(Answered) 1 fill in the following table if the market price is 140

Economics

1. Fill in the following table if the market price is $140 and the firm is operating within perfect (or pure) competition:

Total Output (Q)	TFC	TVC	TC = TFC + TVC	MC	Total Revenue = (P x Q)	MR = Change in TR	Profit = TR - TC
0	100	0		N/A	0	N/A
1		120		120	140	140
2		200
3		290
4		440
5		600

2. Based on the data from #1, what is the quantity that this perfectly competitive firm will produce? Name the method you used to determine the answer.

3. Provide an example of a perfectly competitive industry? What characteristics does it have which support your conclusion?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92384555
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question assume that the government levied a 10 tax on the

Question: Assume that the government levied a $10 tax on the consumers of mangoes. Illustrate graphically the different economics effects of the tax. 10. What are the characteristics of a laissez Faire system? What diffe ...

Question we said earlier that the invention of liability

Question: We said earlier that the invention of liability insurance was a precondition for the creation of value that resulted from driving. But because liability insurance also encourages drivers to take additional risk ...

Question what is the marginal tax rate of a corporation

Question: What is the marginal tax rate of a corporation with a taxable income of $250,000 based on the tax table in your equation sheet? The response must be typed, single spaced, must be in times new roman font (size 1 ...

Question - for the following questions write whether the

Question - For the following questions write whether the statements are true or false and give full justification for your answer. (a) For a given income level, it is not possible to have both good 1 and good 2 as luxury ...

Question the market supply function is p 10 q and the

Question: The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the size of the deadweight loss (DWL) associated with a minimum floor price of $40? The response must be typed, si ...

Question suppose the us government decides to reduce

Question: Suppose the U.S. government decides to reduce military spending. Using the Simple Keynesian model, describe graphically the impact of this event on equilibrium real GDP. If equilibrium real GDP was equal to its ...

Question you are an economist who wants to know how risk of

Question: You are an economist who wants to know how risk of on-the-job injury affects peoples' wages. Studying construction workers (who have a substantial risk exposure), you discover that they earn very little more th ...

Question give an original concise but thorough answer to

Question: Give an original concise but thorough answer to the following questions. a. Compare the shareholder and stakeholder models of corporate governance. Which one seems to predominate today? What implications does t ...

Question evaluate whether new nations depend of strong

Question: Evaluate whether new nations depend of strong governments to succeed. Take a position on whether strong governments are necessary to ensure stability and prosperity for new nations. Be sure to define what makes ...

Question what is the lucas critique what are rational

Question: What is the Lucas critique? What are rational expectations and how do they relate to the Lucas critique? What does it suggest might be a problem with activist and discretionary policy? The response must be type ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert