F… Show more Assume the following cost data are for a pure

Homework Assistance Economics F… Show more Assume the following cost data are for a pure

Economics

F… Show more Assume the following cost data are for a pure

F… Show more Assume the following cost data are for a purely competitive producer: Total Product Average Fixed Cost Average VariableCost Average Total Cost Marginal Cost 0 $0.00 $0.00 $0.00 na 1 $60.00 $45.00 $105.00 $45.00 2 30.00 42.50 72.50 40.00 3 20.00 40.00 60.00 35.00 4 15.00 37.50 52.50 30.00 5 12.00 37.00 49.00 35.00 6 10.00 37.50 47.50 40.00 7 8.57 38.57 47.14 45.00 8 7.50 40.63 48.13 55.00 9 6.67 43.33 50.00 65.00 10 6.00 46.50 52.50 75.00 Answer the questions in the first column in the table below for the price listed at the top of each of the other three columns. Instructions: For any negative number, be sure to include a negative sign (-) in front of the number. Round your answers to two decimal places when necessary. Select “Not applicable” and enter a value of “0” for outputif the firm does not produce. (a) At a product price of $56.00 (b) At a product price of $41.00 (c) At a product price of $32.00 Will this firm produce in the short run? (Click to select)NoYes (Click to select)YesNo (Click to select)NoYes If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select)Profit-maximizingNot applicableLoss-minimizing output = units per firm (Click to select)Loss-minimizingProfit-maximizingNot applicable output = units per firm (Click to select)Not applicableLoss-minimizingProfit-maximizing output = units per firm What economic profit or loss will the firm realize per unit of output? (Click to select)LossProfitNot applicable per unit = $ (Click to select)ProfitNot applicableLoss per unit = $ (Click to select)Total profitTotal loss = $ d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3). Instructions: Enter whole numbers for your answers in the table below. For any negative number, be sure to include a negative sign (-) in front of the number. (1) Price (2) Quantity Supplied, Single Firm (3) Profit or Loss (-) (4) Quantity Supplied, 1500 Firms $26.00 $ 32.00 38.00 41.00 46.00 56.00 66.00 e. Now assume that there are 1500 identical firms in this competitive industry; that is, there are 1500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4 in the above table). f. Suppose the market demand data for the product are as follows: Price Total Quantity Demanded $26.00 17000 32.00 15000 38.00 13500 41.00 12000 46.00 10500 56.00 9500 66.00 8000 What will be the equilibrium price?$ What will be the equilibrium output for the industry? For each firm? units Instructions: Round your answer above to two decimal places. What will profit or loss be per unit?(Click to select)LossProfit per unit = $ Per firm? $ Will this industry expand or contract in the long run? (Click to select)The industry will expand.The industry will contract. • Show less

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