When the price faced by firm in competitive market

Assignment Help Business Economics

Reference no: EM131093142

When the price faced by a firm in a competitive market was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that

the firm's marginal cost curve must be flat.

the firm's marginal cost of production never falls below $5.

the firm's average total cost of production was less than $10.

the minimum value of the firm's average variable cost lies between $5 and $10.

Reference no: EM131093142

Questions Cloud

Stock in general motors corporation : In considering this, Wanda remembers that she also has some stock in General Motors Corporation. She is pretty sure that GM has some shareholders who are unbelievers. She is wondering whether this passage should lead her to sell her stock in GM as..

Compare and contrast the work of an italian renaissance : First briefly explain what primarily distinguishes Renaissance art in general from the prior Medieval period. Then, trace the evolution and development of art through the periods of the Early Renaissance to the High Renaissance.

What is the value of be in the graph : Now consider the graph below. If the average vehicle gets 25 miles per gallon, then according to the data reported in the article, what is the value of BE in the graph below

What is marginal cost when you are using four workers : Assume capital (equipment) is fixed, and labor is the only variable input. Assume the wage is $200 per worker per day, you are employing 4 workers and AP with 4 workers is 80, and AP when you only had 3 workers was 90. What is the marginal cost when ..

When the price faced by firm in competitive market : When the price faced by a firm in a competitive market was $5, the firm produced nothing in the short run. However, when the price rose to $10, the firm produced 100 tons of output. From this we can infer that

Confidence interval for the average overrun this process : The data table below provides cost overruns (actual costs minus estimated costs) in thousands of dollars on similar-size engineering projects completed this year. Calculate the following:

Describe the benefits and risks of using these five methods : Describe the benefits and risks of using these five methods.

Assume that national restaurant firm : Assume that a national restaurant firm called BBQ builds 15 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings. To help partially defray the cost of this expansi..

Write paper that outlines the element of the current program : Search for proposal(s) by your state governor to deal with a health care access problem and write a paper of 1,250-1,500 words that outlines the elements of the current program and the governor's proposals for improved access.

User Account

All Pages