A firm in a perfectly competitive market has a short-run total cost function equal to SRTC=4+20q, where q is the number of units the firm produces. The firm faces a market price of $10. Enter the optimal number of units should this firm produce to profit maximize?
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- A firm in a perfectly competitive market has a short-run total cost function equal to SRTC=4+20q, where q is the number of units the firm produces. The firm faces a market price of $10. Enter the optimal number of units should this firm produce to profit maximize? Hint: this could be considered a "trick question", but it's easy once you think about the way a firm should profit maximize.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. What is its profit? What is its marginal cost? What is its average variable cost?A competitive firm is maximizing its profit by selling 150 units of output. The firm’s marginal cost is $8 and its average total cost is $6. The firm’s profit amounts to what?
- Suppose Robin's Clock Works produces in a perfectly competitive market. Suppose the average total cost of clocks is $95, the average variable cost of clocks is $90, and the price of clocks is $85. If the firm is producing the level of output where marginal cost equals price, then in the short run the firm: A) can increase profit by increasing output.B) is earning a positive economic profit.C) should continue to produce since total revenue exceeds total variable cost.D) should shut down.A firm produces a product in a competitive industry and has a total cost function (TC) of TC(q) = 100+8q+2q² and a marginal cost function (MC) of MC(q) = 8 +4q. At the given market price (P) of $18, the firm is producing 2.50 units of output. Is the firm maximizing profit? Yes What quantity of output should the firm produce in the long run? The firm should produce unit(s) of output. (Enter your response as an integer.)A firm produces a product in a competitive industry and has a total cost function C = 80 + 4q + 2q2 and a marginal cost function MC = 4 + 4q. At the given market price of $28, the firm is producing 7 units of output. Is the firm maximizing its profit? What quantity of output should the firm produce in the long run?
- A firm in a perfectly competitive market has a total cost given by TC = 50 + 10q + 2q2. The market price is $50. Which statement is true? A) The firm supplies q = 5 units in the short run, making a loss. B) The firm supplies q = 10 units and makes zero economic profit. C) The firm supplies q = 10 and makes an economic profit. D) The firm supplies q = 5 units in the short run and makes an economic profit. E) The firm supplies q = 15 units in the short run and maximises the revenue.A perfectly competitive firm produces the level of output at which MR=MC on the rising portion of the firm’s marginal cost curve. At that output level, it has the following costs and revenues: TC = $830,000 VC = $525,000 TR = $428,000 At that optimal level of output, what profit (loss) does the firm earn?Assume that a firm in a competitive market faces the following cost information. If the market price for this firm's product is $40, calculate the profit maximizing level of output for this firm using marginal analysis. It may help to create your own cost table and fill in columns for Marginal Cost and Average Total Cost based on the Total Cost information below. a.What is the level of profit for this firm at the profit maximizing output? b.To convince yourself that the quantity you found is indeed the profit maximizing quantity, try calculating what the profit would be at the next higher level of output. What did you find? c. What do you predict will happen in this market over the long run?
- A firm in a perfectly competitive market faces a market price of $80, and has a total cost function: TC(Q) = Q3 – 28Q2 + 245Q + 1000. A. If the firm charges $85, how many units will they sell? B. If this firm produces Q = 15, is their profit maximized? C. If these are short run conditions and the firm is producing Q = 15, should the firm stay open or shut down temporarily? Clearly show or explain your reasoning.Lasguns are produced by identical firms in a perfectly competitive market.Each firm's Total Cost function is TC=504+14q+q^2 and Marginal Costfunction is MC=14+2q. Market demand is P=236-2Q. What is the long-run equilibrium market price?The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including firms, is possible. We have identical firms, each with a Total Cost curve of TC=712+q^2 and Marginal Cost curve MC=2q. Market demand is Q=895-2P. What is the long-run equilibrium market price? Enter a number only, drop the $ sign.