The correct answer is: $10Quantity of cherries (in pounds)Price per pound of cherriesTotal cost1$6$62$6$113$6$134$6$165$6$206$6$287$6$38The table above gives the total cost information for Hank and Helen’s cherry farm. They selltheir cherries in a perfectly competitive market, where the price is $6.00 per pound. If Hank andHelen produce and sell 6 pounds of cherries, what is their profit?The correct answer is: $8Quantity of cherries (in pounds)Price per pound of cherriesTotal cost1$6$62$6$113$6$134$6$165$6$206$6$287$6$38The table above gives the total cost information for Hank and Helen’s cherry farm. They selltheir cherries in a perfectly competitive market, where the price is $6.00 per pound. If Hank andHelen produce and sell 4 pounds of cherries, what is their total revenue?The correct answer is: $24Quantity of cherries (in pounds)Price per pound of cherriesTotal cost1$6$62$6$113$6$134$6$165$6$206$6$287$6$38The table above gives the total cost information for Hank and Helen’s cherry farm. They selltheir cherries in a perfectly competitive market, where the price is $6.00 per pound. If Hank andHelen produce and sell 6 pounds of cherries, what is their profit?The correct answer is: $8Quantity of Kiwifruit (kg)Price ($)Total Cost ($)1772713 Show The table above gives the total cost information for Hank and Helen’s cherry farm.They sell their cherries in a perfectly competitive market, where the price is $6.00 perpound. If Hank and Helen produce and sell 5 pounds of cherries, what is their profit? Select one:d. $10The assumptions of perfect competition imply that:Select one:D. individuals in the market accept the market price as given.Hank operates a perfectly competitive firm in the long run. For several periods themarket price has been $20, and he knows his break-even price is $22. Hank should:Select one:B. exit the industry, since he is making losses.[Q#6028]A perfectly competitive firm will maximize profit by:Select one:c. producing at the point at which marginal revenue equals the marginalcost of the last unit produced.Zoe's Bakery determines that P < ATC and P > AVC. Zoe should:Select one:D. continue to operate even though she is taking an economic loss.[Q#6032]QuantityPriceTotal Cost1$6.5$6 02$6.50$113$6.50$134$6.50$165$6.50$206$6.50$287$6.50$38The table above gives the total cost information for a perfectly competitive firm. Whatis the profit-maximizing quantity of output?Select one:d. 5 The market for breakfast cereal contains hundreds of similar products, such as FrootLoops, corn flakes, and Rice Krispies, that are considered to be different products bydifferent buyers. This situation violates the perfect competition assumption of:Select one:C. a standardized product. .Which of the following is a characteristic of a perfectly competitive firm?Select one:b. JorDawn cannot tell which farm the peaches came from-they all lookalike.Maximizing profits also means that a firm is attempting to:Select one:C. produce at the output level where the difference between total revenue and totalcost is the greatest.Consider a perfectly competitive firm in the short run. Assume the firm produces theprofit-maximizing output and that it earns economic profits. At the profit-maximizingoutput, all of the following are correctexcept:Select one:B. price is equal to average total cost.In the short run, as output gets larger and larger:Select one:b. the average variable cost curve gets closer and closer to the averagetotal cost curve.The long run refers to the period of time for which: Select one:b. all inputs are variable.A total product curve indicates the relationship between:Select one:c. a variable input and output.The idea of diminishing returns to an input in production suggests that if a localcollege adds more and more custodians, the marginal product of labor for thecustodial staff will ________ over time.Select one:c. decreaseA curve that shows the quantities of output that can be obtained from differentquantities of a variable input, assuming other inputs are fixed, is called the ________curve.Select one:c. total productIn the long run:Select one:a. the firm has time to change the level of all inputs. What is total cost in perfect competition?In perfect competition, any profit-maximizing producer faces a market price equal to its marginal cost (P = MC). This implies that a factor's price equals the factor's marginal revenue product. It allows for derivation of the supply curve on which the neoclassical approach is based.
Which of the following is the best example of a commodity in a perfectly competitive industry?Therefore, agriculture is the best example of a perfectly competitive market.
Does Mr Mc in perfect competition?A firm's total profit is maximized by producing the level of output at which marginal revenue for the last unit produced equals its marginal cost, or MR = MC. In a perfectly competitive market, MR is equal to the market price P for all levels of output.
When a firm's total revenue exceeds its total cost?When total revenue exceeds total cost, the firm earns an economic profit. Profit is maximized when the gap between total revenue and total cost is the largest, at 10 cans per day. Marginal analysis compares marginal revenue, MR, with marginal cost, MC.
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The table above gives the total cost information for a perfectly competitive firm
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