Suppose the per bushel price of oranges (a perfectly competitive industry) is $35 The total cost function is TC 1000 2 75Q 0 0175 Q The marginal cost function is MC 2 75 0 035Q a Find the profit maximizing quantity b How much profit is this firm earning c Is this firm industry in LR equilibrium Wh...

The Answer is in the image, click to view ...

Suppose the per bushel price of oranges (a perfectly competitive industry) is $35. The total cost...

Fantastic news! We've Found the answer you've been seeking!

Question:

Related Book For answer-question

Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

See More Books

Posted Date: Oct 13, 2022 02:05 AM

See More Questions

Suppose that a perfectly competitive industry is in long-run equilibrium, and demand increases. Explain the short and long- run effects on the firm and the industry.
The market supply curve for a perfectly competitive industry is the horizontal summation of each individual firms supply curve. Draw the market supply curve for a perfectly competitive industry.
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but in which firms are operating below their minimum efficient scale....
The average annual salary for all U.S. teachers is $47,750. Assume that the distribution is normal and the standard deviation is $5680. Find the probability that a randomly selected teacher earns a....
Listed here are data for five companies. These data are from companies annual reports for the fiscal year indicated. The market price per share is the closing price of the companies stock as of April...
True or false: The relationship between displacement, velocity, and acceleration is linear.
What has been the effect of globalization on world music?
Deines Corporation has fixed costs of $480,000. It has a unit selling price of $6, unit variable costs of $4.40, and a target net income of $1,500,000. Compute the required sales in units to achieve...
Dr. Foot has been using the name "ACHILLES PILLOW" for his "medical shoe" for the last five years. He wants to register ACHILLES PILLOW as a domain name for his web site. A "whois" search has,...
Non-controlling interests of profitable subsidiaries result in a credit item in the income statement and a debit balance in the statement of financial position. True/False
I need help with subnetting a network with 75, 50, & 25 hosts. Network ID 192.168.10.0 subnet mask 255.255.255.252 Configuring IPv4 Addressing on Network 5) In the previous exercise, you are assigned...
Legacy issues $ 6 1 0 , 0 0 0 of 6 . 5 % , four - year bonds dated January 1 , 2 0 2 1 , that pay interest semiannually on June 3 0 and December 3 1 . They are issued at $ 5 4 0 , 9 8 1 when the...
Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution format income statement follows: Percent of Sales Variable expenses Contribution margin Fixed expenses...
Solve the initial value problem 1+ x y' + 2xy = 0, y(0) Find the solution of the initial value problem y' = 1 = (y + : v = 1. (y + x + y), y(1) = 0.
For the month of November, AC3220 Ltd. recorded $500,000 in sales, 40% of which were on account (terms N30), and 60% of which were cash sales. The company is required to charge 15% HST on all sales....
3. A movie studio is releasing a new DVD, and the studio estimates that if the DVD is priced at $19.99, it will sell 6.68 million copies, whereas if it is priced at $15.99, it will sell 11.27 million...
An accountant A. must have an understanding of the principles and rules that provide the basis for preparing the accounting information. B. must be a CPA. C. must possess expertise in the...
If 2 5 9 - k 5 8 = 2 5 8 , what is the value of k?
In a competitive market, there is currently no tax, and the equilibrium price is $40. The market has an upward-sloping supply curve. The government is about to impose an excise tax of $5 per unit. In...
Explain how consumers in an economy can be made better off if the marginal rate of transformation does not equal consumers' marginal rates of substitution.
To produce cake, you need eggs E and premixed ingredients I. Every cake needs exactly one egg and one package of ingredients. When you add two eggs to one package of ingredients, you produce only one...
Sketch a hypothetical scatterplot for a sample of size 10 for two random variables with a population correlation of (a) 1.0; (b) -1.0 ; (c) 0.9; (d) -0.5 ; (e) 0.0.
Using the data in Exercise 3.3: a. Construct a $95 \%$ confidence interval for $p$. b. Construct a $99 \%$ confidence interval for $p$. c. Why is the interval in (b) wider than the interval...
Explain why the differences-of-means estimator, applied to data from a randomized controlled experiment, is an estimator of the treatment effect.

Suppose the per bushel price of oranges (a perfectly competitive industry) is $35. The total cost...

Question:

Expert Answer:

Microeconomics

Students also viewed these economics questions