E. Roughly Me Refer to the accompanying graph to answer the following two questions. Price and Cost $20.00 $15.00 $8.00 MC ATC AVC Quantity 290 tohi oviliisqno a. b. 11.This firm's short-run supply curve is represented by the average total cost curve above $20. marginal cost (MC) curve above $15. C. MC curve above $8. d. MC curve above $20. e. average variable cost curve above $15. 12. A firm would produce in the long run only if the market price is a. at or above $20. b. above $15. c. between $15 and $20. d. above $8. e. between $8 and $15
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- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.Suppose a resturant in a city making above normal profit in the short run. How will the market behave inthe long run? Can the said restuarant continue to make above normal profit in the long run too. explain using illustrationFigure 9-16 $/4 MC 6.70 6.00 ATC 4.90 AVC 4.00 = MR 2.80 2.60 12 14 If the price-taker fırm in Figure 9-16 9-16.png is currently producing 6 units, then to maximize profit in the short run, it should keep producing 6 units increase production to 12 units increase production to 14 units increase production to 8 units O shut down
- 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.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 60A market is in long-run equilibrium and firms inthis market have identical cost structures. Supposedemand in this market decreases. Describe whathappens to the market quantity as the market leavesand then returns to long-run equilibrium
- 11. Explain the condition of equilibrium of a firm based on marginal cost and marginalrevenue. Need details explanation and make sure that no plagiarised answerQUESTION 11 Figure: Cost curves for a firm 1Price 19 18 17 16 15 MC 13 12 ATC 1233 6is Quantity Refer to Figure. At the price of $10 per unit, the firm's Total Cost will be Note: If the graph intersections are little off, please take the closet point. O a. $35 O b.$50 C. $33 d. $30A Exercise (Structured Questions) G bought goods on credit from lab x deby TUZMJK4/a/MJM4NDI3MTA5M)YY/details cost, average fixed cost, long marginal revenue is Open with Google Docs fit. run average cost, total 3. Given information in the following table: Quantity Price (RM) Total Cost 60 18 58 20 3. 54 24 48 30 5 40 38 28 50 14 70 b. Determine the quantity produced by the firm c. How much does the firm earn in terms of profit" d. What is the average cost of the firm? e Sketch the AC, AR, MR and MC curve without a seale.
- Consider the following graph and choose the correct option: MC $18 E АТС AVC 14 12 B - 10 Minimum average variable cost 3 3.5 4 5 Quantity of tomatoes (bushels А None of the answers are correct В The short-run supply curve of this firm is the portion of the MC curve starting at point C The short-run supply curve of this firm is the portion of the MC curve starting at point A The short-run supply curve of this firm is the portion of the MC curve starting at point BReview View Tell me what you want to do... Aa - 三 AaBbCcDc AABBCCI AaBbCcD AaBbC ,吵,A T Normal Body Text 1 No Spac. Heading 1 Paragraph Styles Question 2. MC ATC A VC 2.8 10 11 12 Quan lily (per day 8 The graph above skows the cost structure of a perfectly competitive firm. Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit b. What is the shut-down price? c. Above what price the firm will earn positive economic profit? d. At what price range the firm will incur a loss? Why would it continue the production? Explain. e. Show the supply curve of the firm on the graph. Explain. | 99+ ASUS Price and cosb (dollas)-So Price $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 0 20 MR ATC MC 40 60 80 100 120 140 160 Lady Gaga MP3s (000s) Tools -i Pt. A Instructions: Enter your answers as a whole number. The profit-maximizing price for Lady Gaga MP3s in the short run is: $ The profit-maximizing quantity for Lady Gaga MP3s in the short run is: b. In the long run, the demand curve will (Click to select) c. In the long run, the profit-maximizing price will (Click to select) thousand MP3s. AC 20 # Next