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14 Jan 2018

66) By examining the cost curves we can say: A) the firm has fixed costs equal to 24 B) the firm has fixed costs equal to 20 C) the firm has fixed costs equal to 18 D) the firm has fixed costs equal to 12 E) nothing about the firm's fixed costs without more information

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Reid Wolff
Reid WolffLv2
17 Jan 2018
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Related textbook solutions

Principles of Economics
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Related questions

1. A firm's total cost of producing 50 units of output is $1,000. At this output level, average fixed costs are equal to $10. It follows that the firm's average variable costs are equal to _____.

2. To maximize profits, a price-taking (i.e., competitive) firm should produce its output up to the level where

a. the market price of the firm's product is equal to its total variable cost.

b. the market price of the firm's product is equal to its s total cost.

c. the market price of the firm's product is equal to its marginal cost.

d. marginal cost is equal to average cost.

e. none of the above.

3. To minimize losses, a competitive firm should shut down if the price is less than

a. average cost.

b. average variable cost.

c. total cost.

d. marginal cost.

e. average total fixed cost

17. A perfectly competitive firm has cost curves of the normal type and the normal shapes. Now, the wage level of workers doubles. Which of the following statements is correct about what happens to the cost curves of the firm? (A) the total costs and the total revenues of the firm both double. (B) The average costs and the average revenue of the firm both double (C) The average costs of the firm will double and the average variable costs will more than double (D) The average costs of the firm will double and the average fixed costs of the firm will more than double (E) The average fixed costs of the firm will double and the average variable costs will less than double (F) The average variable costs of the firm will double and the average costs will less than double (G) The average fixed costs of the firm will double and the average variable costs will more than double (H) The average variable costs of the firm will less than double and the average costs will double (1) The average variable costs, the average fixed costs and the average costs of the firm will all double (1) None of the above

Suppose that inverse demand is given by D(Q) = 56 - 2Q, Q = q1 + q2 and the cost function is TC(qi ) = 20qi + f Find the Stackelberg equilibrium and compare it to the Cournot equilibrium. 6. Demand and costs are as given in the preceding question.

(a) Find the limit output for fixed costs ( f ) equal to 50, 32, 18, and 2.

(b) What is the SPNE for the entry game with the following timing: in the first-stage firm 1 can commit to its output; in the second stage firm 2 can enter and choose its output for fixed costs equal to 50, 32, 18, and 2?

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