3. A firm selling in a perfectly competitive market has a total cost of TC = 3,920 + 7Q+ 0.2Q² d What is your expectation for the future on this market? You must motivate your answer. e. Determine the firm's long-run profit-maximizing output and price. f If Market demand continues to be QM = 8,435-5Px, then the number of firms that will operate in this market in the long-run is:
Q: Last, consider a tax on restaurants that serve liquor that would reduce the market supply by the…
A:
Q: Ross Gittins states that When the producers of fossil fuels don't bear the cost of the damage their…
A: Step 1:Step 2:Step 3: Step 4:Final Answer:
Q: None
A: We must determine the equilibrium hourly pay (P) at which the amount of military service provided…
Q: 7. Complete the cost table to make it consistent with the given numbers. Q 0 TC 20 TFC TVC ATC AFC…
A: Step 1:I can help you understand how to fill in the missing values in the table. The table you've…
Q: Assume you were provided the following information for a monopolist: Inverse Demand Function: P =…
A: To find the profit-maximizing level of output for the monopolist, we need to determine the quantity…
Q: Lesson 12 Question 1
A: To calculate the deadweight loss from the tariff, we need to find the consumer surplus, producer…
Q: The graph shows the aggregate demand and long-run aggregate supply (LRAS) curves for a given…
A: The objective of the question is to understand the impact of a real shock on the aggregate demand…
Q: Over the years since the early 1900s, the U.S. government's and courts' aggressiveness in…
A: Key…
Q: Question 1 Suppose there are but two countries, namely A and B. Each country is indexed by "j" for j…
A:
Q: None
A: XMUxMUx/PxYMUyMUy/Py15562810108363048242072244540203048166032164036127524125030109016860248105126702…
Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…
A: Approach to solving the question:1. Define the costs involved in production: labor and capital.2.…
Q: Incorrect option too explain
A: a) a surplus and the price will eventually fallHere's why:At a price of $4, the demand and supply…
Q: Interest Rate Interest Rate Inflation Policy Rule A Policy Rule B 0 0.5 1.5 2 4 5 4 7.5 8.5 6 11 12…
A: The two policy rules in the Question show how the central bank's interest rate decision changes with…
Q: Lesson 12 Question 3
A: When a country transitions from autarky to free trade and begins to export pineapples, several…
Q: Suppose there is some hypothetical economy in which households spend $0.50 of each additional dollar…
A: The graph shows an aggregate demand (AD) curve for a hypothetical economy where people spend 50…
Q: Hide student question Time Left : Determine whether each of the following is an example of a…
A: A direct expenditure offset to fiscal policy occurs when government spending directly offsets or…
Q: 2. Suppose incomes in Europe increase, causing an increase in demand for U.S.-produced goods and…
A:
Q: Lesson 11 Question 2
A: Tax revenue = (P2 - P1) (Q2-Q1) = (30 - 15) (15 - 0) = 15 *…
Q: None
A: Answer information:Step 1:The market for beach towels sees a shift in supply and a decline in demand…
Q: Hydrochloric acid, which fumes at room temperatures, creates a very corrosive work environment. A…
A: Step 1: To compute the Minimum trade-in -value, the annual worth of the current and the new machine…
Q: The graph shows the demand curve for reserves in the market for bank reserves. 8.00- Federal funds…
A: Detailed explanation:Since the Fed aims to achive the federal funds target rate of 4 percent, the…
Q: Consider a market where supply and demand curves are given by Q = 4P and Q = 12 - 2P. Calculate the…
A: The objective of the question is to find the equilibrium price and quantity in a market given the…
Q: 3. Discouraged workers and involuntary part-time workers Simply counting the number of unemployed…
A:
Q: PROBLEM 3 – Slutsky Equation, Income Effect, Substitution Effect, and Total Effect There are two…
A: Slutsky equation states that the total change in the demand consists of the income and substitution…
Q: Suppose that you have a management job at a firm like Estrella River Ranch, a beautiful vineyard and…
A: STEP BY STEP ANALYSISStep 1: Calculate the total revenue.If demand is high, the firm sells 300 tons…
Q: 3. The components of marginal revenue Mo's HookNLadder is the only company selling fire engines in…
A: Understanding Mo's HookNLadder's Revenue ChangeThe scenario describes Mo's HookNLadder, a fire…
Q: c) Economic crises d) All of the above 30. Ashley's economic philosophy can be best described as: a)…
A: Let's delve into Ashley's economic philosophy and explore the different options:a)…
Q: The following table shows Carly and Emma's maximum willingness to pay for paint supplies and drawing…
A: Step 1: To find producer surplus, determine market demand for each good (individually and bundled),…
Q: Two types of power converters are under consideration for a specific application. An economic…
A: The formula for calculating the EAC is:EAC = P + A - F(A/P, i, N)Where:P = First cost (present…
Q: Complete the following paragraph to explain the effect of multinational enterprises on a host…
