Solved

Consider a Competitive Industry and a Price-Taking Firm That Produces

Question 45

Multiple Choice

Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.The profit loss) is A) $2,600 B) $2,000 C) $4,000 D) $3,250 E) none of the above Supply: Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.The profit loss) is A) $2,600 B) $2,000 C) $4,000 D) $3,250 E) none of the above where Q is quantity,P is the price of the product,M is income,and Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.The profit loss) is A) $2,600 B) $2,000 C) $4,000 D) $3,250 E) none of the above is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.The profit loss) is A) $2,600 B) $2,000 C) $4,000 D) $3,250 E) none of the above for 2015: Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.The profit loss) is A) $2,600 B) $2,000 C) $4,000 D) $3,250 E) none of the above The manager also estimates the average variable cost function to be Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.The profit loss) is A) $2,600 B) $2,000 C) $4,000 D) $3,250 E) none of the above Total fixed costs will be $2,000 in 2015.The profit loss) is


A) $2,600
B) $2,000
C) $4,000
D) $3,250
E) none of the above

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q40: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2562/.jpg" alt=" The graph above

Q41: A consulting company estimated market demand and

Q42: The table below shows a competitive firm's

Q43: An industry is in long-run competitive equilibrium.The

Q44: Suits Only,a dry cleaning firm that specializes

Q47: In a perfectly competitive market<br>A)a firm faces

Q48: a price-taking firm,marginal revenue<br>A)is the addition to

Q49: The short-run market supply in a perfectly

Q50: A consulting company estimated market demand and

Q71: A firm in a competitive industry faces