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ECON-1010-D1/D2-Introduction to Microeconomics
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Use the table below to answer the following questions.
Table 11.1.1
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Assume a firm is producing 800 units of output and that it sells each unit for $6. Its average total cost is $4. What is its profit?
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A competitive market is in long-run equilibrium. If demand decreases, what can we be certain will happen to price?
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Average revenue (AR) for an individual firm in a perfectly competitive market equals
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Use the figure below to answer the following question.
Figure 11.4.4
Refer to Figure 11.4.4, which shows the cost curves for a perfectly competitive firm. If all firms in the market have the same cost curves and the price is $16 per unit,0%
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Homer's Holesome Donuts has determined that its profit-maximizing quantity is 10,000 donuts per year. Homer's total revenue from the sale of donuts is $12,000 a year. Homer's costs are $16,000 in annual rental payments for its five-year lease on its store and $5,000 for ingredients. Should Homer's exit the market in the long run?
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Use the table below to answer the following questions.
Table 11.2.1
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When a firm in a competitive market receives $500 in total revenue, it has a marginal revenue of $10. What is the average revenue, and how many units were sold?
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Use the figure below to answer the following questions.
Figure 11.4.2
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Use the figure below to answer the following questions.
Figure 11.4.3
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