ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025
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MATCHING DEFINITION
The amount of a good or service that is demanded
and sold in market equilibrium.
MATCHING DEFINITION
A market structure in which many firms sell a
homogenous product or service with no restrictions on entry or exit and each
firm is a price-taker.
MATCHING DEFINITION
The excess of the amount received from the sale
of a good or service over the cost of producing it. It is calculated as the
price of a good minus the marginal cost (or minimum supply-price), summed over
the quantity sold.
The next 3 questions refer to the following total cost schedule for a competitive firm:
If market price is $60, the maximum profit the firm can earn is $ .
If market price is $50, the maximum profit the firm can earn is $ .
If market price is $30, the firm will produce units of output.
The next 3 questions refer to the following:
The table below shows a competitive firm's short-run production function. Labour is the firm's only variable input, and market price for the firm's product is
The sixth unit of labour adds $ to the firm's total revenue.
If the wage rate is $200, the firm will employ units of labour.
If market price for the firm's product increases to $7, at the same wage rate of $200 the firm will earn a profit of $ .
The figure above shows cost curves for a perfectly competitive firm.
Suppose that market price is $3.70. A firm producing 900 units of output should produce units of output instead, to earn profits of $ .
A profit-maximizing firm will break even when market price is $ .
If market price is $1.70, a profit-maximizing firm will produce units of output and earn profits of $ .
The graph shows the short-run cost curves for a firm in a perfectly competitive market.The firm's only variable input is labour and the wage rate is $25.
If market price is $5:
- profit-maximizing level of output is .
- Total Fixed Cost is $ .
- Total Variable Cost is $ .
- for the profit maximizing output the firm should hire units of labour.
- the firm's profit is $ .If market price is $3:
- profit-maximizing level of output is .
- the firm's profit is $ .
If market price is $2:
- profit-maximizing level of output is .
- the firm's profit is $ .
The figure shows MC, MR and ATC curves for Joe’s Good Enough Cafeteria, a firm that operates in a competitive market.
If the firm is producing 17 units of output, increasing output by one unit would the firm’s profit by $
In SHORT RUN equilibrium quantity is and profit is $ .
Joe’s LONG RUN equilibrium quantity will be and profit will be $ .
The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in LONG–RUN equilibrium.
The long-run equilibrium price of the product is $ .
In long-run equilibrium the firm will produce units.
In long-run equilibrium the firm will earn $ economic profit.
The graph on the left shows the short-run cost curves for a firm in a perfectly competitive market.The graph on the right shows the current market conditions in this industry.The firm's only variable input is labour and the wage rate is $4.5.
Marginal Revenue for the FIRM from selling the 46th unit of output is $ .
In order to maximize profit, the firm should produce units.
Total Revenue at the profit-maximizing level of output is $ .
Total Cost at the profit-maximizing level of output is $ .
The maximum profit the firm can earn is $ .
The number of firms in this market is .
What do you expect to happen in the long-run?
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