Qs
60 -1P = 20
P =40
Answer: ( D)
3)
Answer: (D)
Q = 60 -1*40
= 20
Add Answer to:
dont worry about number 2. just answer number 3 please
Where P is price, MC is...
3) Monopolistic Competition Long-Run (7 points) The marginal costs (MC), average variable costs (AVC), and average...
3) Monopolistic Competition Long-Run (7 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. Price/Cost (S) a. What is the firm's profit-maximizing output level? b. What is its profit-maximizing price? c. What is the firm's economic profit? d. What would the output level be that is productively efficient (minimizes ATC)? e. At what price and output level would this outcome be allocatively efficient? (Hint...
Question 15: The efficient level for this firm is A. 30 units equalizing MR to MC....
Question 15:
The efficient level for this firm is
A. 30 units equalizing MR to MC.
B. 18 units minimizing the ATC.
C. 13 units where the MC is equal to zero.
D. None of the above.
Use Figure 2 to answer the following questions (Q13., Q14. and Q15.) MC ZMR P, costs P= $16 ATC 13 18 30 Figure 2- Production costs Q13. Which statement is true: A. The firm depicted by the graphic is competitive as the marginal...
Problem 1 Deadweight Loss Given the following information: Qs = 2P P = Qs/2 QD= 180...
Problem 1 Deadweight Loss Given the following information: Qs = 2P P = Qs/2 QD= 180 - 4P P = (QD -180)/-4 AR = P = 45-.25Q TR = 45 - .25Q2 MR = 45 - .5Q Hint: MC – supply curve MR = 45 - 5Q Qs = supply Qd = demand A) Using the above information, 1) Graph and calculate the price-output solution under competitive market assumptions. 2) How much is the consumer surplus producer surplus and...
For this problem, do not worry if prices and quantities are not "realistic." Suppose that the...
For this problem, do not worry if prices and quantities are not "realistic." Suppose that the market for photocopies in Washington DC is perfectly competitive, and is given by the following equations: QP = 72-P QS = 5P where is the daily demand for copies in DC and Q is the total supply curve of all copy stores together in DC. What is the equilibrium price and quantity of copies in DC? P =$ .' = copies Now, consider the...
6-9 please Use the following table to answer questions 6-9: Number of VC MC AVC Earrings FCTC AFC ATC 0 B 2 30...
6-9
please
Use the following table to answer questions 6-9: Number of VC MC AVC Earrings FCTC AFC ATC 0 B 2 30 А 20 D 180 6) What should the value for "A" be? a) 15 b) 20 c) 25 d) 30 e) 35 7) What should the value for "B" be? a) 50 b) 60 c) 70 d) 80 e) None of the above. 8) What should the value for "C" be? a) 36.67 b) 40 c) 43.33...
please draw where the profit is The marginal costs (MC), average variable costs (AVC), and average...
please draw where the profit is
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. 0 Price $60 Tools MC --> $50 PLA Profit $40 ATC $30 $20 $10 16 MR D 0 10 20 30 40 50 Quantity
7. Monopolistically competitive firms prevent the efficient use of resources because in long-run equilibrium A. price...
7. Monopolistically competitive firms prevent the efficient use of resources because in long-run equilibrium A. price is greater than marginal cost. B. marginal cost is greater than average total cost C. price is less than marginal cost. D. price is equal to marginal cost. 8. When MR = MC and P = ATC for a monopolistically competitive firm, the firm is in A. short-run disequilibrium and making losses. B. neither short‐run nor long‐run equilibrium C. long-run equilibrium and making zero...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
please answer all 16. To say that a firm is a price taker means that: a....
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
The demand function for an oligopolistic market is given by the equation, Q = 275 – 4P, where Q is quantity demanded and P is price (Note: inverse demand for the dominant firm here is P = 50 - .2Q). T...
The demand function for an oligopolistic market is given by the equation, Q = 275 – 4P, where Q is quantity demanded and P is price (Note: inverse demand for the dominant firm here is P = 50 - .2Q). The industry has one dominant firm whose marginal cost function is: MC = 12 + 0.7QD, and many small firms, with a total supply function: QS = 25 + P. In equilibrium, the total output of all small firms is
3) Monopolistic Competition Long-Run (7 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. Price/Cost (S) a. What is the firm's profit-maximizing output level? b. What is its profit-maximizing price? c. What is the firm's economic profit? d. What would the output level be that is productively efficient (minimizes ATC)? e. At what price and output level would this outcome be allocatively efficient? (Hint...
Question 15:
The efficient level for this firm is
A. 30 units equalizing MR to MC.
B. 18 units minimizing the ATC.
C. 13 units where the MC is equal to zero.
D. None of the above.
Use Figure 2 to answer the following questions (Q13., Q14. and Q15.) MC ZMR P, costs P= $16 ATC 13 18 30 Figure 2- Production costs Q13. Which statement is true: A. The firm depicted by the graphic is competitive as the marginal...
For this problem, do not worry if prices and quantities are not "realistic." Suppose that the market for photocopies in Washington DC is perfectly competitive, and is given by the following equations: QP = 72-P QS = 5P where is the daily demand for copies in DC and Q is the total supply curve of all copy stores together in DC. What is the equilibrium price and quantity of copies in DC? P =$ .' = copies Now, consider the...
6-9
please
Use the following table to answer questions 6-9: Number of VC MC AVC Earrings FCTC AFC ATC 0 B 2 30 А 20 D 180 6) What should the value for "A" be? a) 15 b) 20 c) 25 d) 30 e) 35 7) What should the value for "B" be? a) 50 b) 60 c) 70 d) 80 e) None of the above. 8) What should the value for "C" be? a) 36.67 b) 40 c) 43.33...
please draw where the profit is
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. 0 Price $60 Tools MC --> $50 PLA Profit $40 ATC $30 $20 $10 16 MR D 0 10 20 30 40 50 Quantity
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
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