The perfectly competitive firm's marginal revenue curve is: exactly the same as the marginal cost curve downward sloping upward sloping vertical horizontal
Q: A firm may pay efficiency wages in an attempt to O all of the options are correct. O attract a well-...
A: Efficiency wages are the wages that are set above the equilibrium level. It increases productivity a...
Q: Mrs. Go make deposits that forms a geometric gradient that increases at 6% per month for 1 year. She...
A: We have given that the cash flow is geometric gradient series cash flow where g =6% of g=0.06 First...
Q: Your family business produces a secret recipe salsa and distributes it through both smaller specialt...
A: PLEASE FIND THE ANSWER BELOW.
Q: A certain machine has book value of P173,205.08 after 5 years and P82,187.59 after 8 years. The book...
A: Book value refers to the asset value as per the balance sheet account balance. It is the actual valu...
Q: If inflation is expected to be higher, O lenders will decrease nominal interest rates O lenders will...
A: Fisher equation states that nominal interest rate is the sum of real interest rate and inflation.
Q: Describe the changing workforcecomposition in highly developedeconomies.
A: Labor force measures the number of people in the working age group (15-64) who are talented and eage...
Q: In the texts provided about the major national/ international issues/problems and their possible app...
A: International issues are the issues that countries face on the international level. It may be due to...
Q: If the Consumer Price Index was 155 in one year and 165 in the next year, then the rate of inflation...
A: Inflation refers to an increase in the prices of all the goods and services produced in an economy d...
Q: Consider the balance sheet for Inspired to Thrive (IT) Bank below: Inspired to Thrive Bank Balance S...
A: The reserve ratio is the percentage of a commercial bank's deposits that it must retain in cash as a...
Q: In a life-cycle model, a worker with constant household productivity will react to an expec wages by...
A: Labour supply curve shows a positive relationship between wage rate and number of hours labors are w...
Q: At the Punjab Bakery, two workers can decorate 14 cakes in an hour and three workers can decorate 18...
A: According to the law of diminishing returns, the marginal product initially increases as more units...
Q: Question 16 Suppose a firm hires a new worker, Jens H. Because the firm knows Jens H. can work hard ...
A: The correct answer is given in the second step.
Q: 3. A person invests 4,500 in the hopes of receiving a return in eight years. What amount, in pesos, ...
A: Disclaimer: Since you have posted multiple questions, I am providing you with the answer to the firs...
Q: Antonio Sy started working for the ABC Corporation on his 25th Birthday. Each month P30 was withheld...
A: First, we find the future equivalent value of the annual payments (P60) that are being made each yea...
Q: What was the change in US private sector employment in February 2022?
A: Employment refers to the state of having or being employed in economic terms.. If someone must be em...
Q: Note: Plot your points in the order in which you would like them connected. Line segments will conne...
A: Labor Output Marginal product of labour Fixed cost Variable cost Total cost 0 0 0 50 40 (50+40)=9...
Q: Suppose a company discovers a breakthrough lubricant that reduces the amount of wear on mechanical ...
A: The Solow Model of economic growth or the neo classical model of growth This model is also known as ...
Q: Why is it said that they are "price takers" and unable to influence the market price? If firms in co...
A: Disclaimer: Since you have posted multiple questions, I am providing you with the answer to the firs...
Q: you will WUIR WILIn he er to Caiculate a maCr Igebra. The steps are: ) find the IS equation E) find ...
A:
Q: 25. The financial crisis resulted in bad economic conditions, but the financial crisis also had soci...
A: Disclaimer: Since you have asked multiple questions, I am providing you with the answer to the first...
Q: Describe the steps taken in setting a final price.
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the econom...
Q: The Multiplier Effect: How did Keynes focus on the demand side of the economy to help economies reco...
A: Keynesian economics refers to a macroeconomic economic theory that is made up of total spending in t...
Q: To produce more output in the short run, a firm must employ more of O A) its fixed resources. B) all...
A: Short run refers to the period of time in which at least one factor of production that firm uses is ...
Q: luple Cholce downward-sloping with price set solely by the forces of supply and dem upward-sloping w...
A: The demand curve for perfectly competitive business is horizontal at a price set by the forces of ma...
Q: Which of the following statements are correct regarding the characteristics of a guardianship of the...
A: A guardian is a person who has been legally appointed to watch after another person's affairs, such ...
Q: In this question, you'll explore the effect of a drought in Manitoba on the price of blueberries in ...
