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Consider a Competitive Industry and a Price-Taking Firm That Produces

Question 72

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Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.Average variable cost reaches its minimum value of _____ units of output. A) 1,000 B) 1,500 C) 2,000 D) 2,500 Supply: Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.Average variable cost reaches its minimum value of _____ units of output. A) 1,000 B) 1,500 C) 2,000 D) 2,500 where Q is quantity,P is the price of the product,M is income,and Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.Average variable cost reaches its minimum value of _____ units of output. A) 1,000 B) 1,500 C) 2,000 D) 2,500 is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.Average variable cost reaches its minimum value of _____ units of output. A) 1,000 B) 1,500 C) 2,000 D) 2,500 for 2015: Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.Average variable cost reaches its minimum value of _____ units of output. A) 1,000 B) 1,500 C) 2,000 D) 2,500 The manager also estimates the average variable cost function to be Consider a competitive industry and a price-taking firm that produces in that industry.The market demand and supply functions are estimated to be: Demand: Supply: where Q is quantity,P is the price of the product,M is income,and is the input price.The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and for 2015: The manager also estimates the average variable cost function to be Total fixed costs will be $2,000 in 2015.Average variable cost reaches its minimum value of _____ units of output. A) 1,000 B) 1,500 C) 2,000 D) 2,500 Total fixed costs will be $2,000 in 2015.Average variable cost reaches its minimum value of _____ units of output.


A) 1,000
B) 1,500
C) 2,000
D) 2,500

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