If a perfectly competitive firm produces and sells more output, its _______ will definitely increase. Group...
If a perfectly competitive firm produces and sells more output, its _______ will definitely increase. Group of answer choices Total revenue Marginal revenue Total profit Average total cost
Total revenue
Marginal revenue
Total profit
Average total cost
Homework Answers
ANSWER:
If a perfectly competitive firm produces and sells more output, its TOTAL REVENUE will definitely increase. (FACT)
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If a perfectly competitive firm produces and sells more output,
its _______ will definitely increase. Group...
Question 7-Firms in Competiive Markets: A competitive firm currently produces and sells 500 units of output....
Question 7-Firms in Competiive Markets: A competitive firm currently produces and sells 500 units of output. Its total revenue is $6,000; the marginal cost of producing the 500 unit of output is $14.50; and the average total cost of producing the 500th unit of output is s9.50. Is the firm maximizing its profit, or should it increase or decrease output in order to increase its profit?
Consider a perfectly competitive, profit-max firm that sells its output for $10 each and produces and...
Consider a perfectly competitive, profit-max firm that sells its output for $10 each and produces and sells 1400 units. Its total variable costs are $5500 and its total fixed costs are $4000. The owner of the firm estimates he could make $2800 working elsewhere with the same time and effort. Calculate its accounting profit, carefully following all numeric directions.
Assume a perfectly competitive firm sells its output for $150 per unit. At its current 2,000...
Assume a perfectly competitive firm sells its output for $150 per unit. At its current 2,000 units of output, marginal cost is $140 and increasing, and average variable cost is $120. Assuming it wants to maximize its profits, it should: u increase output. o decrease output, but not shut down. u maintain its current output rate. shut down.
For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically...
For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither. Sells a differentiated product from its competitors Has marginal revenue less than price Earn economic profit in the long run Produces at minimum of average total cost in the long run Equates marginal revenue and marginal cost Charges a price above marginal cost
a firm in perfectly competitive market sells all its products Q at constant price p (1)A...
a firm in perfectly competitive market sells all its products
Q at constant price p
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +690 - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that...
Suppose your firm operates in a perfectly competitive market and decides to double its output. How...
Suppose your firm operates in a perfectly competitive market and decides to double its output. How does this affect the firm's marginal profit? Please provide the answer& proper explanation in word format not in hand writing format A) Marginal revenue and marginal cost increase B) Marginal revenue increases but marginal cost remains the same C) Marginal cost may change but marginal revenue remains the same D) Marginal revenue and marginal cost decrease
A perfectly competitive firm will earn a profit in the short run when it produces the...
A perfectly competitive firm will earn a profit in the short run when it produces the profit-maximizing quantity of output and the price is: 1) greater than marginal cost. 2) less than marginal cost. 3) less than average variable cost. 4) greater than average total cost.
Suppose your firm operates in a perfectly competitive market and decides to double its output. How...
Suppose your firm operates in a perfectly competitive market and decides to double its output. How does this affect the firm's marginal profit? Select one: a. Marginal revenue and marginal cost increase b. Marginal revenue increases but marginal cost remains the same C. Marginal cost may change but marginal revenue remains the same d. Marginal revenue and marginal cost decrease
Scenario 14-4 The information below applies to a competitive firm that sells its output for 540...
Scenario 14-4 The information below applies to a competitive firm that sells its output for 540 per unit. • When the firm produces and sells 150 units of output, its average total cost is $24.50. . When the firm produces and sells 151 units of output, its average total cost is $24.55. Refer to Scenario 14-4. How does the firm's marginal revenue (MR) compare to its marginal cost (MC) when it increases its output from 150 units to 151 units?...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Question 7-Firms in Competiive Markets: A competitive firm currently produces and sells 500 units of output. Its total revenue is $6,000; the marginal cost of producing the 500 unit of output is $14.50; and the average total cost of producing the 500th unit of output is s9.50. Is the firm maximizing its profit, or should it increase or decrease output in order to increase its profit?
Consider a perfectly competitive, profit-max firm that sells its output for $10 each and produces and sells 1400 units. Its total variable costs are $5500 and its total fixed costs are $4000. The owner of the firm estimates he could make $2800 working elsewhere with the same time and effort. Calculate its accounting profit, carefully following all numeric directions.
Assume a perfectly competitive firm sells its output for $150 per unit. At its current 2,000 units of output, marginal cost is $140 and increasing, and average variable cost is $120. Assuming it wants to maximize its profits, it should: u increase output. o decrease output, but not shut down. u maintain its current output rate. shut down.
a firm in perfectly competitive market sells all its products
Q at constant price p
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +690 - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that...
Suppose your firm operates in a perfectly competitive market and decides to double its output. How does this affect the firm's marginal profit? Select one: a. Marginal revenue and marginal cost increase b. Marginal revenue increases but marginal cost remains the same C. Marginal cost may change but marginal revenue remains the same d. Marginal revenue and marginal cost decrease
Scenario 14-4 The information below applies to a competitive firm that sells its output for 540 per unit. • When the firm produces and sells 150 units of output, its average total cost is $24.50. . When the firm produces and sells 151 units of output, its average total cost is $24.55. Refer to Scenario 14-4. How does the firm's marginal revenue (MR) compare to its marginal cost (MC) when it increases its output from 150 units to 151 units?...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
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