A: Demand for blueberries pickers depends on price of blueberries and marginal product of pickers. Chan...
Q: Dolls are fabricated in a process with two resources. The first resource has a capacity of 1.5 dolls...
A: The correct answer is given in the second step.
Q: Let market demand for domestic workers be represented by Ed = 1000 - 50w where Ed is domestic labor ...
A:
Q: Using DBM(declining balance method), the depreciation of a machine on the 5th year and 7th year are ...
A: We have given the depreciation of a machine in 5th year is P22,893 and in 7th year is 13,503 Let the...
Q: Ross Inc. is considering two equipment alternatives to increase its production volume. The respectiv...
A: Given: Interest Rate=12%
Q: surplus; 100 shortage; 140 surplus; 20 shortage; 160 surplus; 140
A:
Q: a. Susan has the option to purchase eyeglasses, E, $3 each, and orange juice, O, $1 each. Her income...
A: Budget line shows different combinations of two goods that can be bought with the given level of inc...
Q: Suppose the demand function for product X is estimated by the equation: QDX= -2PX + 0,5PY - 0,2PZ +...
A: The demand function is explained by the impact of determinants on the quantity demanded.
Q: The government raises taxes on wages by 20% and splits the money evenly across households as "free m...
A: A government's decision of what taxes to charge, in what quantities, and on whom is known as tax pol...
Q: A new boiler was installed by a textile plant at a cost of P 3M and projected to havea useful life o...
A: Given: Cost=3M Useful Life=15 years Salvage Value=P 100,000 Interest rate=12%
Q: Subject: Managerial Economics & Policy MCQs: Cement industry is a subject matter of a. Microecono...
A: Meaning of Economics: The term economics refers to the situation under which there remain transact...
Q: equilibrium. 1.d Knowing that both firms’ discount factor is 0.6, how should Firm 2 set its capacit...
A: The correct answer is given in the second step .
Q: . Analyze ways in which the workplace, occupations, the nature of work, and working conditions in Ca...
A: The global economy refers to the global economic system, which includes all economic activities that...
Q: QUESTION 22 Which of the following statements is true about the importance of education to African A...
A: Note: We'll answer the first question since the exact one was not specified. Please submit a new que...
Q: In 1986, the U.S. Congress enacted a regulation (PL99-509) requiring railroads to disclose contractu...
A: Contractual arrangements with grain transporters became more open when the Act passed. Following the...
Q: Determine the capitalized cost of a bridge whose cost is P200 Million and its life is 50 years, if t...
A: Answer) Capitalized cost is considered as an expense that is added to the cost basis of a fixed asse...
Q: Please explain or derive mathematically the condition for consumer equilibrium.
A: The consumer's equilibrium refers to a condition in which the consumer has gotten the most potential...
Q: Nokia sells a new budget cell phone. Based on information provided by the accounting department, the...
A: Total cost is sum of fixed cost and variable cost. Fixed cost does not depend on quantity whereas va...
Q: A broadcasting corporation purchased an equipment for P160,000 and paid P12,000 for freight and deli...
A:
Q: What is true about the relationships between unemployment, GDP and inflation? Okun's law states that...
A: GDP is the value of final goods and services produced in the economy within a given period of time.
Q: Identify the following variables as procyclical, countercyclical, or acyclical: (1) consumption, (2)...
A: Procyclical variables fluctuate positively in correlation with business cycle fluctuations in gross ...
Q: Using the savings and investment model, predict what will happen to savings, investment and interest...
A: Answer: Impact on the demand for loanable funds (investment): The government generally spends by bor...
Q: 4 If inflation is so easy to explain, why do policymakers sometimes have trouble ridding the economy...
A: Inflation basically refers to increase in the price of goods and commodity during a specific period ...
Q: 3. Consider an economy that only produces mittens. In Year 1, 400 and the price is $5 per pair. In t...
A: Hi! Thank you for the question, as per the honour code, we are allowed to answer three sub-parts at ...
Q: In a given year, based on concepts similar to those used to estimate U.S. employment figures, the Sw...
A: People who are actively looking for a job and are able to work are considered unemployed and people ...
