User Account

All Pages

Perfectly competitive market

Assignment Help Macroeconomics
Reference no: EM131255378

The following figure shows MC, AC, AVC, and MR for a firm in a perfectly competitive market. The firm wished to choose an output that leads to maximum profit.

a) At what level of output will the firm operate?

b) What price will the firm charge?

c) What line indicates average cost at the maximum profit output?

d) What line indicates marginal cost at the maximum profit output?

e) Which block indicates the total cost of producing the maximum profit output?

f) Which block indicates the firm's total revenue at maximum profit output?

g) Which block indicates the firm's profit at maximum-profit output?

Reference no: EM131255378

Questions Cloud

What are the major effects of the physical separation : What are the major effects of the physical separation of group members? How can distance, in some cases, be beneficial to groups and teams
Determine the balance in the revenue and expense accounts : Davis Company was started on January 1, 2014. During the month of January, Davis earned $5,800 of revenue and incurred $3,600 of expenses. During the remainder of 2014, Davis earned $58,000 and incurred $48,000 of expenses. Determine the balance in t..
Assignment on law of demand : The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that quantity demanded increases when price decreases. Is th..
How the results of your study might contribute to making : Based on your understanding of social change, write one paragraph to describe how the results of your study might contribute to making a difference at a local/community, regional, or national level.
Perfectly competitive market : The following figure shows MC, AC, AVC, and MR for a firm in a perfectly competitive market. The firm wished to choose an output that leads to maximum profit.
How does the use of market mechanisms in government work : How does public entrepreneurship or the use of market mechanisms in government work? Briefly describe the following key forms of public entrepreneurship: outsourcing, public-private partnerships and privatization.
Derive the marginal revenue curve : Suppose you are a monopolist in the market for a specific video game. Your demand curve is given by P=80-Q/2, and your marginal cost curve is MC=Q. Your fixed cost is $400.
Determine the balance efficiency : The workers remain seated along the line. Proportion uptime = 0.90.
What is the probability that all six spots are taken : Consider the situation of Mr. R. B. Cheney, who owns a large gas station on a highway in Vermont.- What is the probability that all six spots are taken? - How many customers arc served every hour?

Reviews

Write a Review

Macroeconomics Questions & Answers

  Consumer protection laws

Explain the purpose of consumer protection laws in your own words. Based on your personal experiences, do you think that consumer protection laws are effective? Why or why not?

  Market clearing price and quantity

Obtain the market clearing price and quantity. Under the assumption of profit and maximization , how much output should the representative firm produce?

  What is the ratio of the marginal product of labor

Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $50,000 to $58,000. If he adds one more tractor.

  Calculate the cross price elasticity

The original price of the commodity Y is 420, with the quantity demanded for commodity X is being 80 units. Calculate the cross price elasticity if after the price of Y increases to $40, and the demand for X falls to 70 units. Interpret your answe..

  Would these be true or false and why -a consumer with

would these be true or false and why? -a consumer with positive marginal utility for each good will always choose a

  Sppose the economy has a natural rate of unemployment of

suppose the economy has a natural rate of unemployment of 5.a. suppose short-run output over the next four years is 1

  Describe how marginal utility and the selling price

Describe how marginal utility and the selling price of a goods/services determine: 1) Which goods and services are purchased first and 2) What quantities of a good or service are purchased. Explain fully.

  Explain how did the mexican peso crisis differ

Explain how did the Mexican peso crisis differ from the Russian ruble crisis. What was the role of the IMF in these two currency crises.

  Determine what will be the outcome of the game

Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Draw the game tree associated with this situation. Using the backward induction method discussed in the online class notes, what will be th..

  In the new orleans metropolitan area in august

In the New Orleans metropolitan area in August 2005, the labor force was 634,512 and 35,222 people were unemployed. In September 2005 following Hurricane Katrina

  Degree price discrimination and profit maximization

Using the principles of third degree price discrimination and profit maximization with third degree price discrimination, please solve the below problem:

  Business idea for your business plan

You must think an idea to be developed as a business. Please, write a short paragraph explaining what your idea is all about.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd