A competitive firm has the cost structure described in the following table. Graph the marginal cost, average
Question:
A competitive firm has the cost structure described in the following table. Graph the marginal cost, average variable cost, and average total cost curves. How many units of output will it produce at a market price of 32? Calculate its profits and show them in yourgraph.
Transcribed Image Text:
C- 86 32 48 64 Y48642 123 486-7 T-42233 O' 12468
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
Reading from the table and graph price equal...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
A manager wants to know how many units of each product to produce on a daily basis in order to achieve the highest contribution to profit. Production requirements for the products are shown in the...
-
A competitive firm has a constant elasticity production function, q = (L( + K()1/(. What is its marginal revenue product of labor? q = (L( + K()1/(?
-
The project described in tire following table and precedence network has just begun. It is scheduled to be completed in 11 weeks. a. if you were the manager of tills project, would you be concerned?...
-
Compare the ACA passed in 2010 with the Massachusetts health plan adopted in 2006 (use the Internet to obtain more details than we have provided in this chapter). Be sure to note the similarities and...
-
Differentiate between the role of a specialist on the NYSE and the role of a dealer on the OTC market.
-
Vitamin C helps your immune system or niacin helps reduce cholesterol. If niacin helps reduce cholesterol, then vitamin E enhances your skin. Vitamin C helps your immune system and vitamin E...
-
The linkage is made of two pin-connected A-36 steel members, each having a cross-sectional area of 1.5 in 2 . Determine the magnitude of the force P needed to displace point A 0.025 in. downward. 2...
-
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: The following is a summary of the transactions for the year:1. March 12 Provide services to...
-
5. (15 pts) Suppose you are given an implementation of a method merge() defined as follows: Assuming that first is already sorted and second is already sorted, returns a new, sorted array containing...
-
The Virginia Department of Transportation is undertaking a construction project to widen a large section of interstate highway near Washington, DC. The project includes the construction of a number...
-
Suppose all firms in a competitive industry are operating at output level for which price is equal to long- run marginal cost. True or false: This industry is necessarily in long- run equilibrium.
-
Each of 1000 identical firms in the competitive peanut butter industry has a short- run marginal cost curve given by SMC = 4 + Q If the demand curve for this industry is P = 10 - 2Q/1000 What will be...
-
Which of the following properties indicates very strong intermolecular forces in a liquid? (a) Very low surface tension, (b) Very low critical temperature, (c) Very low boiling point, (d) Very low...
-
The adjusted trial balance for Tara Marie Company at December 31, 2024 is presented below: Debit Credit Cash Accounts receivable Prepaid rent $10,500 150,000 5,000 Inventory 25,000 Equipment 300,000...
-
Part 1 List at least 2 benefits of improving the public-sector risk management and discuss them in the context of a specific federal budget. Part 2 Discuss how the lack of clear risks metrics in...
-
The case is set in June 2014, when Lau Wing Chew, Chief Transformation Officer (CTO) at Alexandra Health System (AHS) in Singapore was highlighting the achievements of the data analytics initiative...
-
HOW TO ENTER THESE AMOUNTS AND WHERE IN NAVIPLAN Shared Assumptions Marital Status Income Tax Method Inflation Rate Elect to Split Pension Income Estate Assumptions Detail Is there a will? Last...
-
Hang Ten Surfing Supplies have annual sales of $25 million, of which 3% goes to net margin. Their balance sheet indicates that they carry $7.5 million in debt, on which they pay interest of 10%. They...
-
Copper(II) fluoride contains 37.42% F by mass. Calculate the mass of fluorine (in g) in 55.5 g of copper(II) fluoride.
-
Activator rod AB exerts on crank BCD a force P directed along line AB. Knowing that P must have a 100-N component perpendicular to arm BC of the crank, determine (a) The magnitude of the force P, (b)...
-
Show that the linear-phase relations in Equation (12.24) hold for the analysis filters when their polyphase components are given by Equation (12.20). Ho(z) =z-2M-1 Ho(z) H(2)=-2-2M-H(2-1) Go(z)...
-
A firm can manufacture a product according to the production function Q = F(K, L) = K3/4 L 1/4 a. Calculate the average product of labor, APL, when the level of capital is fixed at 16 units and the...
-
A firm??s product sells for $2 per unit in a highly competitive market. The firm produces output using capital (which it rents at $75 per hour) and labor (which is paid a wage of $15 per hour under a...
-
Explain the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution.
-
2-Using the CPT data in figure below, a unit weight of 115 pcf, and an overconsolidation ratio of 3, determine (a) soil behavior type (b) o' using Kulhawy and Mayne correlation and (c) N60 for the...
-
How does the application of computational fluid dynamics (CFD) coupled with multiphase flow modeling enhance the understanding and prediction of complex hydrodynamic behaviors in industrial-scale...
-
1. From the joint distribution defined by the graphical model, determine if the conditional independence holds: ALL FIE, B, and provide brief explanation (5 points). 2. Given an undirected chain...
Study smarter with the SolutionInn App