The following is a graph of Albert’s Sweet Potato Farm located in Bensenville Arkansas which is a perfectly

Question

The following is a graph of Albert’s Sweet Potato Farm located in Bensenville, Arkansas which is a perfectly

competitive firm.

Answer the following questions based on this graph:

a. What is the profit maximizing price for this firm? Profit maximizing output?

b. Will Albert’s Sweet Potato Farm earn a profit?

c. If Albert’s Sweet Potato Farm is earning a profit, how much profit is being earned?

d. What is the amount of marginal revenue? Average revenue?

e. What is the amount of average total cost (ATC)?

f. How much total profit is being earned by Albert’s Sweet Potato Farm? Total cost?

g. What are the characteristics for a perfectly competitive firm?

Microeconomics

Determining whether the market structure of Johnson &amp

Johnson (company) operates is perfectly competitive,

Question

Determining whether the market structure of Johnson Johnson (company) operates is perfectly competitive,

monopolistic competitive, oligopolistic, or monopolistic. Justify your response (MBA 502)

Microeconomics

Could you please check my homeworkConsider two countries Portugal and England that produce

Question

Could you please check my homework

Consider two countries, Portugal and England, that produce

two goods, wine and cheese, with only one factor of production, Labor. In Portugal, one unit of labor can produce 2 units of wine or 1 unit of cheese. In England, one unit of labor can produce 2 units of wine or 4 of cheese. There are 100 units of labor in Portugal, and 100 in England. Countries share the same tastes, and there is perfect competition.

1. Fill in the following table:

2. Which country has a an absolute advantage in wine? In cheese? Which country has a comparative advantage in wine? In cheese?

· England has an absolute advantage in cheese

· Portugal has a comperative advantage in wine

· England has a comperative advantage in cheese

Microeconomics

I want microeconomics topic summary done in 12 hours the topic is your choice I need any recent topic summary

Question

I want microeconomics topic summary done in 12 hours. the topic is your choice. I need any recent topic summary

with:

1) NO Plagiarism

2) APA format 1 and a half page

3) good grammer

I have attached the checklist too. please be quick and answer the question.

Running head: MONOPOLY 1 Monopoly
Student’s Name
Institution MONOPOLY 2
Introduction Monopoly is a market where firms have complete power, and there is no competition at
all. In this occurs in a…
Economics

A centrally planned economy is also called a market economy true or face a

Question

a centrally planned economy is also called a market economy:

true or face

a

college student faces no opportunity cost if her parents pay her college tuition and her living expenses:

true or false

the production possibilities curve is immovable, meaning it is fixed regardless of the availability of resources:

true or false

a microeconomic model must be much smaller in size than a macroeconomic model:

true or false

a mixed system is an economy with only private industries:

true or false

a model gives the most realistic description of the real world:

true or false

a change in the quantity supplied is reflected by a shift of the supply curve:

true or false

Microeconomics

1

If firms that remain in a perfectly competitive market over the long-term must make zero

Question

1. If firms that remain in a perfectly competitive market over the long-term must make zero

profit, why do firms choose to remain in the market?

Microeconomics

P a b l o I s a n a r t I st who has a very unique style of painting

It is so unique that no one can

Question

t h e Herald Sun Newspaper, a study by the Centre for International Finance found that Australian monopolies perform better compared to monopolies elsewhere. Surprisingly, the research found that companies with monopoly power in Australia were three times more likely to invest in research and development than companies in competitive markets. Which of the following are valid explanations for the existence of monopolies?
Microeconomics

Suppose that in the United States producing a car takes 10 000 hours of labor andproducing a shirt takes 2

Question

Suppose that in the United States, producing a car takes 10,000 hours of labor and

producing a shirt takes 2

hours of labor. In China, producing a car takes 40,000 hours of labor

and producing a shirt takes 4 hours of labor.

a. What is the opportunity cost of producing 1 car for the United States? Repeat the

same computation for China.

b. What is the opportunity cost of producing 1 shirt for the United States? Repeat the

same computation for China.

c. Which country has a comparative advantage in producing cars?

d. Which country has a comparative advantage in producing shirts?

e. Can these countries benefit from trade? Explain.

f. If they trade, which country would export which product?

g. What are the range of prices the countries would trade?

