I' Pages File Edit insert Format Arrange View Share Window 0 [D Help Mon May 30 3246 PM HW6_perfect competition Topic: Perfect Competition Show all the necessary steps and/or reasoning that lead to your answers No credits will be given to answers without necessary steps and/or reasoning 1. Cost gures for a hypothetical firm are given in the following table. Use them for the exercises 2022 Spring Term (1) In\" " below, The rm is selling in a perfectly competitive market Fixed Cost Varlahle Cast Output AFC AVC Toml ATC MC cast 2022 Spring Term (1) Introduction to Microeconomics SSE 103 181 3[42604] (LaGuardia CC) Home Page Help 550 Information $50 Discussions Weekly online lesson Fill in the blank columns What is the minimum price needed by the rm to break even? Lecture Notes Homework assignments Exercises ' es own What is the shut down price? Exam Tools At a price of $40, what output level would the rm produce? What would its profits be? I' Pages File Edit Insert Format Arrange View Share Window Help MonMaySO 3246PM O HW6_perfect competition [D Home Tech Reso 2022 Spring Term (1) Intr -, 2. What can you expect from an industry in perfect competition in the long run? That is, what will the price be? What quantity will be produced? What will be the relation between marginal cost, average cost, and price? 2022 Spring Term (1) Introduction to Microeconomics SSE 103 181 3[42604] (LaGuardia CC) Home Page Help Information Discussions Weekly online lesson Lecture Notes Homework assignments Exercises Quizzes Exam Tools Safari File Edit View History Bookmarks Window Help G O Q Mon May 30 3:46 PM A bbhosted.cuny.edu C + 88 Home Tech Resources/Help LaGuardia Library LaGuardia Website 2022 Spring Term (1) Introduction to Macroeconomics SSE 104 1820[44507] (LaGuardia CC) Discussion Board ... Week 12 (Monday, May 30th to Sunday, June 5th) Week 12 Discussion (Graded) ? e Forum: Week 12 Discussion (Graded) 2022 Spring Term (1) Introduction to Organize Forum Threads on this page and apply settings to several or all threads. Threads are listed in a tabular format. The Threads can be sorted by clicking the column title or the caret at the top of each Macroeconomics SSE column. More Help 104 1820[44507] (LaGuardia CC) Home Page Syllabus This is a 'post-first' discussion forum. Announcements There are currently o threads in this forum. Create a thread to help start the conversation! Modules (Content and Graded Work) Create Thread My Grades Tools Discussions FORUM DESCRIPTION Help Answer the following questions in your own words. Start a new thread while replying. Questions: 1. Explain the quantity theory of money. 2. Explain the following relationships if they are positive or negative a. Money supply and price level b. Money supply and value of money c. Price level and value of money Please refer to the discussion board requirement annoucement before posting. First post due on Thursday, June 2nd, and reply to two other student's post due on Sunday, June 5th. Grading Information MAY 30 stvD bbhostedcunvedu C: Q LT] + SE in Take Test: Week 12 Quiz (Graded) 2022 Spring Term (1) a v Question Completion Status: QUESTION 1 5 points Save Answer If the nominal interest rate is 7 percent and expected ination is 3.5 percent, then what is the expected real interest rate? a. 1.6 percent b. 10.5 percent c. 7 percent d. 3.5 percent QUESTION 2 5 points Save Answer In the US the supply of money is determined by a. the price level. b.the Treasury and Congressional Budget Ofce. c. the Federal Reserve System. d.the demand for money. QUESTION 3 5 points Save Answer If the CPI falls, the number of dollars needed to buy a representative basket of goods a. increases, and so the value of money rises. b. increases, and so the value of money falls. c. decreases, and so the value of money rises. d. decreases, and so the value of money falls QUESTION 4 5 points Save Answer According to the quantity theory of money, a 5 percent increase in the money supply a. causes the nrice level to rise by 5 percent. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers v