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- The accompanying graph shows the short-run demand and cost situation for a price searcher in a market with low barriers to entry. Price (dollars) 24 10 V ATC The firm will receive $ MR Quantity/time The firm will maximize its profit at a quantity of▼ units. D Options: 6, 8, 9, or 10 After choosing the profit maximizing quantity, the firm will charge a price of in revenue at the profit-maximizing quantity. The total cost of production for this profit-maximizing quantity is $ The maximum profit the firm can earn in this situation is How will the situation change over time? Options: 6,8 10, or 24 per unit for this output. O Profits will attract rival firms into the market until the profit-maximizing price falls to the level of per-unit cost. O The market will adjust until the price charged by this firm no longer exceeds marginal cost at the profit-maximizing quantity. O This market is already in long-run equilibrium, and will not change throughout time. O Losses will induce firms to leave…Check My Work (1 remaining) Use the table below to answer question. The table shows the demand schedule for tickets to watch amateur baseball games in a medium-sized town. The city provides the ballparks, and the players play for free, so the marginal cost of providing the games is zero. The city has authorized two companies to provide baseball games in two stadiums, and the public considers the games in each stadium to be equivalent. Under competition, the price and quantity in this market would be a. $0; 2,400. b. $2; 2,000. c. $4; 1,600. d. $6; 1,200. e. $8; 800Price $3 2 10,000 20,000 30,000 S D Quantity Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 10,000 units the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high. the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low. the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently low. producers should lower the price to $1 in order to sell the quantity demanded of 10,000.
- Ariana Grande has just finished recording her latestCD. Her record company’s marketing departmentdetermines that the demand for the CD is asfollows:Price Number of CDs$24 10,00022 20,00020 30,00018 40,00016 50,00014 60,000The company can produce the CD with no fixed costand a variable cost of $5 per CD.a. Find total revenue for quantity equal to 10,000,20,000, and so on. What is the marginal revenuefor each 10,000 increase in the quantity sold?QUESTION 11 A market for clocks is in equilbrum You are told that marginal costs of producing clocks is constant at P 25 (Then the oply carvei You dont know anything sbout the demand curn What is producor surplus in this market?9. Problems and Applications Q9 The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: Price Demand Schedule Quantity Demanded (Dollars) (Pies) 1 1,200 2 1,100 3 1,000 4 900 Each producer in the market has a fixed cost of $6 and the following marginal cost: Quantity Marginal Cost (Pies) 1 (Dollars) 10 1382 23456 14 Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Pies) 1 2 3 4 5 6 (Dollars) The price of a pie is now $11. At a price of $11, are (Dollars) pies are sold in the market. Each producer makes producers in this market, each making a profit of $ pies, so there
- 13. Firms in Competitive Markets The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. Which of the following statements is true about the price of fertilizer? Check all that apply. The price of fertilizer must be greater than average total cost. The price of fertilizer must be greater than marginal cost. The price of fertilizer must be greater than average variable cost. The following graphs show the cost curves faced by a typical firm, the demand for fertilizer, and possible price and supply curves. Price and Costs MC Firm ATC AVC Quantity Price No U 1 Demand If firms in the market are producing output but are currently making economic losses, market and indicates the corresponding supply curve Market Quantity 52 S illustrates the present situation for the typical firm in theFigure 12-6 Price (dollars per pound) Market 3 price 2 0 10 20 30 MC ATC D=MR 40 Quantity (thousands of pounds) Figure 12-6 shows the demand, marginal cost (MC) and average total cost (ATC) curves for Jason's House of Apples. Refer to Figure 12-6. Jason is currently producing 20 thousand pounds of apples. To maximize his profit Jason should keep production at 20 thousand pounds. O increase production to the output rate indicated by point e. increase production to the output rate indicated by point d. O decrease production to the output rate indicated by point a.Following figure shows the competitive market for platinium and a firm making production in this market. PLATINIUM MARKET Price Price (E/kg) FIRM 100 Smarket MC 90 80 €70 70 ATC 60 50 AVC D market 40 30 20 2500 (kg/week) 10 7. • 10 Quantity (kg/week) a. What will be the production level of this individual firm and its Total Revenue? (* b. Calculate the Total Cost for this firm and derive the level of its profit or loss (/ c. What are the break even and shut-down price levels for this firm (
- The price of the commodity is P4/unit. Complete the table below. Q Demand Supply TR TFC TVC TC AVC AFC AC MR MC Profit 0 100 0 0 100 0 100 4 4 -100 10 90 10 40 100 40 140 4 10 14 4 -100 20 80 20 80 100 155 2.75 5 7.75 30 70 30 120 100 67 40 60 40 160 100 77 177 1.925 4.425 50 50 50 100 86 186 60 40 60 240 100 193 1.55 3.216667 70 30 70 100 113 213 80 20 80 320 100 143 1.7875 1.25 3.0375 90 10 90 360 100 283 10 77 100 0 100 400 100 283 2.83 3.83 4 3.83 17 4. Graph the ATC, MC, MR, AVC & MC5. Provide a brief explanation on the graph no. 4(Figure: Avocado Market 2) You're an economist for the U.S. Department of Agriculture, analyzing how incorrect assessments of demand conditions lead avocado producers to overproduce avocados, as illustrated in the accompanying diagram. Price ($ per pound) Actual quantity Marginal cost 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Marginal benefit 0 10 20 30 40 50 60 70 80 90 100 Quantity of avocados (thousands of pounds) The deadweight loss from the excess of marginal cost over marginal benefit is: O $0. O $5,000. O $20,000. 0 $800,000.Question 3 Question 6 $19 16 Question 16 13 10 30 0 Total Product Assume that supply of a product increases while the demand for it decreases. Then, the equilibrium quantity will, 100 160180 210 Quantity In order to maximize profits, this firm should charge $ Average Fixed Average Variabile Cost Cost $100.00 33.33 25.00 Question 11 2.5 points Save An Paris has a weekly income that she spends on two goods: fast food meals and sugary drinks. If she spends all her money on fast food meals, she can buy 8 of them. If she spends all her money on sugary drinks, she can buy 9 of them. Calculate the opportunity cost of one y drink (in terms of fast food meals) your answers as a number with 2 c (like 2.38 or 1.00 or 9.35) as your answer. 16.01 14.2% 12.50 11.11 10.00 $17.00 16.00 15.00 14.00 14.00 15.71 17.50 19.44 Average Total Cost $117.00 66.00 MC 34.00 30.67 SO 30.00 30.55 31.60 33.09 MR Marginal Cost $17 ATC 1.5 points (choose one and write it out exactly as it is written: increase,…