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Define economic efficiency. Is a firm economically inefficient if it can cut costs by producing less? Why?
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- explain why a firm might want to produce its good even after diminishing marginal returns have set in and marginal cost is rising ?Will a profit-maximizing firm in a competitive market ever produce a positive level of output in the range where the marginal cost is falling? Give an explanation.Suppose that Nike's Fortnite concert led to a huge spike in economic profit. Why is it likely that this profit would be temporary?
- What is the relationship between economies of scale and the level of market competition?What is meant by the term economic efficiency. Explain in detail.Economists assume that by pursuing a strategy of cost minimization of production, most firms try to achieve profit maximization. Can you discuss the concept of an expansion path? If you can use a graph that would help me understand thank you
- Giocattolo is a profit-maximizing firm producing toy cars, which it can produce and sell in its home country, Italy, and abroad in Spain. The average cost (AC) curve on the following graph represents Giocattolo's cost of producing toy cars within one factory, whether in Italy or in Spain. COST (Dollars per toy car) 10 1 0 10 I 1 20 30 40 50 60 70 80 QUANTITY (Thousands of toy cars) AC 90 100 Suppose that at the current market price of toy cars, the demand for Giocattolo's product is 10,000 toy cars per year in Italy and 20,000 toy cars per year in Spain. (Hint: Select each point on the previous graph to see its coordinates.) (?) Based on Giocattolo's average cost curve, within one factory it can produce 20,000 toy cars at S per toy car, and produce the total of 30,000 toy cars at S per toy car. Complete the following table by indicating Giocattolo's total production cost for each scenario. Total Production Cost (Dollars) Scenario Produce 10,000 toy cars in Italy and 20,000 toy cars in…Suppose the market price of sugar is 22 cents per pound. If a sugar farmer produces 100,000 pounds, the marginal cost of sugar is 30 cents per pound. Is the farmer maximizing profit? If not, should the farmer produce more or less sugar?What is the average and marginal cost of gumball production
- The data in the following table give information about the price P (in dollars) for which a firm can sell a unit of output and the total cost of production, where quantity is q, total cost is C, marginal cost is MC, total revenue is R, marginal revenue is MR, and profit is T. Fill in the blanks in the following table. (Enter your responses using integers.) P= 60 P= 40 MC R MR R MR 100 |이 - 100 - 100 1 150 50 60 60 - 90 40 40 - 110 178 28 120 60 - 58 80 40 - 98 3 198 20 180 60 - 18 120 40 - 78 4 212 14 240 60 28 160 40 - 52 230 18 300 60 70 200 40 - 30 250 20 360 60 110 240 40 - 10 7 272 22 420 60 148 280 40 8 310 38 480 60 170 320 40 10 355 45 540 60 185 360 40 5 10 410 55 600 60 190 400 40 - 10 11 475 65 660 60 185 410 40 - 65 8 8 8 88888 88 8If the producers of rice wants to maximize profit up to what level of output will it produce and at what price? What condition should be met in order for the firms to efficiently produce this level of output?Consider the competitive market for steel. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. (?) 100 90 80 70 60 50 40 ATC 30 20 MCO AVC 10 + 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of tons) The following diagram shows the market demand for steel. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 30 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 40 firms. 100 90 Supply (20 firms) 80 70 E 60 Supply (30…