A business firm owned by Mike Pence in a perfectly competitive market is currently producing 18 units of output and earns marginal revenues of $25 from each extra unit of output it sells. If Mike Pence's firm sells 24 units, then its total revenues would be
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- If new technology in a perfectly competitive market brings about a substantial reduction in costs of production, how will this affect the market?Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + q2 Marginal cost: MC = q where q is an individual firms quantity produced. The market demand curve for this product is Demand:QD = 120 P where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market. a. What is each firms fixed cost? What is its variable cost? Give the equation for average total cost. b. Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity? c Give the equation for each firms supply curve. d. Give the equation for the market supply curve for the short run in which the number of firms is fixed. e. What is the equilibrium price and quantity for this market in the short run? f. In this equilibrium, how much does each firm produce? Calculate each firms profit or loss. Is there incentive for firms to enter or exit? g. In the long run with free entry and exit, what is the equilibrium price and quantity in this market? h. In this long-run equilibrium, how much does each firm produce? How many firms are in the market?Q23 Suppose a perfectly competitive firm is currently operating with the following information: Output = 1500 tonnesAverage total cost = $627 per tonneAverage variable cost = $614 per tonneMarginal revenue = $620 per tonneMarginal cost = $620 per tonneAt the current level of output, this firm is _____ profit and is an earning economic profit of _____. a. Maximising; -$10500. b. Not maximising; -$10500. c. Maximising; $10500. d. Maximising; $9000. e. Not maximising; -$9000.
- The table below displays cost information for a firm operating in a perfectly competitive market. Fill in the missing values corresponding to the empty cells. Average Total Cost $33 Quantity Total Cost Variable Cost Marginal Cost 1 $33 $23 A $38 $15 3 $60 В 4 $54 D G $80 H 6 $88 F $16.33 A = $ type your answer.. B = $ type your answer.. C= $ type your answer. D = $ type your answer.. E = $ type your answer... F = $ type your answer. G = $ type your answer. H = $ type your answer.. Assume all firms in the market have identical costs. With free entry and exit, what will the market price be in the long run? $ type your answer.A strawberry farmer, operating ih a perfectly competitive market, is currently producing 99 packs of strawberries. The market price for a pack of strawberries is $6 a pack. The marginal cost of producing one more pack for the farmer is $5. What is the marginal revenue the farmer will receive from producing his 100th pack of strawberries? (Hint: If you aren't sure what marginal revenue means, look it up before choosing an answer) O $0.06 O $6 O $1 O $100TIT Quantity 10 Total Cost Total Revenue $ 25 50 20 30 60 100 150 105 40 160 200 Based on the data above, a profit-maximizing firm in a perfectly competitive market would decide to produce: O 10 units of output. 40 units of output. 30 units of output. 20 units of output.
- 2:09:16 5 O A firm's variable cost is zero when: the quantity produced is zero. O fixed costs are zero. O total revenue is a maximum. O total costs are zero.The economic profit of a perfectly competitive firm is less than its total revenue equals its total revenue is greater than its total revenue O is less than its total revenue if its supply curve is inelastic and is greater than its total revenue if its supply curve is elastic. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.44 40 36 32 28 24 20 16 12 8 4 O a firm in a perfectly competitive market $ (c) 16 (d) 23 (e) 25 0 14 {}} 4 11 8 14 10 34 11 12 14 41 12 TH 14 D 35. What is the long-run equilibrium quantity? (a) 10 (b) 14 12 14 11 240 DET WHATH 114 IN M 421 31 ME ara 110 MI LENECE www. M IP 11 MC HE 16 20 24 31 EN MEN 28 M il ATC --AVC F 32 Q
- A firm in a perfectly competitive market has an average total cost of $40 for the 100th good it sells. Its fixed costs are $100. The average total cost of the 101th good is $41. If the market price is $50 this firm should O sell only 100 goods because the marginal cost of the 101th exceeds marginal revenue. O sell 101 because price is greater than average total costs. O sell 101 goods because it adds to profits. O sell 101 goods because its fixed costs are so low. 55. つ25 MacBook Air 000 esc F1 F2 F3 F4 F5 F7 23 $ & 1 3 7 Q W E R Y tab A S F G caps lock C V B shift alter 11 i Suppose the market for corn is a purely competitive, constant-cost industry that is in long-run equilibrium. Now assume that an increase in consumer demand occurs. After all resulting adjustments have been completed, the new equilibrium price will be Multiple Choice OO O the same as the initial equilibrium price, but the new industry output will be greater than the original output. greater than the initial price, and the new industry output will be greater than the original output. less than the initial price, but the new industry output will be greater than the original output. the same as the initial equilibrium price, and the industry output will remain unchanged. 23 11,229 X OCT all Z AThe table below shows cost and revenue information for Choco Lovers, a purely competitive firm producing different quantities of chocolate gift boxes. Fill in the blanks in the table. Instructions: Enter your answers rounded to two decimal places. Choco Lovers Cost and Revenue Quantity TC ATC MC of Gift Boxes ($) ($) ($) 25 205.00 8.20 7.00 30 237.50 7.92 35 7.79 7.00 40 312.50 8.00 45 362.50 8.06 10.00 50 422.50 8.45 12.00
