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- Refer to the attached image to determine the price and quantity for the following questions below. allocative efficiency dynamic efficiency Pareto efficiencyIt is an aspect of microeconomics that helps in analyzing the various types of demand which enables the manger to arrive at reasonable estimates of demand for a product or his company. * market structures theory of the firm demand analysis production functionthe cost of producing a bottle of zlurp is 1.50, and the competitive suppliers sell it at this price. Each whovillian will consume
- To maximize profit, a price taker will expand its output as long as the sale of additional units adds more to revenues (marginal revenues) than to costs (marginal costs). Therefore, the profit-maximizing price taker will produce the output level at which marginal revenue (and price) equals marginal cost. In a price-taker market, if a business produces efficiently (i.e., that is, where marginal revenues = marginal costs), the firm will be able to make at least a normal profit. True of False. ExplainTo maximize profit, a price taker will expand its output as long as the sale of additional units adds more to revenues (marginal revenues) than to costs (marginal costs). Therefore, the profit-maximizing price taker will produce the output level at which marginal revenue (and price) equals marginal cost. In a price-taker market, if a business produces efficiently (i.e., that is, where marginal revenues = marginal costs), the firm will be able to make at least a normal profit. True of False. Explain. All firms produce where MR=MC. Price takers produce and price where P=ATC=MC=MR. That is the "normal profit" level. Profits above that level are considered "economic profits." Review economic profits, normal profits, explicit costs, and implicit costs.Distinguish between technical efficiency and economic efficiency
- If a new technology doubles the production of workers as well as the level of production output, then this will do what? It will shift all cost curves to the left. Shift the supply curve to the left. None of the above. Shift the supply curve to the right.Basing from the profit equation, what among the variables is most dependent to a change in price? What economic law holds true for this phenomenon? Explain.Maine has a very old housing stock, with many poorly insulated homes, but poor people often cannot afford to pay for home weatherization. In order to make weatherization more affordable, someone suggests capping insulation prices at 25% less than current values. Assuming that the market is competitive and functions as modeled by mainstream economic theory, which of the following is most likely to be true? select best answer from following ():The lower price for insulation will shift the demand curve for insulation. ():This policy will increase consumer surplus by more than it reduces producer surplus. ():This policy would benefit the poor, since they would be the most likely to buy the cheaper insulation ():With a lower price for insulation, firms will provide less, and fewer people will insulate their homes. ():With insulation more affordable, more people will insulate their homes.
