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Subject: Menagerial economics & policy
Mcq's
15) In a
a) AR>MR
b) AR=MR
c) AR
d) None of the above
16) In a perfectly competitive market
a) P=MR
b) P>MR
c) P
d) None of the above
17) If AFC is 40 and
a) 40
b) 120
c) 100
d) None of the above
18) Perfect Competitive markets are
a)
b) price makers
c) public franchise
d) None of the above
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Solved in 2 steps
- Question list Question 8 O Question 9 O Question 10 K Sophia grows Christmas trees. Her cost of production is shown in the table below. Christmas Trees Total Cost $40 $60 $108 II $164 $228 6 $300 7 $380 Suppose the market for Christmas trees is perfectly competitive and that the market price for Christmas trees is $60 per tree. How many Christmas trees should Sophia grow? Sophia should grow trees. (Enter your response as an integer value.)The figure shows a bakery's marginal and average cost curves, and its isoprofit curves. The bakery is a price-taker in a large bread market. Suppose the current market price is P₁. Based on this information, which of the following statements is correct? Price, Cost €6 (5 20 40 60 80 Quantity MC hoprofits AC 100 120 140 160 180 number of loaves Select one or more: a. The bakery would be better off raising its price up to its AC level. O b. The bakery would be minimising its loss at A. Oc. If the bakery is not yet in the market then it would not enter the market. d. If the bakery is already in the market, then it would always immediately exit the market because it is making a loss.Please
- !!! O Macmillan Learning The accompanying graph illustrates a perfectly competitive firm's total revenue (TR) curve and total cost (TC) curve. The firm produces sneakers, so assume it can only produce whole units of sneakers (e.g., it can produce 5 or 6 sneakers but not 5.5 sneakers). Press Esc to exit full screen Move the maximum profit line by adjusting its endpoints to represent the maximum profit the firm can possibly earn. When the firm is producing 4 sneakers, profit is less than when the firm is producing 9 sneakers. When the firm is producing 2 sneakers, profit is less than when the firm is producing 8 sneakers. Price 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 ON WA 3 2 1 0 0 1 2 0 3 Resources max. profit 4 5 Quantity 6 7 8 TR TC 9 Retake 107. Assume that the marginal cost curve is given by mc(q) = 100 + 2q. (a) If the price is $160, what is the optimal production for the firm? What if the price is $120? (ignore the shut-down decision for this part) (b) Assuming that the market is cleared at $160 (no shortage/surplus). If the market demand is equal to 10,000 units of the product. How many firms are currently operating (n) in the market? (Hint: if the market clears qª = n x q°) (c) If the total cost curve is TC 256 + 100g + q², what's the average total cost curve? %3| what's the break-even price? (d) If the demand curve is given by qd = 8, 452 – p, what's the long-run equilibrium price, the equilibrium quantity and the long-run total number of firms (n) in the industry?4- A firm operating in a perfectly competitive market has the option to use two different technologies to produce a good. The first technology exhibits constant returns to scale. where the output (Y) is equal to the product of a productivity measure (A) and the allocated flow of machine-hours (K). The second technology demonstrates decreasing returns to scale and the output (Y₂) is the square root of the allocated flow of machine-hours (K₂). The firm has a total flow of machine-hours (K) available. The objective is to maximize the sum of Y and Y2, while adhering to the resource constraint that the sum of K and K2 must equal K. (Consider that both A, K > 0)
- Cost figures for a hypothetical firm are given in the following table. Use them for the exercises below. The firm is selling in a perfectly competitive market. Output Fixed AFC Variable AVC Total ATC MC Cost Cost cost 1 $50 50/1=50 $30 30/1=30 30+50=80 80/1=80 NA 2 $50 50/2=25 $50 50/2=25 50+50=100 100/2=50 (100-80)/(2-1)=20 3 $50 50/3=16.67 $80 80/3=26.67 50+80=130 130/3=43.33 (130-100)/(3-2)=30 4 $50 50/4=12.50 $120 120/4=30 50+120=170 170/4=42.50 (170-130)/(4-3)=40 5 $50 50/5=10 $170 170/5=34 50+170=220 220/5=44 (220-170)/(5-4) =50 What can you expect from an industry in perfect competition in the long run? That is, what will the price be? What quantity will be produced? What will be the relation between marginal cost, average cost, and price?8. siuppose that the manager of a firm operating in a competitive market has estimated the firm's average variable cost function to be: AVC= 18-0.3Q Total fixed cost is $60 and the forecasted price of the firm's product is $12. 79 a. What is the corresponding marginal cost function? b. At what output is AVC at its minimum? C. How much outputs should the firm produce? d. How much profit or loss will the firm earn?,QUESTION 9 John lives in the small island nation of Vanuatu, and is a producer in the perfectly competitive market for galip nuts. A summary of some of his costs, which are given in the local currency (the "vatu"), is shown below. Quantity (kg of galip nuts) 0 30 60 90 120 150 Total Fixed Cost TFC (vatu) 5600 5600 5600 5600 5600 5600 Total Variable Cost TVC (vatu) 0 640 1520 2640 4800 9120 If John's profit-maximising quantity is 90kg of galip nuts, what is the marginal revenue per kilogram of galip nuts at this profit maximising quantity? Answer to the nearest whole number.
- Principles of Microeconomics Name: Homework #3 Prof. R. Harris DUE: Wednesday, April 17, 2019 at the beginning of class - NO EXCEPTIONS. Please remember to show all work and please be neat. Please staple this if you print it on your own. 1. Consider the following table of numbers, which represents demand and cost conditions for a com firm. petitive TR 600 0 1 2 $o $400 600 $400 $240 600 $430 $670 $960 $1,350 $1,840 $2,440 $3,120 $3,910 $4,800 600 600 600 600 600 600 5 6 7 600 600 9 10 (a) Fill in the missing values (b) Use the information in the chart to determine what level of output the firm should produce. Explain your reasoning.5. You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One day he gives you the following data at his present level of production: Output = 2000 pounds, market price = $5.00, total cost =$8000, fixed cost=$2000, marginal cost-$5. The minimum of AVC occurs at {1000 pounds at $2} and the minimum of ATC at {1500 pounds at $3.5}. Please help Jack with the following questions based on the above figures: a. Draw a graph for the raw cotton market and a graph for Jack's farm current situation that includes MC, ATC, and AVC, labeling all relevant points on axes with numerical values. Is Jack maximizing the profit (minimizing the loss)? Why or why not? Label the total profit/loss area. b. Suppose more farmers enter the raw cotton market until the market price is $3.00 per pound. On the same graphs, show the effect of this change in the market place. Would you like to suggest Jack leaving the market in the short run? Explain your answer.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. Complete the following table by indicating the firm's profit, marginal cost, and average variable cost. Profit Marginal Cost Average Variable Cost (Dollars) (Dollars) (Dollars) The efficient scale of the firm must beless than 100 units.