Assume perfect competition: Price: $54 Cost: TC = 6Q + 0.03Q2 Solve for the profit-maximizing Quantity produced by an individual firm in the short run.
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Assume perfect competition:
Price: $54
Cost: TC = 6Q + 0.03Q2
Solve for the profit-maximizing Quantity produced by an individual firm in the short run.
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- A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200. What is its profit? What is its marginal cost? What is its average variable cost?Donald is a producer in the perfectly competitive market for cronuts - a pastry that is half croissant, half donut. Total Fixed Cost Total Variable Cost Quantity (cronuts) TFC ($) TVC ($) 125 5 125 10 10 125 18 15 125 32 20 125 52 25 125 82 If Donald's profit-maximising quantity is 20 cronuts, what is the market price per cronut at that quantity? Answer to the nearest whole number (with no decimal places or $ sign).Assume perfect competition:Price: $61Cost: TC = 9Q + 0.03Q2Solve for the profit-maximizing Quantity produced by an individual firm in the short run. ROUND TO THE NEAREST WHOLE NUMBER
- The figure depicts the demand curve of a firm producing cars, together with its marginal cost, average cost, and isoprofit curves. Based on this figure, which of the following statements are correct? 8,000 Price, Marginal cost ($) 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 100Assume perfect competition:Price: $58Cost: TC = 10Q + 0.03Q2Solve for the profit-maximizing Quantity produced by an individual firm in the short run. ROUND TO THE NEAREST WHOLE NUMBER.Enter as a value.Will a profit-maximizing firm in a competitive market ever produce a positive level of output in the range where the marginal cost is falling? Give an explanation.
- The market for paperback detective novels is perfectly competitive. We have two types of book publishers in the market- Small Press and Large Press. Each Small Press publisher's supply curve is given by P=76+5Q. Each Large Press publisher's supply curve is given by Q=2P-24 Suppose there is only 1 publisher of each type. What is market supply when market price is $60? Enter a number only. Remember, fractions of goods are possible.Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, then assuming this firm can earn enough revenue to cover its variable cost, it should produce: Price (S/doughnut) 0.35 p 0.30 0.25 0.20 0.15 0.10 0.05 0 0 10 20 30 40 50 60 Marginal Cost 70 80 90 Quantity (doughnuts/day) Average Total Cost 50 doughnuts per day. the quantity of doughnuts at which average total cost is minimized. the quantity of doughnuts at which average total cost equals the market price. the quantity of doughnuts at which marginal cost equals the market price.The following table displays the average cost of producing a good at different levels of output in the long run. Output (units) Average Cost ($) 940 190 980 140 1,020 120 1,060 110 1,100 110 1,140 125 1,180 145 if all the firms in the market have the same LRAC curve, what is the minimum level of output needed for a low-cost firm to compete in the market? Write the exact answer. Do not round.
- A firm operating in a perfectly competitive market has a total cost function: CT = Q3 - 24Q2 + 260Q + 350Supply and demand functions in this market are Qo = 10 P - 750 and Qd = 6,000 - 15 Pa. Calculate what quantity you will produce to maximize profits and find profit you will make.b. Graph tmarket equilibrium and firm's equilibrium and calculate minimum operating profit.Derive theoretically and graphically the supply curve of an industry.The market for smoothies is perfectly competitive and the market demand schedule is in the first two columns in the below table. Each of the 100 producers of smoothies has the costs given in columns 3- 6 when it uses its least-cost plant. What is the market price of a smoothie? $5.25 $4.25 $2.91 $2.20 Market demand schedule Quantity demanded (smoothies per hour) 1,000 Price (dollars per smoothie) 1.90 2.00 2.20 2.91 4.25 5.25 5.50 950 800 700 550 400 300 Output (smoothies per hour) 3 4 5 6 7 8 9 Producers of smoothies Costs Marginal cost (dollars per additional smoothie) 2.50 2.20 1.90 2.00 2.91 4.25 8.00 Average variable cost (dollars per smoothie) 4.00 3.53 3.24 3.00 2.91 3.00 Average total cost 3.33 7.33 6.03 5.24 4.67 4.34 4.25 4.44
