Referring to Figure 1 in Question 14. The firm will shut down in the short run if the price of the good is less than $175. O $125. O $100. $80.
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- Wheat is produced in a perfectly competitive market. Market demand for wheat increases. This will cause the individual wheat farmer's marqinal revenue to maximizing level of output to and their profit- O a. decrease; increase O b. decrease; decrease O c. increase; increase d. increase: decreaseFigure 9-16 $/4 MC 6.70 6.00 ATC 4.90 AVC 4.00 = MR 2.80 2.60 12 14 If the price-taker fırm in Figure 9-16 9-16.png is currently producing 6 units, then to maximize profit in the short run, it should keep producing 6 units increase production to 12 units increase production to 14 units increase production to 8 units O shut downA perfectly competitive firm is currently maximising profit. If the wages of workers decrease, the firm should raise its price. O lower its price. keep its price the same. O increase its output. O decrease its output. O keep output at the current level.
- I need help with econ multiple hw questions asap! 60) When a firm in a competitive market produces 15 units of output, it has a marginal revenue of $8.00. What would be the firm’s total revenue when it produces 8 units of output? A. $64.00 B. $48.00 C. $6.00 D. $4.80 59) The competitive firm’s long-run supply curve is that portion of the marginal-cost curve that lies above which average cost? A. sunk cost B. total cost C. variable cost D. fixed cost-So Price $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 0 20 MR ATC MC 40 60 80 100 120 140 160 Lady Gaga MP3s (000s) Tools -i Pt. A Instructions: Enter your answers as a whole number. The profit-maximizing price for Lady Gaga MP3s in the short run is: $ The profit-maximizing quantity for Lady Gaga MP3s in the short run is: b. In the long run, the demand curve will (Click to select) c. In the long run, the profit-maximizing price will (Click to select) thousand MP3s. AC 20 # NextQuantity of pumpkin 0 1 2 3 O Given the marginal cost of each pumpkin, what will be the (short-run) profit-maximizing output if the price is $14? a. 1 b. 0 C. 3 Marginal cost d. 2 0 12 14 16
- A market is in long-run equilibrium and firms inthis market have identical cost structures. Supposedemand in this market decreases. Describe whathappens to the market quantity as the market leavesand then returns to long-run equilibriumATC Price MC AVC 8. 7- 9. 10 11 12 13 Quantity The graph shows the cost curves of a firm in a competitive industry. The market price is $5. In the short run, the firm should Choose one: * A produce the output at which MR = MC and earn a profit. B. produce the output at which MR = MC and suffer a loss. O C. shut down the operation. 9 D. There is not enough information to answer the question. 1st attempt5. Profit maximization and shutting down in the short run Suppose that the market for cashmere sweaters is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. PRICE (Dollars per sweater) 100 90 80 70 60 50 40 30 20 10 O MC 0 10 ATC AVC 20 30 40 50 60 70 QUANTITY (Thousands of sweaters) 80 90 100 ?
- esti a firm operating in a purely competitive market MC 40 36 32 28 24 ATC 20 16 AVC 12 8 Q 8 12 16 20 24 28 32 26. What would be the short-run equilibrium quantity produced by this firm if the market price were $32? 9. Cligk Saug and Submit to caue and suhmit Click Save All Answers to save all answers. %24 4.A market is in long-run equilibrium and firms inthis market have identical cost structures. Supposedemand in this market decreases. Describe whathappens to the profit-maximizing output quantityfor individual firms as the market leaves and thenreturns to long-run equilibrium.The table provides data on a market demand schedule (top two rows) and a firm's average and marginal cost schedules (bottom four rows). 1. What is the firm's shutdown point? A firm will stop producing an output in the short run when the market price of the good is O A. equals MC B. equals ATC C. below minimum ATC D. below minimum AVC This firm's shutdown point is at a market price of $ per unit and its profit-maximizing output is units. Price P ($) Quantity Firm's output MC ($) ATC ($) AVC ($) 24 20 16 12 8 4 3,000 4,000 5,000 6,000 7,000 8,000 1 2 3 4 5 6 unit units units units units units 11.00 11.13 12.00 13.63 16.00 19.13 13.50 12.25 12.00 12.19 12.70 13.50 11.63 12.25 13.13 11.25 11.13 11.25