Consider the competitive market for rhodium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph. 38. 72
Q: Because it fumes at room temperatures, hydrochloric acid creates a very corrosive work environment.…
A: Annual Worth(AW) is annuity of cost for operating asset over its life. It accounts for initial…
Q: Refer to Figure 8-2. If the tax is imposed on the buyer, what would the consumer surplus be? $2200…
A: Consumer Surplus refers to the difference between the price that the consumer pays for a good or a…
Q: (i) State whether you agree or disagree with the following statement Explain what happens to (ii)…
A: Open market operation is the method used by the Central bank to change the money supply. When…
Q: Bank two currently has $500 million in transaction deposits. The bank has $65 million in reserves.…
A: Required reserve are the part of deposit that are kept by the bank as per the central bank. Excess…
Q: Suppose that Spain and Greece both produce wine and olive oil. The following table shows…
A:
Q: When consumer surplus and producer surplus are maximized Question 8 options: a) inefficieny…
A: The difference between the consumer's actual price for the good and the utmost price they would be…
Q: Explain how Break even point can be altered by varying various parameters with diagrams.
A: Break even point (BEP) is a production level at which price is such that total revenue covers the…
Q: A monopolistically competitive firm chooses the profit-maximizing output level by setting_ chooses…
A: Monopolist Competition is defined as a competition where there are a number of firms which offer…
Q: QUESTION 4 Suppose there are 2 players in a non- cooperative game theory situation. Player A can…
A: In game theory, the payoff matrix is the tabular representation of the gain and losses that the…
Q: Becky currently earns anominal wage of $12.00 per hour; in other words, the amount of her paycheck…
A: The real wage in terms of a particular good is defined as the number of units of the good the…
Q: mess.pdf X + EO PDF to Picture Annotate 150% - Home Insert QQ DO Rotate Comment Tools Auto Scroll…
A:
Q: 1. The table below shows expected payoffs (ir $billions) for GM and the United Auto Workers (UAW) as…
A: Pure strategy Nash Equilibrium: Nash equilibrium with 2 players is the strategy profile where both…
Q: if the FOMC decides to increase the money supply, the Federal Reserve a) creates dollars out of…
A: When in the open market Fed buys bonds it causes a rise in the money supply by swapping out bonds…
Q: 4 At the price of $2.00, there would be a of units.
A: The point where the demand and supply curves intersect is the point of equilibrium. Plotting the…
Q: QUESTION 2 Directions: Use the given scenarios and the information you have learned about Fiscal and…
A: Unemployment is a situation where persons who are willing and able to do a job didn't get an…
Q: What is an interest rate future? How can they be used to reduce interest rate risk by a borrower?
A: An interest rate future is a financial derivative that permits openness to changes in interest…
Q: Consider a hypothetical closed economy in which households spend $0.80 of each additional dollar…
A: Given, A hypothetical closed economy where households spend $0.80 of each additional dollar they…
Q: In production functions similar to Cobb-Douglas as follows, how can you infer technological progress…
A:
Q: uestion 1: Public debt sustainability Suppose that, at time t-1, the GDP of a country is 1000…
A: According to debt Stabilization policy - bt = bt-1 (1+r)/ (1+gy ) Where , bt = Debt to GDP ratio…
Q: Using the attached chart, calculate the bundle prices and net profits to determine which bundle…
A: Net profit refers to the sum of money earned by your company after deducting all operational,…
Q: A low-skill worker in the U.S. might expect to earn $600k in a lifetime. Going to 3 year college…
A: Earning of low skilled worker = 600k Cost of college = 70 ,000 Foregone earnings = 30000 After…
Q: The method of Lagrange was used correctly to find Jerry's optimal bundle. The price of good X is…
A: The utility maximisation point or the consumer equilibrium are other names for the optimal bundle.…
Q: Which one of the following is not a cause of recovery? O decrease in prices Increase in spending O…
A: Business cycle refers to the ups and downs of economic activities. Recovery is one of the four…
Q: (f) What is his total utility for earplugs and other things if the price of earplugs is $80? (g)…
A: Utility derived from consuming a commodity bundle is the satisfaction that is obtained by a…
Q: Dan's utility function is U(x,y) =9.5 x2.4y4.9. Dan's income is 129.1 dollars, the price of good X…
A: The income expansion path is a graph chart that shows what different income means for the…
Q: Ryan has $30 per week to spend on snacks. She is a bit health conscious so she prefers to buy either…
A: Money Income = $30 Price of alkaline water per liter = $5 Price of protein bar = $3 Let the liter…
Q: With respect to recent Federal Reserve policies, what has the Federal Reserve been doing? Why?
