The table below shows the daily costs of Corny's Corn Cobs. Corny's sells corn by the dozen in a purely competitive market. The market price is $6.50 for a dozen ears of corn. Corny's Corn Cobs Quantity AVC АТС MC (Dozens of Ears) ($) ($) ($) 8 5.00 12.50 2.50 11 4.50 10.00 3.30 13 4.60 9.20 5.00 15 4.70 8.80 5.70 16 4.90 8.60 6.50 18 5.10 8.50 7.40 19 5.30 8.50 8.00 20 5.50 8.50 9.50 Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. Enter a loss as a negative (-) number. a. In the short run, if Corny's wants to maximize profits, how much corn should it produce? dozen ears of corn per day b. Assuming that Corny's produces in the short run, what will Corny's profit or loss be per day? per day

The table below shows the daily costs of Corny's Corn Cobs. Corny's sells corn by the dozen in a purely competitive market. The market price is $6.50 for a dozen ears of corn. Corny's Corn Cobs Quantity AVC АТС MC (Dozens of Ears) ($) ($) ($) 8 5.00 12.50 2.50 11 4.50 10.00 3.30 13 4.60 9.20 5.00 15 4.70 8.80 5.70 16 4.90 8.60 6.50 18 5.10 8.50 7.40 19 5.30 8.50 8.00 20 5.50 8.50 9.50 Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. Enter a loss as a negative (-) number. a. In the short run, if Corny's wants to maximize profits, how much corn should it produce? dozen ears of corn per day b. Assuming that Corny's produces in the short run, what will Corny's profit or loss be per day? per day

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter25: Government And Product Markets: Antitrust And Regulation

Section25.2: Regulation

Problem 1ST

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The table below shows the daily costs of Corny's Corn Cobs. Corny's sells corn by the dozen in a purely competitive market. The market price is $7.40 for a dozen ears of corn. Corny's Corn Cobs Quantity AVC ATC MC (Dozens of Ears) ($) ($) ($) 8 5.00 12.50 2.50 11 4.50 10.00 3.30 13 4.60 9.20 5.00 15 4.70 8.80 5.70 16 4.90 8.60 6.50 18 5.10 8.50 7.40 19 5.30 8.50 8.00 20 5.50 8.50 9.50 Instructions: In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places. Enter a loss as a negative (-) number. a. In the short run, if Corny's wants to maximize profits, how much corn should it produce? dozen ears of corn per day b. Assuming that Corny's produces in the short run, what will Corny's profit or loss be per day? per day c. In the short run, assuming nothing else changes, Corny's should produce a lower quantity of corn per day. shut down, because the market price is above the AVC. O produce the same quantity of corn per day. O produce a greater quantity…
The following graph plots daily cost curves for a firm operating in the competitive market for fitness trackers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE(Dollars pertracker) 100 90 70 60 50 40 20 10 0 0 MO ATC AVC 50 60 70 80 10 20 30 40 QUANTITY (Thousands of trackers per day) 90 100 Profit or Loss In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm.
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The following figure shows the total cost and total revenue for a firm when it prices its products at $8 and $10. Price 0 1. OA 2. OC 3. OF 4. OG H F E JG TC TRO (P=$10) TR1 (P=$8) Output At a price of $10, the profit maximizing level of output for the firm is
Help Save & Exit Submit The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten, a perfectly competitive firm that produces children's mittens in a competitive market. Smitten's Production Costs Quantity (pairs of mittens) 15 Marginal Cost (dollars) $1.60 Average Total Cost (dollars) $1 20 2.00 1.25 25 2.45 1.49 30 3.55 4.00 1.83 35 2.14 40 5.50 6.00 8.50 2.56 45 2.94 50 3.5 Instructions: In part a, enter your answer as a whole number. In parts b, c and d, round your answers to 2 decimal places. a. If the market price of children's mittens is $6.00 per pair, how many pairs of children's mittens should Smitten produce per week to maximize its profits? pairs of mittens b. When the market price is $6.00, what is Smitten's average total cost at the profit-maximizing quantity of children's mittens? 24 c. What are Smitten's weekly profits if the market price is $6.00 per pair and the firm produces the profit-maximizing quantity of mittens? p..........: d.…