Japayuki Noodle Restaurant, a restaurant that is under a perfectly competitive market, is selling Super Chasu Ramen. The Cost Curves of the firm is given below: Cost per unit MC ATC AVC 13 10 8 20
Q: average total cost and what is the average variable cost I put what I thought the answers could be.
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- Given that the restaurant sells 100 bowls of Super Chasu Ramen at $20.00 per bowl, is the firm able to make profit or have a loss? Why or why not? Explain.
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- Does a competitive firm’s price equal its marginalcost in the short run, in the long run, or both?Explain.The diagram shows a price-taking bakery's marginal and average cost curves, and its isoprofit curves. The current market price for bread is P*= 2.50. Which of the following statements is correct? 8 Price, P (€); cost 4 3.70 2.50 2 0 0 Select one: 20 40 60 80 100 120 140 Quantity of loaves, Q 160 180 O a. The bakery is a price setter and sets its price as 2.50. b. The bakery maximises its profits by supplying 160 loaves. O c. The bakery's profit is 200. Marginal cost curve Isoprofit curve: €200 Isoprofit curve: €80 Firm's demand curve Zero-economic- profit curve (AC curve) 200 O d. The bakery's profit decreases until the quantity is 120, and then increases. e. The marginal cost curve is the bakery's supply curve.Using the following graph of the cost curves for a firm. Complete the statement below. yice MC AC AVC 15 AFC Qutity Which best describes the firms short run capacity? MC = AFC MC = AVC AVC = ATC AVC = AFC MC = AC Using the following graph of the cost curves for a firm. Complete the statement below. yice MC AC AVC 15 10 AFC Qurtity Which price would best describe the firm is making an economic profit? 15 10 8 5 Using the following graph of the cost curves for a firm. Complete the statement below. yice AC AVC 15 10 5 AFC Qurtity Which price would best describe the break even point for this firm? O 15 12.5 10 16 Using the following graph of the cost curves for a firm. Complete the statement below. yice MC AC AVC 15 10 AFC Quantity Which price would best describe the shut down condition for this firm? 15 12.5 16 10 10 5 5
- ritaj.birzeit.edu O Final Exam Question 1: Shown below are the graphs of the firm's marginal cost, average variable cost, and average total cost. COST PER UNIT (Cents per bushel) 100 90 80 70 60 50 40 30 20 10 1 2 3 4 5 6 7 8 9 10 QUANTITY OF OUTPUT (Thousands of bushels) A. On the graph, identify each curve.Find the shutdown point. What is the quantity produces, average total cost, average variable cost, total cost, total variable cost, and profit (loss) at this point?Farmer Smith grows wheat. The average total cost and marginal cost of growing wheat for an individual farmer are illustrated in the graph to the right. 10- MC 9- ATC Suppose the market for wheat is perfectly competitive. If the market price is $8 per bushel, then to maximize profits, farmer Smith should produce thousand 8- Price bushels of wheat. (Enter a numeric response using an integer.) 4- 3- 2- 10 20 30 40 Quantity of wheat (bushels per month in 1000s) 50 60 70 80 90 100 Price and cost (dollars per bushel)
- How would you draw a firm graph from a perfectly competitive constant cost market in the short run where there are economic losses.1. Emad is a lettuce supplier in a perfectly competitive lettuce market in Kuwait. If the demand for lettuce in Kuwait is given by: Qo = 40,000 – 10,000P, Where Q is the quantity of lettuce boxes and P is the price of a lettuce box. In the short-run, Emad's has the following total cost function for his production of lettuce: TCimad = 0.25Q +Q +3 Assume that Emad is one of 1000 sellers in the Kuwaiti lettuce market with identical costs. Answer the following questions: e. wnat is tne market suppiy tunction in the short-run? 1. What is the short-run equilibrium price and equilibrium quantity in this market? g. Draw a rough sketch of the market demand and supply functions, showing the optimal point and all intersections with the horizontal and vertical axes. h. What is the demand function for Emad's lettuce in the short-run?Brody's firm produces trumpets in a perfectly competitive market. The table below shows Brody's total variable cost. He has a fixed cost of $240, and the price per trumpet is $60.-Calculate the average total cost of producing 6 trumpets. Show your work. -Calculate the marginal cost of producing the 11th trumpet. -What is Brody's profit-maximizing quantity? Use marginal analysis to explain your answer. -At the profit-maximizing quantity you determined in part (c), calculate Brody's profit or loss. Show your work. -Brody also produces saxophones at a loss in a perfectly competitive market. Draw a correctly labeled graph for Brody's firm showing the following at a market price of $200. -Brody's profit-maximizing quantity of saxophones -Brody's loss, completely shaded Quantity Total Variable cost 6 $120 7 $145 8 $165 9 $220 10 $290 11 $390
- What is the relationship between marginal cost and the short-run supply curve for the purely competitive firm?Use the table Costs for Alina's Apple Pies. If Alina's Apple Pies operates in a perfectly competitive market and the market price for a pie is $18, how many pies should Alina's Apple Pies produce and what is the economic profit or loss per unit?Everett also works in the perfectly competitive manicure industry. The market price is $20 and he does 15 manicures a day. Given that his average total cost is $22, his total revenue is $300, and fixed costs are equal to $150, we know that Everett's Select one: a. average profit is - $4.00 b. average variable cost is $12 c. marginal revenue is $22 d. average fixed cost is $1.33
