a profit maximizing firm in a competitive market is currently

a profit maximizing firm in a competitive market is currently插图

200 units of output
A profit-maximizing firm in a competitive market is currently producing200 units of output. It has average revenue of $9 and average total cost of $7. It follows that the firm’s a. average total cost curve intersects the marginal cost curve at an output level of less than 200 units.

How much does a profit-maximizing firm in a competitive market produce?

A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200.

What is the average revenue of a firm in a market?

A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is average revenue and total units sold? 10,50 A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200.

What is the marginal cost of a firm with a 12?

For firms in competitive markets, marginal revenue must also equal average revenue. Since profit maximization implies that marginal revenue is equal to marginal cost, marginal cost must be $12 in this case. The level of production with lowest average total cost is called the firm’s efficient scale.

When profit maximizing output adjustments are made among competitors?

5 answers QUESTION Profit maximizing output adjustments are made among competitors assuming that the other firms will keep their outputs constant. 5 answers QUESTION monopolies are generally regarded as harmful to the economy because 3 answers Subjects Arts and Humanities Languages Math Science Social Science Other Features Quizlet Live

What is the output level of an efficient scale?

Answer: Efficient scale occurs at an output level of less than 100.

How many units of output is profit maximizing?

A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has – Brainly.com

When does the efficient scale of the firm occur?

The efficient scale of the firm occurs when the price is set at minimum average cost.

Who congratulated her staff when the team received an industry award for their project?

bachiko congratulated her staff when the team received an industry award for their project, and also sent a companywide e-mail announcing it. here, ba …

How to maximize profit?

To maximize profit, firms should produce at a level of output where price equals marginal revenue. The production decisions of perfectly competitive firms follow the principle of economics, which states that rational people. a. consider sunk costs. b. equate prices to the average costs of production.

What is the definition of a market competitive?

A market is competitive if#N#(i) firms have the flexibility to price their own product.#N #(ii) each buyer is small compared to the market.#N#(iii) each seller is small compared to the market.#N#a. (i) and (ii) only#N#b. (i) and (iii) only#N#c. (ii) and (iii) only#N#d. All of the above are correct.

How many doorknobs does a firm increase?

a. The firm increases its output above 500 doorknobs.

What happens when the price of rubber balls falls below the minimum of its average total cost?

a. will experience losses but it will continue to produce rubber balls.

What would happen if a firm charged more than the going price?

a. If the firm were to charge more than the going price, it would sell none of its goods.

Where is Wheeler Wheat Farm?

The Wheeler Wheat Farm sells wheat to a grain broker in Seattle, Washington. Since the market for wheat is generally considered to be competitive, the Wheeler Wheat Farm maximizes its profit by choosing. a. to produce the quantity at which average total cost is minimized.

Is craft art competitive?

Firms can enter and exit a market more easily in the long run than in the short run. The market for craft art used in home decoration is a very competitive market. In this market, costs vary since some people work faster than others and have more artistic talent in producing craft art.

How many doorknobs does a firm increase?

a. The firm increases its output above 500 doorknobs.

How much does the 50th unit of output increase the firm’s revenue?

a. Production of the 50th unit of output increases the firm’s total revenue by $20.

What does "one unit increase in output" mean?

a. a one-unit increase in output will increase the firm’s profit.

Who is Christopher in tennis?

Christopher is a professional tennis player who gives tennis lessons. The industry is competitive. Christopher hires a business consultant to analyze his financial records. The consultant recommends that Christopher give fewer tennis lessons. The consultant must have concluded that Christopher’s

Why is ATC high at low output?

At low levels of output, ATC is high because AFC are high

What is market value?

The market value of the inputs a firm uses in production

Is fixed cost variable?

NONE. ALL FIXED COSTS BECOME VARIABLE COSTS IN THE LONG RUN

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