Homework Answers
Answer
3.
The correct answer is "option 4"
9
The fixed cost is the cost of production of a firm that does not change with the level of output. In the given equation the fixed cost is 9.
4.
The correct answer is "option 1" 2y+2
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Question 3 1 pts Suppose a firm in a perfectly competitive market has the cost function...
D1. Suppose a firm in a perfectly competitive market has the cost function c(y)= y2 +...
D1. Suppose a firm in a perfectly competitive market has the cost function c(y)= y2 + 2y +9 What is the firm's average total cost? y + 2 y + 2 + 2y + 2
Suppose a firm in a perfectly competitive market has the cost function c(y)= y2 + 2y...
Suppose a firm in a perfectly competitive market has the cost function c(y)= y2 + 2y +4 Now suppose that there is a sudden increase in demand that raises the market price to p= 8. How much does the firm produce at this price?
Suppose a firm in a perfectly competitive market has the cost function c(y)=y2 + 2y +4...
Suppose a firm in a perfectly competitive market has the cost function c(y)=y2 + 2y +4 Now suppose that there is a sudden increase in demand that raises the market price to p= 8. If the demand stays at this new level, what will the long-run quantity be for each firm?
need help with 5 and 6 Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm...
need help with 5 and 6
Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm is given by MC=8q. 1) Find equations for variable cost, fixed cost, average total cost, average variable cost and average fixed cost for this firm. Illustrate on a graph the firm's average variable cost curve, average total cost curve, and marginal cost curve. 2) Find the outputs that minimize average total cost, average variable cost and average fixed cost. 3)...
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by...
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by C(q) = 5+2q+9. The market price is $10. (a) What is the profit-maximizing output level for this firm? (b) What is the firm's total revenue and profits at the profit-maximizing output? (c) What is the minimum price at which the firm will produce a positive level of output in the short run?
Consider a perfectly competitive market with many identical firms. Each firm has a long-run marginal cost...
Consider a perfectly competitive market with many identical firms. Each firm has a long-run marginal cost function given by LRMC(y) = y ^2 + 1. We do not know the firms’ LRAT C function, but we know that at a quantity of 3 it is equal to LRMC. In other words: LRAT C(3) = LRMC(3). (a) Find an expression for an individual firm’s long-run inverse supply curve: this will be p as a function of y. Note that it will...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
Question 4 Consider the Sunshine Company, a perfectly competitive firm with the following cost function TC...
Question 4 Consider the Sunshine Company, a perfectly competitive firm with the following cost function TC 12006Q + 202 where Q is the firm's output per day. a) Find the firm's marginal cost function. [2 marks] C b) If the price of Sunshine's product equals $66, how many units per day should the firm produce? [4 marks] c) Find the firm's average variable cost function. [3 marks] d) Is average variable cost at the quantity you calculated in part b)...
A firm operates in a perfectly competitive industry. Suppose it has a total cost function of...
A firm operates in a perfectly competitive industry. Suppose it has a total cost function of C = 25 + 0.25Q2. a) If the market price is $15, what is the firm’s profit-maximizing level of output? b) If the fixed costs increase from $25 to $75, what is the firm’s profit maximizing level of output? c) If the market price increases to $22, what is the firm’s profit maximizing level of output (with fixed costs at $75)?
A firm operating in a perfectly competitive market faces a market price of $16. Below is...
A firm operating in a perfectly competitive market faces a market price of $16. Below is some additional information on the firm: Output 50 10 Workers $67 Average Total Cost . Question 1: What is the firm's Total Revenue? $ Question 2: What is the firm's Average Revenue? $ Question 3: What is the firm's Marginal Revenue? $
D1. Suppose a firm in a perfectly competitive market has the cost function c(y)= y2 + 2y +9 What is the firm's average total cost? y + 2 y + 2 + 2y + 2
Suppose a firm in a perfectly competitive market has the cost function c(y)= y2 + 2y +4 Now suppose that there is a sudden increase in demand that raises the market price to p= 8. How much does the firm produce at this price?
Suppose a firm in a perfectly competitive market has the cost function c(y)=y2 + 2y +4 Now suppose that there is a sudden increase in demand that raises the market price to p= 8. If the demand stays at this new level, what will the long-run quantity be for each firm?
need help with 5 and 6
Suppose a perfectly competitive firm's cost function is C(q)-4q*+16. Marginal cost for the firm is given by MC=8q. 1) Find equations for variable cost, fixed cost, average total cost, average variable cost and average fixed cost for this firm. Illustrate on a graph the firm's average variable cost curve, average total cost curve, and marginal cost curve. 2) Find the outputs that minimize average total cost, average variable cost and average fixed cost. 3)...
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by C(q) = 5+2q+9. The market price is $10. (a) What is the profit-maximizing output level for this firm? (b) What is the firm's total revenue and profits at the profit-maximizing output? (c) What is the minimum price at which the firm will produce a positive level of output in the short run?
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
Question 4 Consider the Sunshine Company, a perfectly competitive firm with the following cost function TC 12006Q + 202 where Q is the firm's output per day. a) Find the firm's marginal cost function. [2 marks] C b) If the price of Sunshine's product equals $66, how many units per day should the firm produce? [4 marks] c) Find the firm's average variable cost function. [3 marks] d) Is average variable cost at the quantity you calculated in part b)...
A firm operating in a perfectly competitive market faces a market price of $16. Below is some additional information on the firm: Output 50 10 Workers $67 Average Total Cost . Question 1: What is the firm's Total Revenue? $ Question 2: What is the firm's Average Revenue? $ Question 3: What is the firm's Marginal Revenue? $
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