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I got a these questions wrong on an assignment and I need some help with the answers that are labelled incorrect. The marginal costs (MC),
I got a these questions wrong on an assignment and I need some help with the answers that are labelled incorrect.
The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a firm are shown in the figure below. Instructions: Use the tool provided 'Profit/Loss' to illustrate the area of profit (or loss) that occurs at the profit-maximizing level of output. Drag the points to move or resize. Your Graph Score: 0% Price/Cost Sample Answer $50 MC MC PLA -P = MR ATC $40 $36 Pt. A P = MR Profit ATC $30 AVC 10 20 30 40 50 Click to enlarge $20 $10 Pt. A Profit / Loss 34 Profit 10 20 30 40 50 QuantityThe marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a firm are shown in the figure below. The market price is $6. Instructions: Use the tool provided 'Pt. A' to plot the quantity where marginal revenue intersects marginal cost. Then use the tool provided 'Profit/Loss' to illustrate the area of profit (or loss) that occurs at this level of output. Drag the points to move or resize. Your Graph Score: 100% Price/Cost Sample Answer $60 MC $50 Profiv/bess $40 ATC AVC FLA $30 _ Profit/Loss 10 30 Click to enlarge $20 $10 Pt. A Pt. A Profit / Loss 0 10 20 30 40 50 60 QuantityAw: 10 ED 3|] an 50 {30 Click to enlarge '31:.7'35 v.9 P1. A Prot (\"Loss Quantity Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign [) in front ofthose numbers. a. At Pt. A. profit is: $ 252 o. b. To maximize prots, the firm should produce: 22 0 units. Price/Cost $50 $40 P=$30 $30 $20 $10 a. If the market price is $30, this firm is b. Firms will 10 enter MC ATC AVG 20 30 40 50 Quantity earning positive profits 0. o the market, which will cause the demand curve increase (shift outward) l'blluPlLID I.\" u The table below shows cost information for a perfectly competitive rm. Average Variable Quantity Marginal Cast Cost Average Total Cost use 29.99 19.99 14.99 27.99 12.83 16.16 35.99 16.99 18.86 The shortrun supply curve for the firm is the The longrun supply curve for the rm is the marginal cost 0 curve if price is greater than or equal to $ average total cost 0 curve if price is greater than or equal to $ 12 The monthly average variable costs, average total costs, and marginal costs for Alpacky. a typical alpaca woolmanufacturing firm in Peru, are shown in the table below. All rms in the industry share the same costs as Alpacky, and the industry is in longrun equilibrium. Output (units of wool) AVC ($) ATC ($) MC ($) 29.99 14.99 16.99 18.99 22.99 Instructions: Round your answer to two decimal places. Given that the market is in longrun equilibrium, the market price is: $ 21.50 0- For a perfectly competitive industry with identical firms, the longrun industry supply curve is: perfectly elastic. horizontal. 9 based on minimum average costs. All of these are characteristics of the longrun supply curve. Which of the following best describes the longrun supply curve? A horizontal line at minimum ATC a An upwardsloping line A horizontal line at minimum AVC A vertical line at minimum AVC A vertical line at minimum ATCStep by Step Solution
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