The following table shows cost data for three firms in perfect competition: Draw the supply curve for
Question:
The following table shows cost data for three firms in perfect competition:
Draw the supply curve for this perfectly competitive market.
Transcribed Image Text:
1ST FIRM'S TOTAL 2ND FIRM'S TOTAL RD RRM'S TOTAL QUANTITY COST (TC COST (TC) COST (TC) 12 17 23 15 13 18
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
Quantity 1st Firms MC 2nd firms MC 3rd firms MC 0 1 2 3 3 2 1 2 2 3 2 1 3 4 3 4 4 5 ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
XYZ stock price and dividend history are as below. Year Share price at the beginning of the year ($) Dividend paid at the end of the year ($) 2014 120 4 2015 121 5 2016 115 3 2017 116 2 2018 117 6 An...
-
The following table shows three cases, each with one missing element. Required: Use the bond calculator at www.fncalculator.com to determine the missing element for each case. Assume simple annual...
-
The following table shows three cases, each with one missing element. Required: Use the bond calculator at www.fncalculator.com to determine the missing element for each case. Assume simple annual...
-
Draw with Ruler Touch Touch 4x For each of the three simple circuit boards you will need to calculate the total resistance, Req, for the entire circuit board by using the measured resistances of each...
-
Explain the productivity paradox and its implications for managers.
-
The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Management is concerned about the...
-
Let \(B_{t}\) be a standard Brownian motion started at 0 . Use that for any function \(f\) we have: \[\mathbf{E}\left[f\left(B_{t} ight) ight]=\frac{1}{\sqrt{2 \pi t}} \int_{-\infty}^{\infty} f(x)...
-
Identifying suitable market segments and selecting targets are critical to the success of any marketing plan. As Jane Melodys assistant, youre responsible for market segmentation and targeting. Look...
-
What should be the current price of a stock if the expected dividend is $5, the stock has a required return of 10 percent, and a constant dividend growth rate of 3 percent?
-
Rex loves to work with his hands and is very good at making small figurines. Rex opened Bronze Age Miniatures (BAM) for business several years ago as a sole proprietorship. BAM produces miniature...
-
Suppose the firm is a monopoly and its price schedule is: How many brooms would the firm produce? Would the firm be making an economic profit? PRICE 11.00 8.50 7.00 6.00 5.20 QUANTITY DEMANDED 2
-
Now suppose the three firms are in a monopolistically competitive market and their demand curves are as follows: Combining their cost data in practice problem 3 with their demand curves shown here,...
-
Given the data for Telecraft Enterprises in Problem 14.21, re-estimate the firms operating cycle if days sales outstanding decreased to 75 days. For the same level of sales, what is the implied...
-
Discuss how good the forward rate is likely to be as a predictor of the future spot rate. Compare and contrast forward contracts and options as a way of hedging transaction currency exposure.
-
Tammy has an heirloom that she's sure she can sell for $18,500 if she holds onto it for 16 years. She has a mutual fund that earns 12% interest, compounding monthly. Tammy was just offered $3,000 for...
-
Explain what this statement means: "One part of leverage affects both EBIT and EPS. The other type affects only EPS." Explain why the following statement is true: "All else the same, firms with...
-
The venture capital firm has $10 million dollars of invested capital in a venture fund and expects a profit of $50 million dollars on the liquidation of the fund in 5 years. Over the course of five...
-
In January 2000, shortly before the bursting of the tech/internet bubble, one of the largest media conglomerates in the world was created when America Online Inc. (AOL), the world's largest internet...
-
The new intern is trying to understand the dividend policy of your firm. Having studied dividend policies at university, the intern wonders why the firm chose its dividend policy. The intern also...
-
At 31 December 20X9, the end of the annual reporting period, the accounts of Huron Company showed the following: a. Sales revenue for 20X9, $ 2,950,000, of which one- quarter was on credit. b....
-
It is a hot day, and Bert is thirsty. Here is the value he places on a bottle of water: Value of first bottle..... $7 Value of second bottle.....5 Value of third bottle.....3 Vale of fourth...
-
Ernie owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to...
-
Ernie owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to...
-
Kunkel Company makes two products and uses a conventional costing system in which a single plantwide predetermined overhead rate is computed based on direct labor-hours. Data for the two products for...
-
A bicyclist is currently traveling south at 10.6 km/h and is located 14.3 km south of the center of the nearest town. She begins accelerating north at 1.9 km/h 2 and does so for 0.45 hours. What is...
-
Consider an ocean column with a surface area of 1 m2 and a depth of 3000 m. The column experiences a surface input of Qtop=130 W/m2 from solar radiation. i) How long would it take this radiation to...
Study smarter with the SolutionInn App