PLEASE ANSWER ALL PARTS! THANK YOU 5*10 = 50) Please answer true or false and briefly...

PLEASE ANSWER ALL PARTS! THANK YOU

5*10 = 50) Please answer true or false and briefly explain, or fill in the blank

If at Q =15, AVC = $10, TFC = $100, then ATC at Q = 15 is equal to $_____. Show computations.

If at L = 2, Q = 125, and at L = 3 AP_L = 90, then at L = 3, MP_L = _____. Show computations.

Suppose TFC = $20. At Q = 3, TC = $110, and at Q = 4, AVC = $25. Then at Q = 4,

MC = $______. Show computations.

If hourly wage for a worker is equal to $20 and the marginal product of the worker (MPL) during that hour is 30 units, then the MC of each additional unit produced by the worker is $_____ . Show computations.

State True or False and briefly explain: The MC Curve is U shaped.

f. State True or False and briefly explain: The ATC Curve achieves its minimum at an output lower than the output at minimum average variable cost curve.

g.. State True or False and briefly explain: A firm in a perfectly competitive market is a price taker

State True or False and briefly explain: For a firm in a competitive market, P = MR..

State True or False and briefly explain: If MC is increasing, ATC will be increasing as well.

j. . State True or False and briefly explain: A competitive firm wishing to maximize short run profit will choose that output where MR = MC on the rising segment of the MC curve.

Solutions

Expert Solution

a) TVC = AVC*Q = 10*15 = $150
    TC= TVC+TFC = 150+ 100 = $250
thus ATC at this level of production = 250/15 = $16.67

b) at L=3 and APL=90
thus TPL at L=3 is (90*3) = 270
since MPL = change in output / change in labor
                = (270-125)/(3-2) = 145

c) at Q=4, TVC= AVC*Q = 25*4 = $100
and TC at Q=4 is TVC+TFC = 100+20 = $120
MC= change in total cost / change in quantity
       = (120-110) / (4-3)
       = $10

d) since w= $20 and MPL =30 units
MC= w/ MPL = 20/30 = .67

f) False ( ATC is at its minimum when MC=ATC)

g) True ( there are many buyers and many sellers in a perfectly competitive market thus they charge price equal to market price i.e., P=MR=MC and since price is fixed in this type of market as they are price taker)

h) True (since price is fixed in this type of market as they are price taker thus, P=MR=AR)

i) False (ATC depends on the level of MC i.e., if MC<ATC then ATC is falling whereas if MC>ATC then ATC is rising )

Rahul Sunny answered 3 weeks ago

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