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ECON-1010-D1/D2-Introduction to Microeconomics
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Which equation is consistent for a competitive firm?
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Use the table below to answer the following question.
Refer to Table 11.4.1. The top table shows the market demand schedule for paper. The market is perfectly competitive and there are 1,000 firms that produce paper. Each firm has the costs shown in the bottom table when it uses its least-cost plant. The market price in the long run is ________ a box and the equilibrium quantity produced in the long run is ________ boxes a week.
Table 11.4.1
| Price(dollars per box) | Quantity demanded(thousands of boxes per week) |
| 3.65 | 500 |
| 5.20 | 450 |
| 6.80 | 400 |
| 8.40 | 350 |
| 10.00 | 300 |
| 11.60 | 250 |
| 13.20 | 200 |
| Quantity(boxes per week) | Marginal cost(dollars per additional box) | Averagevariable cost(dollars per box) | Averagetotal cost(dollars per box) |
| 200 | 6.40 | 7.80 | 12.80 |
| 250 | 7.00 | 7.00 | 11.00 |
| 300 | 7.65 | 7.10 | 10.43 |
| 350 | 8.40 | 7.20 | 10.06 |
| 400 | 10.00 | 7.50 | 10.00 |
| 450 | 12.40 | 8.00 | 10.22 |
| 500 | 20.70 | 9.00 | 11.00 |
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Suppose that in a perfectly competitive industry, the market price of the product is $12. Firm A is producing the output level at which average total cost equals marginal cost, both of which are $10. To maximize its profits, Firm A should
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Which one of the following is NOT one of the key decisions a perfectly competitive firm has to make?
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Use the figure below to answer the following questions.
Figure 11.2.2
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The figure represents the short-run production decision of a perfectly competitive firm. Firms are making an economic
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Which of the following production decisions is a profit-maximizing firm in a competitive market most likely to take when price falls below the minimum of average variable cost?
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Use the table below to answer the following questions.
Table 11.2.3
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In a perfectly competitive industry, the market price is $8. An individual firm is producing the output at which MC = $8. AVC at that output is $10. What should the firm do to maximize its short-run profits?
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Use the figure below to answer the following question.
Figure 11.3.5
Refer to Figure 11.3.5, which shows the cost curves and the marginal revenue curve for a perfectly competitive firm. To maximize profit, the firm produces ________ units of output and the price is ________ a unit.0%
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