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ECON-1010-D1/D2-Introduction to Microeconomics
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Use the information below to answer the following questions.Fact 11.1.1 Money in the BankTwo gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station. Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas. When Sheetz raises the price, Rutter's pumps are busy. When Sheetz lowers prices, there's not a car in sight. Both gas stations survive but each has no control over the price.Source: The Mining Journal, May 24, 2008Refer to Fact 11.1.1. Each of these gas stations has little control over the price of gasoline because
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The figure above illustrates the short-run average and marginal cost curves of a perfectly competitive firm. The average fixed cost can be obtained as
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In a competitive industry the market-determined price is $12. A firm is currently producing 50 units of output; average total cost is $10, marginal cost is $15, and average variable cost is $7. In order to maximize profit, the firm should:
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Use the figure below to answer the following questions.
Figure 11.2.2
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Which of the following explains the relationship between average revenue, marginal revenue, and price in a competitive market?
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Suppose that in 2013, sheepherders in western Canada slaughtered 10 000 sheep and buried them in large open pits rather than truck them to the market to be sold. What would most likely explain this behaviour?
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Use the figure below to answer the following question.
Figure 11.3.3
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Use the information below to answer the following questions.Fact 11.1.1 Money in the BankTwo gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station. Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas. When Sheetz raises the price, Rutter's pumps are busy. When Sheetz lowers prices, there's not a car in sight. Both gas stations survive but each has no control over the price.Source: The Mining Journal, May 24, 2008Refer to Fact 11.1.1. These gas stations operate in a ________market.
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Use the information below to answer the following questions.Fact 11.4.1Franklin is a fiddlehead farmer. He sold 10 bags of fiddleheads last month, with total fixed cost of $100 and total variable cost of $50.Refer to Fact 11.4.1. If the price of fiddleheads last month was $15 per bag, Franklin
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