Microeconomics

I need help understanding how to do the following problem regarding microeconomics and indifference curves

Question

I need help understanding how to do the following problem regarding microeconomics and indifference curves:

(1) For the following utility functions sketch indifference curves for all of them and give the equation of the indifference curves corresponding to utility level k when possible (this is when you can express x2 as a function of x1).

(a) u(x1,x2) = min{x + 3y,max{2x,x + y}}

Microeconomics

The demand for tylenol a chemical sold in a perfectly competitive market is given by Q = 200 2P where the

Question

the demand for tylenol, a chemical sold in a perfectly competitive market, is given by Q = 200 – 2P, where the

quantity is measured in pounds. the private marginal cost is MC = 20 + 0.75Q, but producing this chemical also leads to an external marginal damage of MD = 5 + 0.25Q.

What is the equilibrium price and quantity of this good if the externality is ignored?

Microeconomics

This is a homework for my Advanced Microeconomics class! There are 16 questions (most of them are short) It does

Question

This is a homework for my Advanced Microeconomics class! There are 16 questions (most of them are short). It does

not have to be long explanation. Just some graphs and simple explanations are okay. Please help, final is next week _.

MONOPOLY, PRICE DISCRIMINATION AND MONOPOLISTIC COMPETATION.
1.) MC price
ATC Quantity
CONSUMER SURPLUS DEADWEIGHT LOSS
PM D
MC
PRODUCER PC
SURPLUS
MR QUANTITY The elasticity rule applying in…
Economics

What happens to the dry bulk shipping and shipbuilding markets when world commodity exports are hit by a strong

Question

What happens to the dry bulk shipping and shipbuilding markets when world commodity exports are hit by a strong

decline in commodity prices? How would this affect the shipping freight rate and output level in the short term and the long term?

What would happen to the ship building market? what is the relationship between the shipping and shipbuilding markets?

Microeconomics

A Calculate marginal cost If the

Question

A.Calculate marginal cost. If the

price of a barrel in the market is $20, how many barrels will the firm produce?

b. Suppose the price in the market falls to $12 per barrel. How many barrels will this firm produce in order to maximize profits?

c. Suppose an improvement in technology shifts total costs down by $8 at every level of production. How much will the firm produce and what will profits be at a price of $20 and at a price of $12?

Microeconomics

Topic Market Structures

Part One:

Determine what type of firm and market structure. Is it a

Question

Topic: Market Structures

Part One:

Determine what type of firm and market structure. Is it a

monopoly, oligopoly or monopolistic competitive. What characteristics (a minimum of 3) does the company have that proves the market structure? List and describe briefly

  • Samsung

Part Two:

Draw a graph showing the market structure you have stated in Part One, the graph needs to be inserted within the paper. You should find information about the profits of the company. The graph should reflect the firms current earnings but does not need to be number specific.

Microeconomics

An individual seller in a competitive market A has control over the price but no control over the quantity

Question

An individual seller in a competitive market:

A. has control over the price but no control over the quantity

it sells

B. has control over the quantity it sells but no control over the price

C. has no control over the quantity it sells or the price

D. has control over both the quantity it sells and the price

If a market has a monopoly, that market has:

A. no firm

B.one firm

C. a large number of firms

D. a few firms

For a firm in the competitive market, marginal revenue is always equal to
Microeconomics

1 The marginal revenue product of an input is determined by multiplying the marginal physical product of an

Question

1. The marginal revenue product of an input is determined by muiplying the marginal physical product of an

additional unit of input by the input’s cost.

