Discuss why a firm in perfect competition may choose to be open on Mondays, typically the slowest day of the week, when their revenues do not seem to be sufficient to warrant doing so.
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- Discuss why a firm in
perfect competition may choose to be open on Mondays, typically the slowest day of the week, when their revenues do not seem to be sufficient to warrant doing so.
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- Explain how a firm would maximise its profit, assuming that it faces conditions of perfect competition, in both the short run and the long run.Consider the perfectly competitive market for dress shirts. 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. PRICE AND COST PER UNIT (Dollars) 100 90 80 70 60 40 30 20 10 0 0 ☐ ☐ MC ■ ATC AVC 70, 85 ■ 10 20 30 40 50 60 70 80 90 QUANTITY OF OUTPUT (Thousands of shirts) 100 ?Suppose that the price of corn, a crop produced in a perfectly (or purely) competitive industry, increased 208% last year as demand for corn‑based ethanol fuel increased. What do you expect to happen in the long run for the corn industry given this recent success? A. The price per bushel of corn will continue to increase, yielding higher profits. Thus, more firms will enter the market indefinitely. B. Profits will become negative due to overfarming, which will result in the corn farming industry going under. C. Profits will be equal to zero. D. None of the above. Suppose the firms in the market for bacon, also a perfectly (or purely) competitive industry, experienced losses last quarter due to people becoming increasingly concerned about how high-fat diets negatively impact health. What do you expect to happen in the long run for the bacon industry? A. Seeing this as an opportunity to monopolize a fledging industry, firms will enter the industry, shifting…
- On the following graph, use the orange points (square symbol) to plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output. (Note: For the graphing tool to grade correctly, you must plot the points in order from left to right, starting with the point closest to the origin. You are given more points to plot than you need.) PRICE (Dollars per lamp) 100 8 8 70 50 30 20 10 0 PRICE (Dollars per lamp) 90 Suppose there are 5 firms in this industry, each of which has the cost curves previously shown. 100 Demand 80 10 70 20 30 50 60 70 QUANTITY (Thousands of lamps) On the following graph, use the orange points (square symbol) to plot points along the portion of the industry's short-run supply curve that corresponds to prices where there is positive output. (Note: For the graphing tool to grade correctly, you must plot these points in order from left to right, starting with the point closest to the origin. You are given more…Sleek Sneakers Co. is one of many firms in the market for shoes. Show the effect that positive profits has on the demand curve faced by Sleek in the long run. Price Quantity Demand 中 Demand ?Why is marginal revenue for a firm in perfect competition equal to the market price?
- When would a profit-maximizing firm shut down in the short run?7. Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 80 ATC COSTS (Dollars per pound) N 72 64 56 40 32 24 16 8 0 0 4 ■ AVC MC 32 8 12 16 20 24 28 QUANTITY (Thousands of pounds) 36 40Suppose that in the short run perfectly competitive firms earn $1,250 in economic profit. Would we expect to see more, less, or the same number of firms operating in the market in the long run?
- At what output does a perfectly competitive firm maximize its profit? when marginal cost equals average fixed cost when average total cost equals average revenue when total revenue equals total variable cost when marginal cost equals marginal revenueThe following table displays the average cost of producing a good at different levels of output in the long run. Output (units) Average Cost ($) 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.Consider a perfectly competitive market for wheat in Miami. There are 120 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 50 40 AVC 20 0. 0 5 10 15 20 25 30 35 40 45 50 OUTPUT (Thousands of bushels) 30 10 COST (Cents per bushel)
