Questions Uploads
The campus barber faces stiff competition from the large number of shops that surround the campus area, and for all practical purposes the market is perfectly competitive. He charges $10 for a haircut and cuts hair for 18 people a day. His shop is open 5 days a week.
Calculate his weekly total revenue $______ (Enter your response as a whole number).
Suppose that a perfectly competitive firm faces a market price of $12 per unit, and at this price the upward-sloping portion of the firm’s marginal cost curve crosses its marginal revenue curve at an output level of 1,800 units. If the firm produces 1,800 units, its average variable costs equal $7.00 per unit, and its average fixed costs equal $1.00 per unit.
What is the firm’s profit-maximizing (or loss-minimizing) output level?__________.
(Enter your response as a whole number — include the minus sign if necessary).
The following table shows marginal and average total cost schedules for a perfectly competitive firm. Currently, the market price in this industry is $8. According to the table, a profit-maximizing firm will produce _____ units. (Enter your response as an integer.)
ATTACHMENT PREVIEW Download attachment
HW 4-1 question 9:25.png
The following table shows marginal and average total c051 schedules for a perfec‘lly competitive firm. Currently, the market price in this industry is $8. Output (uniis) Marginal Cost Average Total Cost
(0) (MC) (AT0)
o _ _
‘1 2 12
2 4 a
3 6 5
4 B 8
5 10 3 A profit—maximizing firm will produce unils. (Enter ypur response as an integer.)
A perfectly competitive constant cost industry is in long-run equilibrium. Due to a change in tastes and preferences, there is an increase in demand. Which of the following best describes the effect on the industry? The price will ______
-Select answer A, B, C, or D.
ATTACHMENT PREVIEW Download attachment
4-1 10:25.png
Aperfectiy competitive constant cost industryr is in longirun equilibrium. Due to a change in tastes and preferences. there is an increase in demand. Which ofthe following best describes the effect on the industry? The price will 0 A. increase, firms will produce more, profits will increase, and more firms will enter until profit returns to zero.
0 B. decrease. firms will produce less. profits will be below zerol and fins will exit until profit retums to zero.
0 C. increase, firms will produce less, profits will be below zero, and firms will enter until profit retums to zero.
0 D. increase, firms will produce more, profits will be below zero, and firms will exit until profit returns to zero.
Since 2010, we have offered professional writing services to clients all over the world.
Over the years, our writers have gained solid experience in all academic disciplines, giving them a competitive edge to provide only first-rate academic papers.
Hi there! Chat/Order through WhatsApp.