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- Thank youBack Perfect. Comp Assignment.pdf 1. Draw a graph representing a perfectly competitive firm earning an economic profit. (Make sure to show both the firm and the industry graphs) What happens over-time, if many firms are earning economic profits? Is this good or bad for consumers? Explain. 2. Now draw a firm operating under perfect competition that is losing money but should still stay open in the short run. (Again, show both the firm and the industry graphs) lendar To Do A Notifications M Inbox6. In perfect competition, the profit or loss is determined through: O a (P-ATCPQ Ob PAVC)*Q O P0ATC
- The market for peanut butter in Nutville ismonopolistically competitive and in long-runequilibrium. One day, consumer advocate Jif Skippydiscovers that all brands of peanut butter in Nutvilleare identical. Thereafter, the market becomes perfectlycompetitive and again reaches its long-run equilibrium.Using an appropriate diagram, explain whether eachof the following variables increases, decreases, or staysthe same for a typical firm in the market.a. priceb. quantityc. average total costd. marginal coste. profitThe cost data in the following table are for Marshall’s Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Output Average Variable Cost AverageTotal Cost MarginalCost Total Cost 0 / / / $ 95 1 $ $ $ 115 2 125 3 150 4 200 5 270 6 350 7 450 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $50, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; : $ e. If the market price of the product is $100, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; : $1. Assume the market for coffee mugs is perfectly competitive. Firms in themarket are producing output, but are currently making economic losses. a. How does the price of coffee mugs compare to the average total cost, the averagevariable cost, and the marginal cost of producing coffee mugs?b. Draw two graphs, side by side, illustrating the present situation for the typical firm andin the market.c. Assuming there is no change in either market demand or the firms’ cost curves,explain what will happen in the long run to the price of coffee mugs, marginal cost,average total cost, the quantity supplied by each firm, and the total quantity supplied tothe market.
- 19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices-------sufficiently to allow all firms to make a normal profit only. MC AC R13 R10 AR = MR E Quantity 1200 a) Existing firms, exit, right, drop b) New firms, enter, right, drop c) Existing firms, exit, left, rise d) New firms, enter, left, rise Unit revenue and costThe cost data in the following table are for Marshall’s Meats, a perfectly competitive firm. Round your answers to 2 decimal places. Output Average Variable Cost AverageTotal Cost MarginalCost Total Cost 0 / / / $ 100 1 $ $ $ 130 2 150 3 180 4 220 5 270 6 330 7 440 a. Complete above the table. b. What is the break-even price? Break-even price: $ c. What is the shutdown price? Shutdown price: $ d. If the market price of the product is $50, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; (Click to select) Loss Profit : $ e. If the market price of the product is $110, what quantity will Marshall’s Meats produce? What will be its profit or loss? Quantity: ; (Click to select) profit loss : $3. In the graph below of a perfectly competitive firm the average variable cost at the profit maximizing level of output q* is: A B C 0 MC 9* ATC AVC -D AFC Q
- Next question ice and cost (dolars per par) The graph shows the long-run situation facing a producer of running shoes. In the market for running shoes, all the firms face a similar demand curve and have similar cost curves 120- Draw a vertical arrow that shows the firm's markup at the profi-maximizing quantity. Label R. MC t004 What is a fim's markup? /ATC A fem'u markup is the amount by which exceeds OA price; average total cost 60 OB. price, marginal cost OC. average total cost marginal revenue OD. average total cost marginal cost 20- Describe the market of a firm in perfect competition MR O 25 7 100 1is e ths 200 zis Quantity (pain of shoes per week) A firm in perfect competition has OA a markup similar to a firm in monopolistic competition OB. no markup > Draw only the objects specfied in the question Oc. a negative markup O D. a markkup similar to a monopoly7. Assume that a purely competitive firm has the schedule of average and marginal costs given in the table below. Complete the short-run supply schedule and profits or losses for this firm. Outpu AFC AVC ATC MC t 0 1 2 3 4 5 6 7 8 9 10 P600 P200 P800 P200 300 150 450 100 200 140 340 120 150 145 295 160 120 160 280 220 100 180 280 280 86 205 291 360 76 232 314 460 66 276 342 580 60 320 380 720 Quantity Price supplied (-) P P580 460 360 280 220 160 Profit (+) or loss 12058 When a perfectly competitive market is in long-run equilibrium, the firms supplying in that market are earning zero economic profit. E of Select one: OTrue OFalse
