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Use the table below to answer the following questions.
Table 11.2.3
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Use the figure below to answer the following question.
Figure 11.2.1
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A profit-maximizing firm in a competitive market is able to sell its product for $9. At its current level of output the firm’s average total cost is $11. Its marginal-cost curve crosses the marginal revenue curve at an output level of 10 units. At that point, what does the firm experience?
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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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If price falls below minimum average variable cost, the best a firm can do is
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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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