Help plz Lorie teaches singing. Her fixed costs are $1,000 a month,and it costs her $50 of labor to give one class. The tableshows the demand schedule for Lorie's singing lessons.Will other firms enter the singing lesson business andcompete with Lorie?Other firmsbecauseA. will not; very few people want to take singinglessonsOB. will; singing lessons have low fixed costsC. will not; Lorie is incurring an economic lossOD. will; Lorie is making an economic profit%5enter the singing lesson businesst6y&7Ou*80OPrice(dollars per lesson)050100150200250(9O✓0Quantity demanded(lessons per month)250200150100500NextpmptsES C10

Given Demand schedule: Price ($ per lesson) Quantity demanded (lesson per month) 0 250 50…

Lorie teaches singing. Her fixed costs are $1,000 a month, and it costs her $50 of labor to give one class. The table shows the demand schedule for Lorie's singing lessons. Will other firms enter the singing lesson business and compete with Lorie? Other firms because *** enter the singing lesson business OA. will not; very few people want to take singing lessons B. will; singing lessons have low fixed costs O c. will not; Lorie is incurring an economic loss OD. will; Lorie is making an economic profit Price (dollars per lesson) 0 50 100 150 200 250 Quantity demanded (lessons per month) 250 200 150 100 50 0

Lorie teaches singing. Her fixed costs are $1,000 a month, and it costs her $50 of labor to give one class. The table shows the demand schedule for Lorie's singing lessons. Will other firms enter the singing lesson business and compete with Lorie? Other firms because *** enter the singing lesson business OA. will not; very few people want to take singing lessons B. will; singing lessons have low fixed costs O c. will not; Lorie is incurring an economic loss OD. will; Lorie is making an economic profit Price (dollars per lesson) 0 50 100 150 200 250 Quantity demanded (lessons per month) 250 200 150 100 50 0

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.1: The Theory Of Perfect Competition

Problem 4ST

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Lorie teaches singing. Her fixed costs are $1,000 a month, and it costs her $50 of labor to give one class. The table shows the demand schedule for Lorie's singing lessons. Will other firms enter the singing lesson business and compete with Lorie? Other firms because enter the singing lesson business OA. will, singing lessons have low fixed costs B. will; Lorie is making an economic profit Oc. will not; Lorie is incurring an economic loss OD. will not very few people want to take singing lessons Price (dollars per lessom) 150 250 Quantity demanded lessons per month) 250 200 11:00 10 Next
The following graph plots daily cost curves for a firm operating in the competitive market for fitness trackers. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. PRICE(Dollars pertracker) 100 90 70 60 50 40 20 10 0 0 MO ATC AVC 50 60 70 80 10 20 30 40 QUANTITY (Thousands of trackers per day) 90 100 Profit or Loss In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run thousand per day for the firm.
Consider the competitive market for sports jackets. 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. 72 16 AVC 16 24 40 QUANTITY (Thousards of jaats) For each price in the following tabie, use the graph to determine the number of jackets this firm would produce in arder to maximize its profie. Assume that when the price is exacty equal to the average variabie cost, the firm is indifferent between producing zero jackets and the proft-maximizing quandity. Also, indicate whether the fiem wil produce, shut down, or be indiferent between the two in the short run. Lastiy, determine whether e w make a prafit, suffer a loss, ar break even at each price. Price Quantity (Dollars per jacket) (Jackets) Produce or Shut Down? Profit or Loss? 4 12 36 48 60
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4. A puppet maker calculates that the yearly cost of running his manufactory is $14,000. Additionally it costs him $60 to create each of his puppets. The price per puppet is determined by the following price-demand equation: p=500–2x a. Find the Cost equation for the total number of puppets produced and sold Find the Revenue equation for the total number of puppets produced and sold b. c. How many puppets does he need to make and sell to break even? d. Use the Cost and Revenue equations to find the Profit function What is the price that he needs to charge if he wants to sell exactly 80 puppets? e.
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100 90 80 70 60 ATC 50 40 30 20 AVC МС О 10 + 0 0 5 10 15 20 30 35 40 45 50 QUANTITY (Thousands of shirts) or each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume hat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing uantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will nake a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Profit or Loss? Produce or Shut Down? Shut down 10 20,000 Loss Shut down 20 10,000 Loss Shut down 32 5,000 Loss Either 0 or 37,500 Shut down 40 Loss 25 COSTS (Dollars)
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Please solve Fast i give 2 like Which of the following is not true according to Figure 1? Hide Transcribed Text Figure 1: Cost and Price AC : Average Cost, AVC: Average Variable Cost, and MC: Marginal Cost A) The firm earn a zero economic profit when it produces 40 unit at the price of $5.7 per unit. B) The minimum acceptable price (the shut-down point) is $4.3 per unit. C) The firm's supply curve is its MC curve above minimum of AVC. D) The firm earns an economic profit when the price exceeds $4.3 per unit.
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