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I need help on these 5 microeconomic questions: Question 26 (2.5 points) The market for corn is perfectly competitive, and an individual corn farmer faces
I need help on these 5 microeconomic questions:
Question 26 (2.5 points) The market for corn is perfectly competitive, and an individual corn farmer faces the cost curves shown in the accompanying gure. If the price of a bushel of corn in the market is $14, then the farmer will produce ______ of corn and earn an economic ______ equal to ______. 1, ATC ,0 AVG 0 I 2 3 4 5 6 7 Omntltyotcornmn Choose the best answer from the options below. 4 bushels; prot; $0 0 O 4 bushels; prot; just less than $80 per bushel 2 bushels; prot; $0 0 O 2 bushels; loss; just more than $80 per bushel Question 27 (2.5 points) Consider the perfectly competitive market for sports jackets. Suppose the demand and supply for sports jackets are as follows: Demand: P = 20 0.005Q Supply: P = 0.005Q A representative rm in this market has a marginal cost, MC = 10Q. In the short run, the prot-maximizing output is _________ units for an individual rm and the equilibrium price is __________ . 0 None of the above Question 28 (2.5 points) Use the following graph to answer the next questions. The graph below shows the cost curves for coffee beans for a representative rm in the coffee bean market. Assume the market is perfectly competitive and the market price is currently $12. In the short run, this rm should produce Pm. \fQuestion 29 (2.5 points) In the short run, this firm's current total cost (TC) equals Price MC ATC 16 AVC 15 Price=12 10 14 20 25 Quantity\fQuestion 30 (2.5 points) Use the graph below to answer the next question. P From the graph above, which of the following statement is false? 0 Monopoly revenues are given by the area BCQ10 O The deadweight loss in this market is given by the area CEF O The total prot for this monopolist is given by the area BCED O The consumer surplus is given by the area ABC O The producer surplus is given by the area DEQ1OStep by Step Solution
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