8.5
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. 72 16 AVC 16 24 40 QUANTITY (Thousards of jaats) For each price in the following tabie, use the graph to determine the number of jackets this firm would produce in arder to maximize its profie. Assume that when the price is exacty equal to the average variabie cost, the firm is indifferent between producing zero jackets and the proft-maximizing quandity. Also, indicate whether the fiem wil produce, shut down, or be indiferent between the two in the short run. Lastiy, determine whether e w make a prafit, suffer a loss, ar break even at each price. Price Quantity (Dollars per jacket) (Jackets) Produce or Shut Down? Profit or Loss? 4 12 36 48 60Consider the market for solar power. Assume the market is perfectly competitive and initially in long-run equilibrium; solar power sells for $.25 per kwh (kilowatt hour, a unit of power). Draw2graphs, oneto represent the market (supply and demand), and one to represent asingle firm (demand, marginal cost, and average cost curves). Assume a u-shaped average cost Show the equilibrium price and the quantity produced by the market (Q) and by each individual firm (q).essay (on this firm) argues that, the firm would be better off by closing down. Do you a unit of output of this company is Birr L3. A student working on his senior A company in a perfectly competitive market has a total cost function given as: 6. TC 50+40+ The price agree? Explain By using the knowledge of relationshins among the various cost concepts, fill the bia cells of the following table. Quantity TFC TVC TC MC AFC AVC ATC 50 50 64 98 162 26 20 finms (Fi and Fa) producing identical product competing for like to dominate the other, if possible. They each defends
- Assume that the cost data in the following table are for a purely competitive producer: TotalProduct AverageFixed Cost AverageVariable Cost AverageTotal Cost Marginal Cost 0 1 $60.00 $45.00 $105.00 $45.00 2 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.50 52.50 30.00 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 8 7.50 40.63 48.13 55.00 9 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $56.00 (i) Will this firm produce in the short run? (Click to select) No Yes (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select) Not applicable Loss-minimizing…Assume that the cost data in the following table are for a purely competitive producer: TotalProduct AverageFixed Cost AverageVariable Cost AverageTotal Cost Marginal Cost 0 1 $ 60.00 $ 45.00 $ 105.00 $ 45.00 2 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.50 52.50 30.00 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 8 7.50 40.63 48.13 55.00 9 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 a. At a product price of $56.00 (i) Will this firm produce in the short run? yes (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? profit- maximizing output = 9 units per firm (iii) What economic profit or loss will the firm realize per unit of output? Profit per unit = $ 16 b. At a product price of $41.00 (i) Will this firm produce in the short run? Yes (ii) If it is preferable to produce, what will be the…The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive. Price ($/bushel) 60 50 40 30 20 10 0 0 ΤΑ 10 20 30 40 50 60 70 80 Quantity (bushels/month) Select one: O A. 50 bushels. C If mushrooms sell for $10 per bushel, and Moe chooses the profit-maximizing quantity, he will gather: B. 30 bushels. O C. 20 bushels. O D. zero bushels.
- Consider a competitive industry with a large number of firms, all ofwhich have identical cost functions c(y) = y^2 + 1 for y > 0 and c(0) = 0. Supposethat initially the demand curve for this industry is given by D(p) = 52 − p. What is the smallest price at which the product can be sold ?If a purely competitive firm at agiven price is maximizing profit and producing in a profit-maximizing region. It means the firm is not achieving any efficiency achieving both allocative and productive efficiency achieving productive efficiency achieving allocative efficiencyGenel Gönderiler Dosyalar Sınıf Not Defteri Odevler QUESTIVVS; Q-1-Firm A is operating in a perfectly competitive market in the short-run and producing good X. Answer the questions below by incorparating the hereby indicated data. P=5 ATC=6 AVC=4 Equilibrium Quantity=50 Q-a-llustrate the case of the perfectly competitive firm A in a graphical illustration by using the relevbant data. b-Determine whether there is a profit or loss. c-Indicate the profit/ loss on the graph. d-calculate profit/loss. e-Calculate Total Fixed Cost (TFC) F-Determine and state.whether firm A should continue or stop producti on with a reference to resulting TEC. g-In some cases. some finms.carpy on vvith production even though they achieve 3 loss. What is the rational behind that? evaluate and comment oriefly. Q-2-a- Illustrate and explain comprenensively the case of diminish ing marginal retuns with grphical presentation in the short-rur What imoortant essons can be drawn from shis law evauate and omment N Bte…
- What two rules does a perfectly competitive firm apply to determine its profit-maximizing quantity of output?Firms ill a perfectly competitive market are said to be price takers that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfectly competitive market, but you are not happy with its price, would you raise the price, even by a cent?Explain how the profit-maximizing rule of setting P=MC leads a perfectly competitive market to be allocatively efficient.