True

False

2. Financial markets, which are sources of financial capital, include banks, bond markets and stock markets.

True

False

3. Human capital only increases when workers have college degrees.

True

False

Microeconomics

Hello I have these 2 questions with answers and I would like to have the detailed explanationThank you

Question

Hello I have these 2 questions with answers and I would like to have the detailed explanation

Thank you

1) 8-60

If accounting profits for a firm are 20% of output, and the opportunity cost of financial capital is 8% of output,

then what do the firm’s economic profits equal?

a) 6% of output

b) 8% of output

c) 12% of output

d) 10% of output

Correct answer : c)

2) 8-64

In a perfectly competitive market setting, which of the following would be a true statement?

a) Market price automatically sets itself exactly at equilibrium.

b) Wage rates trend toward marginal revenue product levels.

c) Wage rates mirror marginal revenue product levels exactly.

d) Market price rarely trends toward the equilibrium value.

Answer : b)

Microeconomics

Construct a graph with a typical monopoly’s average marginal and demand curves on it Identify the profit

Question

Construct a graph with a typical monopoly’s average, marginal and demand curves on it. Identify the profit

maximizing output and price, total revenue, cost and profits.

MC
Profit man output = (*
The intersection of MRZMC
ATE
profit man price z p* is
defined on the demand curve
ATCH
TR= Q* pt. an area 0Q*8p*
Te = Q* ATC an area Data Are#
IT = TR-TC am D, ATCX a….
Microeconomics

When a firm has maximized profits

it has also minimized total costs

.the marginal product of each

Question

When a firm has maximized profits,

it has also minimized total costs

.the marginal product of each

input is also maximized

.the marginal physical product is greater than the input price for all inputs.

its marginal cost is zero.

Microeconomics

4) A firm operating in a monopolistically competitive market faces demand and marginal revenue

Question

4) A firm operating in a monopolistically competitive market faces demand and marginal revenue

curves as given below:

P = 14 – 0.1Q MR = 10 – 0.2Q

The firm’s marginal cost curves is:

MC=-10+.4Q

where P is in dollars per unit, output rate Q is in units per time period, and marginal cost MC is in dollars.

a. Determine the price and output rate that will allow the firm to maximize profit or minimize losses.

Microeconomics

Microeconomics assignment Need completed by Tuesday

Question

Microeconomics assignment. Need completed by Tuesday.

BU224 Unit 4 Assignment Template:
Name:
Course Number:
Section Number:
Unit Number:
Date: -4
– ———————————-General Instructions for all…
Economics

As you can see I have already filled in some information but I really filled in as much as I could figure out Im

Question

As you can see, I have already filled in some information but I really filled in as much as I could figure out. Im

having a hard time computing the rest and figuring out how to solve for them.

What will profit or loss be per unit? loss or profit?

per firm?

will this industry expand or contract in the long run?

Assume that the following cost data are for a purely competitive producer:
Total Product
Average Fixed
Average
Average Total
Cost
Variable Cost
Cost
Marginal Cost
0
na
0.00
0.00
na
60.00
45.00
105.00
45.00
2
30.00
S
42.50
72.50
40.00
20.00
S
40.00
60.00
35.00
4
15.00
S
37.50
52.50
30.00
12.00
S
37.00
49.00
35.00
6
10.00
S
37.50
47.50
40.00
7
8.57
S
38.57
47.14
45.00
8
7.50
S
40.63
48.13
55.00
6.67
43.33
50.00
65.00
10
6.00
S
46.50
S
52.50
$
75.00
Microeconomics

Hi Can you please help me to answer these questions? I am thinking these are right anwers 1 A 2 B 3 D

Question

decreases the demand faced by that firm

4. Oligopolies often create:

A. productive efficiency.

B. allocative efficiency.

C. welfare loss.

D. None of these

E. All of these

5. Current anti-trust legislation limits:

A. only vertical mergers.

B. only horizontal mergers.

C. both vertical and horizontal mergers.

D. only monopolies.

E. both monopolies and monopolistic competitors.

Microeconomics

I’m writing a position paper that has to support a particular point of view concerning a topic in microeconomics

Question

I’m writing a position paper that has to support a particular point of view concerning a topic in microeconomics.