A: All of the following are likely courses of action for German pharmaceutical businesses with…
Q: None
A: Option d: This option is correct d) A surplus of 40 units will occur.It is clear from the provided…
Q: 5. Since your firm will base some expensive decisions on the results of the previous hypothesis…
A: The objective of the question is to understand how to make more conservative conclusions in…
Q: Consider the following open economy model of the exchange rate and price (in logarithms) e…
A: Given,
Q: a. Illustrate graph label and explain in detail imperfect competition b. Illustrate graph label and…
A: a. Imperfect Competition:Imperfect competition is a market structure that does not meet the…
Q: Suppose the price level reflects the number of dollars needed to buy a basket of goods containing…
A: The basket of goods costs 12 dollars in year one and 13 dollars in year second. So, the inflation…
Q: Dada la siguiente gráfica indica qué país tiene ventaja absoluta en la producción de queso.…
A: Para determinar qué país tiene una ventaja absoluta en la producción de queso, debemos observar la…
Q: year with the price of the same bundle of goods in some base year. Suppose the market basket to…
A: To calculate the CPI for each year, we first need to calculate the cost of the market basket for…
Q: Gomez runs a small pottery firm. He hires one helper at $13,000 per year, pays annual rent of $5,500…
A: 1. What is the total annual cost of running the pottery firm?The total annual cost of running the…
Q: Consider a Cournot duopoly. The market demand function is P = 180 – 2(q₂ + q₂), where P is the…
A: Ans. ) Given the question, of cournot duopoly. It is model where firm producing identical good…
Q: Lesson 9 Question 1
A: In perfect competition, firms maximize profit by producing at a quantity where marginal cost (MC)…
Q: None
A: Step 1: Meaning of price floor and price ceilingPrice floor: It is the minimum price set by the…
Q: Please solve ones that were marked incorrect (x).
A: Answers: Answer a: Let's represent the number of advertisements for television, radio, and online as…
Q: None
A: Given that both supply curves are parallel, their slopes are the same.Now The price elasticity of…
Q: None
A: 2. True. When the tax rate on wages falls, the take-home wage or effective wage increases for…
Q: Investments in foreign countries: A. are more attractive the closer the economic system is…
A: The question is asking us to evaluate the attractiveness of investments in foreign countries based…
Q: a. Draw AD2 on the graph below assuming an increase of $135 in aggregate demand. Plot only the…
A: Please comment down for any doubt. I hope my answer helps you.
Q: The systolic blood pressure (given in millimeters) of males has an approximately normal distribution…
A: FOR ANY QUERIES, PING ME HAPPY LEARNING
Q: What is the MC of the first unit? 1 points Save A, \table[[Q, FC, VC, TC, MC, AFC,AVC,ATC ].[150],…
A: Step 1:As per the question asked, the answer with a clear explanation is given in the below step:…
Q: Suppose a tax on sellers has been imposed in the market shown in the graph. What is the tax…
A: The tax on the suppliers means that the supply curve will shift upwards by the amount of the tax,…
Q: Lourdes has just retired and plans to consume $10498 from the retirement account every year for the…
A: Lourdes needs to find the present value of a series of future cash flows (the $10498 withdrawals).…
Step by step
Solved in 2 steps
- On the following graph, use the orange points (square symbol) to plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output. (Note: For the graphing tool to grade correctly, you must plot the points in order from left to right, starting with the point closest to the origin. You are given more points to plot than you need.) PRICE (Dollars per lamp) 100 8 8 70 50 30 20 10 0 PRICE (Dollars per lamp) 90 Suppose there are 5 firms in this industry, each of which has the cost curves previously shown. 100 Demand 80 10 70 20 30 50 60 70 QUANTITY (Thousands of lamps) On the following graph, use the orange points (square symbol) to plot points along the portion of the industry's short-run supply curve that corresponds to prices where there is positive output. (Note: For the graphing tool to grade correctly, you must plot these points in order from left to right, starting with the point closest to the origin. You are given more…Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, then assuming this firm can earn enough revenue to cover its variable cost, it should produce: Price (S/doughnut) 0.35 p 0.30 0.25 0.20 0.15 0.10 0.05 0 0 10 20 30 40 50 60 Marginal Cost 70 80 90 Quantity (doughnuts/day) Average Total Cost 50 doughnuts per day. the quantity of doughnuts at which average total cost is minimized. the quantity of doughnuts at which average total cost equals the market price. the quantity of doughnuts at which marginal cost equals the market price.The following graph shows the marginal cost curve for Oiram-46, a competitive firm producing magic hats. Suppose that currently, the prevailing market price is $1.50 per magic hat. On the following graph, use the blue points (circle symbol) to plot Oiram-46's price line. Then use the grey points (star symbol) to indicate the profit maximizing quantity of output produced by Oiram-46. TOTAL COST (Dollars) he 12 11 10 a 8 N 3 2 1 0 + Oiram-46 7 0 MC + H 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 QUANTITY (Magic hats per week) Based on the graph, Oiram-46's profit-maximizing quantity is Demand Profit maximizing quantity ? magic hats, average revenue is $ and marginal revenue is
