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ECON-1010-A-Introduction to Microeconomics

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Table 11.2.1

The three columns of the table are titled Output in units per day, Total revenue in dollars, and Total colst in dollars.The rows display the data as follows:0; 0; 141; 30; 402; 60; 603; 90; 734; 120; 965; 150; 1336; 180; 1807; 210; 230

Refer to Table 11.2.1, which gives the total revenue and total cost schedules of a perfectly competitive firm. What is the firm's marginal revenue from the sale of the 4th unit of output?
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The horizontal axis represents Quantity in units. The vertical axis represents Price and cost in dollars per unit. A horizontal line at y equals P1 is labeled MR. An upward-sloping curved line that becomes steeper is labeled MC.A u-shaped curve is labeled ATC.The MC curve intersects the ATC curve at the ATC curve's minimum. The two curves intersect above the MR line.The MC curve intersects the MR curve to the left of the intersection of the MC and ATC curves.

Figure 11.4.4

Refer to Figure 11.4.4, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. How will this market change in the long run?

In the long run,
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Table 11.2.3

The two columns of the table are titled Output in balloons per hour and Total cost in dollars per hour.The rows display the data as follows:0; 4.001; 7.002; 8.003; 12.504; 17.205; 22.006; 29.00

Refer to Table 11.2.3, which gives the total cost schedule for Brenda's Balloon Shop, a perfectly competitive firm. What is Brenda's marginal cost of increasing production from 4 balloons an hour to 5 balloons an hour?
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YesDonuts, a perfectly competitive firm, has determined that its profit-maximizing quantity is 10,000 donuts per year. If YesDonuts' total revenue is $12,000 a year. and its costs per year are $16,000 rent on its store and $5,000 for ingredients, will YesDonuts exit the market in the long run?
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Table 11.2.3

The two columns of the table are titled Output in balloons per hour and Total cost in dollars per hour.The rows display the data as follows:0; 4.001; 7.002; 8.003; 12.504; 17.205; 22.006; 29.00

Refer to Table 11.2.3, which gives the total cost schedule for Brenda's Balloon Shop, a perfectly competitive firm. What is Brenda's average variable cost of producing the 1 balloon per hour?
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A firm in a perfectly competitive industry is maximizing its economic profit in the short run by producing 500 units of output. At 500 units of output, which one of the following must be false? 
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Table 11.2.3

The two columns of the table are titled Output in balloons per hour and Total cost in dollars per hour.The rows display the data as follows:0; 4.001; 7.002; 8.003; 12.504; 17.205; 22.006; 29.00

Refer to Table 11.2.3, which gives the total cost schedule for Brenda's Balloon Shop, a perfectly competitive firm. What is Brenda's marginal cost of increasing production from 4 balloons an hour to 5 balloons an hour?
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If firms in a perfectly competitive market are making an economic profit in the short run, new firms will enter. How does the entry of new firms change the market?
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Table 11.2.4

The four columns of the table are titled Quantity in boxes per week, Marginal cost in dollars per additional box, Average variable cost in dollars per box and Average total cost in dollars per box.The rows display the data as follows:200; 6.40; 7.80; 12.80250; 7.00; 7.00' 11.00300; 7.65; 7.10; 10.43350; 8.40; 7.20; 10.06400; 10.00; 7.50; 10.00450; 12.40; 8.00; 10.22500; 20.70; 9.00; 11.00

Refer to Table 11.2.4, in which 1,000 firms produce paper in a market that is perfectly competitive. If the market price is $8.40 a box, how much paper does a firm produce and what is its economic profit?

Each firm produces ________ boxes a week and ________.
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A graph titled, price and cost (dollars per unit) versus quantity (units).The graph plots two convex curves and a horizontal line. The first convex curve that falls from top left to mid-bottom passes through (10, 12) and rises through mid-bottom to top right is labeled, A T C. The second convex curve that rises from bottom left to mid-top passes through (10, 12). The curve increases through mid-top to the top right is labeled M C. Both the curves intersect each other at point (10, 12). A horizontal line that starts from (0, 10) to (10, 10) is labeled M R.

Figure 11.3.1

Refer to Figure 11.3.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry. In the short run, which of the following events will occur?

The firm will
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