The topic I choose is below., along with the objectives and assignment requirements.

  • The pros and cons of global trading partnerships

OBJECTIVES: This assignment has three major objectives. The first is to increase your familiarity with an issue of economic policy and the arguments that surround that issue. The second is to increase your familiarity with sources of information. The third is to help you improve an important intellectual skill: writing a clear and convincing argument supported by reliable evidence.

ASSIGNMENT: must deal with a matter of economic policy or practice encountered in the operations of the individual, firm, or market.

*Please note I submitting my tutor’s work as my own, I am only asking for some help with completing and understand my topic and assignment. – Thank you ahead of time.

Microeconomics

Are the goods that businesses offer for free to consumers also free to society?Yes because

Question

Are the goods that businesses offer for free to consumers also free to society?

Yes, because

the individual consumer does not have to pay for them.

Yes, because the marginal benefit is greater than the marginal cost.

No, because scarce resources were used to produce the free goods.

No, because society does not assign a value to free goods.

Microeconomics

Number of Apples 1 2 3 4 5 6 7 8 9 10Total Utility 7 13 18 22 25 27 28 28 27 25Marginal Utility

Question

Number of Apples 1,2,3,4,5,6,7,8,9,10

Total Utility: 7,13,18,22,25,27,28,28,27,25

Marginal Utility:

7,6,5,4,3,2,1,0,-1,-2

a)at what point does diminishing marginal utility set in?

b)If apples were freely given away at zero cost, how many apples would she choose to consume?

c) if janet is at her maximum utility from apple consumption, what will happen to her level of utility if she consumes an additional apple?

Microeconomics

In graph form how do I calculate the profit maximizing level of output and the shutdown prices in the short/long

Question

In graph form, how do I calculate the profit maximizing level of output and the shutdown prices in the short/long

term run and the supply curve?

Widgets
Fixed Variable
Total
Average | Average | Marginal , Price
Profits
Produced
Costs
Costs
Costs
Variable
Total
Cost
= MR
Cost
Cost
O
25
0
25
0
0
0
10
-15
25
8
33
8.00
33.00
8.00
10
-23
25
15
40
7.50
20.00
7.00
10
-20
25
23
45
7.67
16.00
8.00
10
-15
25
32
57
8.00
14.25
9.00
10
-17
25
42
67
8.40
13.40
10.00
10
-17
25
53
78
8.83
13.00
11.00
10
-18
25
65
90
9.29
12.86
12.00
10
-20
25
78
103
9.75
12.88
13.00
10
-23
25
92
117
10.22
13.00
14.00
10
-27
Microeconomics

Issues in Liner Shipping explains the nature and the pricing methods in container shipping namely average cost

Question

Issues in Liner Shipping, explains the nature and the pricing methods in container shipping, namely average cost

pricing, marginal cost pricing, and price discrimination. In each of the following situations, identify the most relevant pricing method(s) and justify your answer.

a) The liner shipping company has substantial market power in the region it serves but demand for container shipping is low.

b) Demand for container shipping is high but there are a number of competitors in the market offering similar services.

Microeconomics

Hi i need some help with this question Thank you so much When making economic decision which

Question

Hi, i need some help with this question. Thank you so much.

When making economic decision which

of the following statements is most accurate toward achieving the best resu?

A) Total benefit should exceed total cost

B) Marginal and marginal benefit must be equal

C) Marginal benefit should always outweigh marginal cost

D) Restrictions on trade can maximize utility

Microeconomics

Need help with the first part (1)

Question

Need help with the first part (1).

Consider the following production function:
f (21, $2) =2142
1-a
1. Solve the cost minimization problem of the firm.
2. Show that for a = 0.5 the cost function of the firm is given by c(y) = 2 (w1w2)
y.
Microeconomics