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ECON-1010-A-Introduction to Microeconomics

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A graph of total revenue and total cost (dollars) versus quantity.In the graph, the vertical axis ranges from 0 to 400, increment of 100 units. A graph plots rising slope from bottom left to top right is labeled, T R and the convex curve that rises from (0, 50) passes through (Q sub 1, 100), (Q sub 2, 200), and (Q sub 3, 300) is labeled, T C. All values are estimated.

Figure 11.2.1

Refer to Figure 11.2.1, which shows a perfectly competitive firm's total revenue and total cost curves. Which one of the following statements is false?
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The horizontal axis represents quantity in frames per day and ranges from 0 to 45 with interval 5. The vertical axis represents price and cost in dollars per frame and ranges from 0 to 20 with interval 4.An upward-sloping curve that becomes steeper is labeled MC. The curve has points at (5, 4), (20, 8), (30, 12), and (35,16). Dotted lines are drawn from the points perpendicular to both axes.A u-shaped curve with its minimum at (30, 12) is labeled ATC.A u-shaped curve that lies below curve ATC and has a minimum at (20, 8) is labeled AVC.The MC curve intersects the ATC curve at (30, 12) and intersects the AVC curve at (20, 8).

Figure 11.3.4 

Refer to Figure 11.3.4, which shows the cost curves of Paul's Picture Frames Inc. The picture frame market is perfectly competitive. If the market price is $12 a frame, which of the following statements is correct?

Paul produces ________ frames a day and makes daily total revenue of ________.
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Table 11.1.1

The two columns of the table are titled Quantity in units per week and Price in dollars per unit. The rows display the data as follows:5; 156; 157; 15

Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm. If the firm sells 6 units per week, what is the firm's marginal revenue?
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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. Which of the following statements is correct?
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The horizontal axis represents Quantity in units per day. 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 below the MR line.The MC curve intersects the MR curve to the right of the intersection of the MC and ATC curves.

Figure 11.4.1

Refer to Figure 11.4.1, 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, market
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A graph of economic profit (dollars per day) versus quantity. A graph plots a continuous smooth curve that rises through closed points A (0, negative 30), B (20, 0), C (30, 30), and (40, 0). All values are estimated.

Figure 11.2.2

Refer to Figure 11.2.2, which shows a perfectly competitive firm's economic profit and loss. At which points is the firm making zero economic profit in the short run?
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A graph of economic profit (dollars per day) versus quantity. A graph plots a continuous smooth curve that rises through closed points A (0, negative 30), B (20, 0), C (30, 30), and (40, 0). All values are estimated.

Figure 11.2.2

Refer to Figure 11.2.2, which shows a perfectly competitive firm's economic profit and loss. At which point is the firm incurring an economic loss in the short run?
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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. Which of the following events occurs in the long run?

Each firm is
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The horizontal axis represents Quantity in units per day and ranges from 0 to 50 with interval 10. The vertical axis represents Price and cost in dollars per unit and ranges from 0 to 50 with interval 10. A horizontal line at y equals 40 is labeled MR. An upward-sloping curved line that becomes steeper and passes through (20, 30) and (30, 40) is labeled MC.A u-shaped curve is labeled ATC. The ATC curve minimum is at (20, 30).There is a point at the intersection of the MC curve and the ATC curve at (20, 30). Dotted lines are drawn from the point perpendicular to both axes.There is a point at the intersection of the MC curve and the MR curve at (30, 40). A dotted line is drawn from the point perpendicular to the x-axis.

Figure 11.3.5

Refer to Figure 11.3.5, which shows the cost curves and the marginal revenue curve for a perfectly competitive firm. To maximize its profit, what quantity does the firm produce and what is the market price?

The firm produces ________ units a day and the price is ________ a unit.
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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 total fixed cost?
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