4. The graph shows the perfect competition market.Price per unitMCATC$3.00MR2.001.901.00100250300400Output per daya. The exhibit shows a perfectly competitive firm that faces demand curve d, has thecost curves shown, and maximizes profit. The firm will produceoutput per day.units ofb. The exhibit shows a perfectly competitive firm that faces demand curve d, has thecost curves shown, and maximizes profit. The firm's total revenue per day is:c. The exhibit shows a perfectly competitive firm that faces demand curve d, has thecost curves shown, and maximizes profit. The firm's total cost per day is:d. The exhibit shows a perfectly competitive firm that faces demand curve d, has thecost curves shown, and maximizes profit. The firm's total profit per day is:

Fixed cost is the cost that is same for all levels of production and marginal cost is the cost that…

Answered: 4. The graph shows the perfect…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter26: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 5E

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The cost data in the following table are for Marshall’s Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Output Average Variable Cost AverageTotal Cost MarginalCost Total Cost 0 / / / $ 95 1 $ $ $ 115 2 125 3 150 4 200 5 270 6 350 7 450 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $50, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; : $ e. If the market price of the product is $100, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; : $
The cost data in the following table are for Marshall’s Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Output Average Variable Cost AverageTotal Cost MarginalCost Total Cost 0 / / / $ 100 1 $ $ $ 130 2 150 3 180 4 220 5 270 6 330 7 440 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $50, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; (Click to select) Loss Profit : $ e. If the market price of the product is $110, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; (Click to select) profit loss : $
Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?
1. Assume the market for coffee mugs is perfectly competitive. Firms in themarket are producing output, but are currently making economic losses. a. How does the price of coffee mugs compare to the average total cost, the averagevariable cost, and the marginal cost of producing coffee mugs?b. Draw two graphs, side by side, illustrating the present situation for the typical firm andin the market.c. Assuming there is no change in either market demand or the firms’ cost curves,explain what will happen in the long run to the price of coffee mugs, marginal cost,average total cost, the quantity supplied by each firm, and the total quantity supplied tothe market.
PRODUCTION| 2 8 10 12 14 LEVEL MARKET 3 3 3 3 PRICE ТОTAL INCOME TOTAL FIXED 14 14 14 14 14 14 14 COST ТОTAL 4.5 5.5 6.7 8.2 10 13.25 VARIABLE 25 COST TOTAL COST TОTAL BENEFIT MARGINAL 3 3 3 3 INCOME AVERAGE TOTAL COST Develop the following numerical example of perfect competition, which should add the procedure for calculating the missing costs, income, and profit. Considering the following data: a) Indicate at what level of production the MC is equal to the price, so that the company is perfectly competitive in the short term. 3. 3.
Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 10 cents, then this firm: 0.35 Marginal Cest 0.30 0.25 0.20 Average Tetal Cost 0.10 0.05 10 20 30 40 50 e 70 B0 90 Quantity oughnuts/ay O should shut down. O will earn an economic loss. O should produce 50 doughnuts. O should shut down in the long run.
Back Perfect. Comp Assignment.pdf 1. Draw a graph representing a perfectly competitive firm earning an economic profit. (Make sure to show both the firm and the industry graphs) What happens over-time, if many firms are earning economic profits? Is this good or bad for consumers? Explain. 2. Now draw a firm operating under perfect competition that is losing money but should still stay open in the short run. (Again, show both the firm and the industry graphs) lendar To Do A Notifications M Inbox
What does acceptable loss mean for a competitive firm? Explain and Draw a graph
3- Conisder the following graph of a firm in the industry to answer the following: MC, ATC Units of Y A. Is this firm working in a comppitive market or monomply? Exp B. Is it working in short or long run? Explain. C. Does this firm achive economic profits, or losses, or breakeven? Explain.
Imagine you own a company STR LLC. You produce homogenous and easily available goods. Explain the type of market you are operating in. Elaborate your pricing strategy where you can earn normal profits. You have to show production costs and revenue in a table at what production levels you manage to earn profits or otherwise make losses. References: • Makowski, L., & Ostroy, J. M. (2001). Perfect Competition and the Creativity of the Market. Journal of economic literature, 39(2), 479-535. Kaldor, N. (1935). Market imperfection and excess capacity. Economica, 2(5), 33-50.
What is the main characteristic of a perfectly competitive market?A. Many sellers with differentiated productsB. Few sellers with differentiated productsC. Many sellers with identical productsD. Few sellers with identical products
The graph shows the situation facing Mike's Bikes Inc., a producer of mountain bikes. The demand and costs of other mountain bike producers are similar to those of Mike's Bikes. Draw a point to show the quantity of mountain bikes that Mike's produces and the price of a bike. Draw a shape to show the firm's economic profit or loss. Label it 400 350- 300- 250 200- 150- 100 50- 0+ Price and cost (dollars per bike) 0 MC ATC MR D 50 100 150 200 250 300 Quantity (mountain bikes per week) >> Draw only the objects specified in the question. Q E

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