- Consider a perfectly competitive market for wheat in New York City. There are 130 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 50 40 30 AVC 20 10 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of bushels) COST(Cents per bushel)Given the cost data in the table below, the firm will shut down and produce zero output if the market price falls below in which case the firm's loss is Average Total Variable Total Cost, Marginal Cost, Average Total Output, Q Variable Cost, Cost, TVCIQ) TC(Q) MC(Q) Cost, ATC(Q) AVCIQ) 80 $9.813.33 $11,813.33 $48.00 $122.67 $147.67 90 $10,260.00 $12,260.00 $42.00 $114.00 $136.22 100 $10,666.67 $12,666.67 $40.00 $106.67 $126.67 110 $11,073.33 $13,073.33 $42.00 $100.67 $118.85 120 $11,520.00 $13,520.00 $48.00 $96.00 $112.67 130 $12,046.67 $14,046.67 $58.00 $92.67 $108.05 140 $12,693.33 $14,693.33 $72.00 $90.67 $104.95 150 $13,500.00 $15,500.00 $90.00 $90.00 $103.33 160 $14,506.67 $16.506.67 $112.00 $90.67 $103.17 170 $15,753.33 $17,753.33 $138.00 $92.67 $104.43 180 $17,280.00 $19,280.00 $168.00 $96.00 $107.11 190 $19,126.67 $21,126.67 $202.00 $100.67 $111.19 200 $21,333.33 $23,333.33 $240.00 $106.67 $116.67 O $40; $12,666.67. O $90; $2,000. O $103.17: $2.000. $90; $0. O $90; $29,000. O…The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a purely competitive firm that produces novelty ear buds. Assume the market for novelty ear buds is a competitive market and that the price of ear buds is $6.00 per pair. Buddies Production Costs MC ($) Quantity of Ear Buds 5 10 15 20 25 30 35 40 2.00 2.45 3.55 4.00 5.50 5.98 8.52 pairs ATC ($) 2.00 2.00 2.15 2.50 2.80 3.25 3.64 4.25 Check my work Instructions: In part a, enter your answer as the closest given whole number. In parts b-d, round your answers to two decimal places. a. If Buddies wants to maximize profits, how many pairs of ear buds should it produce each week? b. At the profit-maximizing quantity, what is the total cost of producing ear buds? c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what will Buddies profit or loss be per week? d. Now assume the market price is $5.50 per pair, and Buddies produces the…
- Conigan Box Company produces cardboard boxes that are sold in bundles of 1000 boxes. The market is highly competitive, with boxes currently selling for $100 per thousand. Conigan's total and marginal cost curves are:TC = 3,000,000 + 0.001Q2MC = 0.002Qwhere Q is measured in thousand box bundles per year. Calculate Conigan's profit maximizing quantity. Is the firm earning a profit?Consider a perfectly competitive market for wheat in Miami. There are 120 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 50 40 AVC 20 0. 0 5 10 15 20 25 30 35 40 45 50 OUTPUT (Thousands of bushels) 30 10 COST (Cents per bushel)Consider a perfectly competitive market for wheat in San Diego. There are 80 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 40 30 AVC 20 10 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of bushels) COST (Cents per bushel)
- Mondi Company produces party boxes that are sold in bundles of 1000 boxes. The market is highly competitive, with boxes currently selling for R100 per thousand. The company has a total and marginal cost curve given by: TC = 3,000,000 + 0.001Q2 MC = 0.002Q Q is measured in thousand box bundles per year. [5] a. Determine Mondi's profit maximizing quantity. b. Calculate if the firm is earning a profit or a loss? c. Based on the analysis above, should Mondi Company operate or shut down in the shortrun?The figure depicts the demand curve of a firm producing cars, together with its marginal cost, average cost, and isoprofit curves. Based on this figure, which of the following statements are correct? 8,000 Price, Marginal cost ($) 0 E Quantity of cars, Q At A, the firm makes positive profits. The firm makes the same profit at B and D. O Profit margin is the same at B and D. O The slope of the isoprofit is zero at D. MC Isoprofit A Isoprofit B AC 100The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production Costs Quantity MC ATC of Ear Buds ($) ($) 10 3.5 15 3 20 2.44 2.86 25 3.56 3 30 4.02 3.17 35 5.48 3.5 40 5.98 3.81 45 8.49 4.33 Instructions: In part a, enter your answer as the closest given whole imber. a. If Buddies wants to maximize its profits, how many pairs of ear buds should it produce? pairs Instructions: In parts b-d, round your answers to 2 decimal places. b. At the profit-maximizing quantity, what is the total cost of producing ear buds? $ c. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what is Buddies weekly profit? 2$
