(Answered) A firm faces the demand for its product as shown in the

Management Studies

A firm faces the demand for its product, , as shown in the figure below. It produces under conditions of constant costs in the long run, and LMC = LAC = $12 per unit. Answer the next 5 questions using this information.

1. A firm faces the demand and cost conditions for its product given in the figure. If the firm must set a uniform price for the good, what price will it set to maximize its profit in the long run?

A. $12

B. $24

C. $25

D. $30

E. none of the above

2. At the profit-maximizing uniform price, the firm earns economic profit of when it engages in uniform pricing.

A. $3,872

B. $4,728

C. $4,874

D. $5,428

E. none of the above

3. Under uniform pricing, consumers enjoy $ of consumer surplus.

A. $1,872

B. $1,936

C. $2,474

D. $2,500

View complete question

Business Management, Management Studies

Category:- Business Management
Reference No.:- M92300502
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Management

What are costcos key success factors ksfs which of the 11

What are Costco's key success factors (KSFs) ? Which of the 11 sociotechnical principles can be seen in Costco?

In a perfectly competitive model firms are price takers

In a perfectly competitive model firms are price takers, total revenue for the perfectly competitive firm is equal to pq. Derive marginal revenue and average revenue.

Colored cosmetics is a mineral cosmetics company that ships

Colored Cosmetics is a mineral cosmetics company that ships their custom-blended products all over the world. The company produces various colors of lipsticks, eyeliners, eye shadows, blushes, and foundations. You are th ...

Feisla inc is a manufacturer of high-end smartphones it

Feisla Inc. is a manufacturer of high-end smartphones. It therefore caters only to the upper class and the upper middle class. However, the company soon realizes that it has enormous growth potential among middle-class c ...

Instructor instructorname instructoremail biography

INSTRUCTOR (InstructorName, InstructorEmail, Biography, Specialty) TIMETABLE (SessionID, DayAndTime, NumberOfPlaces, ClassName, VenueName, InstructorName) Give the SQL to record the fact that all the sessions of the Cycl ...

The balanced scoreboard approach has gained popularity in

The balanced scoreboard approach has gained popularity in recent years. What is this approach and how does it integrate strategic and operational control?

1 what is an entrepreneur and how is the entrepreneur

1. What is an entrepreneur? and How is the entrepreneur different from the inventor, promoter, and administrator? 3. What is intrapreneurship? and How can it be enabled in an organization?

Alcohol use disorder aud is among the most prevalent mental

Alcohol use disorder (AUD) is among the most prevalent mental disorders worldwide, and is often a co-morbid factor complicating (or exacerbating) other psychological disorders. Please answer the following questions. 1. D ...

Can you tell me the differences in leading and controlling

Can you tell me the differences in leading and controlling in the four functions of business?

What steps has whole foods taken in approprately planning

What steps has Whole Foods taken in approprately planning strategy? Assuming WFoods must develop a new business model, how should they go about this?

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 Business Management Expert