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- An industry currently has 100 firms, each of whichhas fixed cost of $16 and average variable cost asfollows:Quantity Average Variable Cost1 $12 23 34 45 56 6a. Compute a firm’s marginal cost and average totalcost for each quantity from 1 to 6.b. The equilibrium price is currently $10. How muchdoes each firm produce? What is the total quantitysupplied in the market?c. In the long run, firms can enter and exit themarket, and all entrants have the same costs asabove. As this market makes the transition to itslong-run equilibrium, will the price rise or fall?Will the quantity demanded rise or fall? Will thequantity supplied by each firm rise or fall? Explainyour answers.d. Graph the long-run supply curve for this market,with specific numbers on the axes as relevant.Figure 6.1 MC ATC AVC MR2 MR, 0. 30 40 50 60 Quantity Refer to Figure 6.1. Given MR2, what is total cost at the profit-maximizing quantity if the lowest point of the average-total-cost curve is $4? O $120 O S60.00 O$50 O $200 D 職Under which of the folowing examples is t likaly that the accounting profit is positive and the economic profit is negative? OA Using a restaurant you purchased to sell Menican food instead of talian food. OR It you use a diamond mine as a touriet atraction instead of using it for mining. Oc Opering a bank branch near a university campus. OD. Such a scenario, where accounting cost is positive and economic profit is negafive, is not possibie.
- Pls help with below homework. Fred owns his own specialty burger food truck. He's deciding on a price for his new burger called The Best Burger. Fred decides hel use markup pricing, and wants to mark it up 30%. The cost of goods for each burger is $4.50 and he can make up to 110 burgers a day. What wil the price of each burger be using markup pricing? Round to the nearest cent. O $15.00 O $6.43 O $5.85 O $7.65 O $7.073 The figure below shows the cost curves for a profit-maxmizing firm in a periecny competitive narket. If the market price is $30 and if the firm is producing outpul. the amount of its total variable cost? Price TVC and cost TO ATCHO MC ATC AVC PAL $40.50 36.00 30.00 MR 22.00 7LEE 20.00 130 180 240 Quantity O S7,200 b. $6,480 C. $5,400 d. $3,960ull touch LTE 10:08 PM O O 37% O A docs.google.com What is the relationship between a perfectly competitive firm's marginal cost curve and its short-run supply curve? * The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at the point where price is less than average variable cost. The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at the point where price is equal to or greater than average variable cost. The marginal cost curve of a perfectly competitive firm is the firm's short-run supply curve at all points. The two are unrelated Page 4 of 5 Вack Next
- What is the difference between accounting profit and economic prof? A Economic profit subtracts both explicit and implicit costs from total revenue, while acounting profit only subtracts explicit costs. OR Accounting proft only subtracts implicit costs from totsi revenue, while economic profit only subtracts explicit costs. OC Economic proft orly subtracts implicit costs from total revenue, while accounting profit only subtracts explicit costs. OD. Accounting proft suberacts both explicit and implicit costs from total revenue, while economic proft only subtracts explicit costs2 Based on the following table, which of the following statements is true? Q TR MR TC MC $30 $15 --- 1 $30 $30 $30 $25 $10 2 $30 $60 $30 $40 $15 $30 $90 $30 $60 $20 4 $30 $120 $30 $85 $25 5 $30 $150 $30 $115 $30 6 $30 $180 $30 $150 $35 A Expansion of output occurs because of increasing returns to scale. BO Expansion of output causes diseconomies of scale to occur. Expansion of output causes input prices to rise as demand for inputs increases. DO Expansion of output leaves input prices constant as demand for inputs increases. 3.A market is in long-run equilibrium and firms inthis market have identical cost structures. Supposedemand in this market decreases. Describe whathappens to the profit-maximizing output quantityfor individual firms as the market leaves and thenreturns to long-run equilibrium.
- 1. A firm has three different production facilities, all of which produce the same product. Whilereviewing the firm’s cost data, Ron, a manager, discovered that one of the plants has a higher averagecost than the other plans and suggests closing this plant. Another manager, Jack, notes that the high-cost plant has high fixed costs but that the marginal cost in this plant is lower than in the other plants.He says that the high-cost plant should not be shut down but should expand its operations. Who isright? 2. Should a firm shut down if its weekly revenue is $1,000, its variable cost is $500, and its fixed cost is$800, of which $600 is avoidable if it shuts down? Explain.5. The graph below shows the Price, Marginal Cost, and Average Total Cost curves for the production of Beanie Weenie Dog (a new item served at Tropicana Field -deep-fried hot dog wrapped in bacon, covered with baked beans). I will not be trying it. Will you?_ price 400 380 MC 360 340 АТС 320 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 P MR o 1 2 3 4 5 6 7 8 9 1o 11 Quantity a. What is the profit-maximizing level of Beanie Weenie Dogs that should be produced? b. At the level that you found in part (a), what is the firm's profits or loss? Show your calculations. c. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a), the firm chooses to produce at one unit above that level. d. Calculate what the firm's profits or losses are if instead of choosing the level you found in part (a) firm chooses to produce at one unit below that level.Round your answeis LU 2 UCUNTial plats. Output 1 3 4 5 6 www. Average Variable Cost 30 a. Complete above the table. Quantity: Break-even $ Average Total Cost 1 O Loss 140 80 63.33 56 56 57 65.43 ✔ $ Marginal Cost 110 30 20 30 34 Prev 56 62 116 b. What is the shutdown price? Shutdown price: $ c. If the market price of the product is $56, what quantity will Marshall's Meats produce? What will be its ✓:$ Total Cost $110 140 6 of 13 160 Quantity: d. If the market price of the product is $20, what quantity will Marshall's Meats produce? What will be its pre # 190 224 280 342 458 Next >