A: Introduction The Federal Reserve is the most powerful economic institution in the United States.…
Q: Explain how a fiscal policy can be used to fight inflation and unemployment in an economy
A: A fiscal policy refers to one in which the state uses taxation, spending, and borrowing as…
Q: If the change in labor is -91 and MRTS is -17. What is the change in capital?
A: MRTS is the marginal rate of technical substitution. MRTS is said to be the change in capital…
Q: Consider a situation where two firms, 1 and 2, compete by choosing prices simultaneously. They can…
A: Given: Firm 1 and 2 competing by choosing prices simultaneously. They either compete (charge low…
Q: What is sovereign debt? What specific characteristic of sovereign debt constitutes the greatest risk…
A: Government expenditure is a crucial component of fiscal policy that can be utilized to support an…
Q: 3 If the city placed a price ceiling of $1,000 on rent, a of apartments would result in the market.…
A: The government imposes price limits to protect consumers' interests in the marketplace. These…
Q: Market demand is given as QD = 140 – 5P. Market supply is given as QS = 2P. In a perfectly comp…
A: In a perfectly competitive equilibrium, demand curve is equal to supply curve. Producer surplus…
Q: 5) Demand to the left Diagrams showing elasticity (elastic and inelastic), for both supply and…
A: The price elasticity of demand is the rate change in the quantity demanded of goods divided by the…
Q: 3) Comcast has a cable monopoly. The following graph shows the demand, MR, and MC curve of Comcast.…
A: Here, the given graph shows the demand curve, marginal revenue curve, and cost curves of a…
Q: Find the net present worth of the following cash flow series at an interest rate of 10%. End of…
A: Present value is the value of investment in todays dollar. Future value is the value of investment…
Q: Only one statement is 100% correct. Which one? State agencies charter and regulate national…
A: In United States, OCC, Federal Reserve, FDIC, & State Bank Regulators are the supervisors and…
Q: A.Interest rate that adjusts if rates go down. B.Has a balloon payment due at the end of the…
A: The fixed rate and adjustable rate mortgages are two primary form of mortgages. Fixed rate mortgages…
Q: this question has two parts; 1a and 1b. Assume that the following asset values (in millions of…
A: M1 and M2 are the measures of money supply M1 equals Federal Reserve Notes in circulation plus…
Q: Q2. Suppose the wage ratio of skilled labor v.s. unskilled labor, wH/wL, is highest in country A,…
A: The wage ratio of skilled labor v.s. unskilled labor, wH/wL, is highest in country A, intermediate…
Q: Rikana sells returnable containers to major food processors. The price received for the containers…
A: The production process involves the factor payments and maintaining a balance between the total…
Q: Short-run and long-run effects of a shift in demand uppose that the seitan industry is initially…
A: Short-run is a period when some elements of production is fixed and some are variable. Output can be…
Q: Problems 3. Assume a simple closed economy, with an mpc equal budget amendment. The economy goes…
A: When the government spending exactly matches the tax revenue in an economy, then it is called a…
Q: The Federal Reserve uses three main tools to conduct monetary policy, which are open market…
A: Monetary policy refers to the policy followed by the central bank of the country under which is…
Q: A profit-maximizing ten-pin bowing club segments its market by practicing third-degree price…
A: Price elasticity of demand refers to the percentage change in quantity demanded of a commodity with…
Q: 4. Draw and explain in 3 sentences the influences of the following parameters in the behavior of…
A:
Q: If a monopolist faces an inverse demand curve, p(y) = 100 − 2y and has constant marginal costs of $4…
A: A monopoly market is one in which there is only a single seller in the market such that there exist…
Q: Whats the differnce between Expected Monetary Value (EMV) criterion and the Expected Utility Value…
A: The statistical concept of expected monetary value (EMV) analysis determines the average result when…
Q: You have a budget of $1,000. One popular store has the brand you like on sale for $850 because other…
A: Willingness to pay: It is the maximum amount that the consumer is willing to pay for a product and…
Please help im begging
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.Why will firms in most markets be located at or close to the bottom of the long-run avenge cost me?Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150
- The graph to the right depicts the daily total cost and total revenue curves for a firm. If the firm chooses the profit maximizing level of output, it will earn a profit of $ per day. (Round your answer to the nearest penny.) Revenue and Costs (3) 1,180 1910 624 480 48 91 118 Output (per day) TR a a G100 90 80 70 60 ATC 50 40 30 20 AVC МС О 10 + 0 0 5 10 15 20 30 35 40 45 50 QUANTITY (Thousands of shirts) or each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume hat when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing uantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will nake a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Profit or Loss? Produce or Shut Down? Shut down 10 20,000 Loss Shut down 20 10,000 Loss Shut down 32 5,000 Loss Either 0 or 37,500 Shut down 40 Loss 25 COSTS (Dollars)A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm 3. A firm on competitive market has the data about cost as below Q 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 TC 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. C. Determine the supply curve of this firm
- onsider the table below and assume the market price is $35 per unit. Totalproduct Totalfixed cost TotalVariablecost 0 150 0 1 150 50 2 150 75 3 150 112.4 4 150 150 5 150 200 6 150 270 7 150 360 8 150 475 9 150 620 10 150 800 Now assume there are 600 identical firms in this industry, that is, there are 600 firms, each of which has the same cost data as the single firm discussed above. Suppose, too, that the demand curve for this industry is as follows: Price Quantitydemanded $20 6,800 30 5,975 45 5,500 60 5,125 75 4,500 95 4,200 120 3,600 150 2,400 In equilibrium each firm will realize: Multiple Choice an economic profit of $155. a loss of $45. an economic profit of $35. a loss of $135.the table below shows the output cost and revenue situation of a firm. Study the table and asnwer the questions that fllows Q TVC TC MC P TR MR 0 0 150 0 200 0 - 1 110 C 110 175 175 175 2 170 320 G 150 I L 3 A D 46 135 405 105 4 250 E 34 120 J M 5 B 445 H 105 525 45 360 F 65 90 K N (a) what is the fixed cost of the firm? Explain your answer (b) determine the values from A-M by showing all workings employed (c) At what quantity and price is the firm in equilibrium position and in what market is the firm oeperating? explain your answer20) - Google Chrome "mod/quiz/attempt.php?attempt%3=1579003&cmid%3812962&page%3D2 em (Academic 20- MC ATC AVC 16 4. 5 10 15 20 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have th same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. o search hp Price and cost (dollars per unit)
- Q23 Suppose a perfectly competitive firm is currently operating with the following information: Output = 1500 tonnesAverage total cost = $627 per tonneAverage variable cost = $614 per tonneMarginal revenue = $620 per tonneMarginal cost = $620 per tonneAt the current level of output, this firm is _____ profit and is an earning economic profit of _____. a. Maximising; -$10500. b. Not maximising; -$10500. c. Maximising; $10500. d. Maximising; $9000. e. Not maximising; -$9000.The table gives some of the costs of the Delicious Pie Company. The marginal cost per pie of increasing the output of pies from 100 to 200 is Total variable cost (dollars) Output (pies) 0 100 200 300 400 $8.00 $600 $6.00 $5.00 0 400 1,000 1,800 2,800 Total cost (dollars) 300 700 1300 2100 3100 ?How would you calculate a firms total cost and total revenue using this graph?