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linda_us, Master's Degree
Category: Multiple Problems
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The loss minimization point firm is A. when at the minimum

Customer Question

The loss minimization point for a firm is
A. when at the minimum point on the average total cost curve.
B. when at the minimum point on the average variable cost curve.
C. where marginal cost equals marginal revenue.
D. when total revenue is maximized.
To find the output at which the firm maximizes its profits you MUST know the
firm's
A. average total costs.
B. average variable costs.
C. average fixed costs.
D. marginal costs.
To maximize profits, a perfectly competitive firm should produce at an output up to
the point where
A. the difference between price and marginal cost is at its maximum.
B. total cost equals total revenue.
C. price equals marginal cost.
D. total revenue equals variable cost.
Marginal analysis is useful to a firm that seeks to
A. maximize its profits, but not minimize its losses.
B. minimize its losses, but not maximize its profits.
C. both maximize its profits and minimize its losses.
D. neither maximize its profits nor minimize its losses.
The firm's short-run supply curve runs up the marginal cost curve
A. to the shutdown point.
B. from the shutdown point all the way up the curve.
C. to the break-even point.
D. from the break-even point all the way up the curve.
At the level of output where marginal revenue equals marginal cost, assume that the
price of a competitive firm's product is between the firm's average total cost curve
and its average variable cost curve. In this case the firm would
A. decrease output to reduce the costs.
B. continue to operate in the short run.
C. shut down.
D. increase output to increase profit. The lowest point on the firm's long-run supply curve is
A. the shutdown point.
B. the break-even point.
C. between the shutdown point and the break-even point.
D. None of the choices are the lowest point on the firm's long-run supply curve.
9.) The minimum possible average total cost of a computer repair shop is $40 and the
minimum possible average variable cost is $30. If you operate this shop, you will
shut it down immediately if the equilibrium price of computer repairs falls below
A. $40.
B. $35.
C. $30.
D. $20.
10.) A firm's long-run supply curve
A. runs up its marginal cost curve starting at the break-even point.
B. runs up its marginal cost curve starting at the shutdown point.
C. is identical to the firm's entire marginal cost curve.
D. runs up the firm's marginal cost curve from the shutdown point to the breakeven
point.
11.) Which statement is false?
A. The minimum point of the AVC curve is the shutdown point.
B. The minimum point of the ATC curve is the breakeven point.
C. The firm's short-run supply curve runs up the marginal cost curve from the
shutdown point all the way up the curve.
D. None of these statements are false.
12.) Which statement is false?
A. The firm's short-run supply curve runs along the MC curve from the shutdown
point to the break-even point.
B. The MC curve intersects the ATC curve at the latter's minimum point.
C. Total revenue = price x output sold.
D. None of these statements are false.
13.) Using the above graph, the firm's shutdown point occurs at an output of
A. 30.
B. 45.
C. 60.
D. 65.
14.) Using the above graph, this firm's most profitable output is at
A. 40.
B. 50.
C. 60.
D. 70.
15.) Using the above graph, the firm's long-run supply curve begins at an output of
A. 30.
B. 40.
C. 55.
D. 70.
16.) Using the above graph, the firm's break-even point occurs at an output of
A. 100.
B. 150.
C. 215.
D. 300.
17.) Using the above graph, this firm's most profitable output is at
A. 150.
B. 230.
C. 300.
D. 350.
18.) Using the above graph, the firm's short-run supply curve begins at an output of
A. 100.
B. 175.
C. 250.
D. 300.
19.) A firm will go out of business if price is below
A. marginal cost.
B. marginal revenue.
C. average total cost.
D. average fixed cost.
20.) In the short run if price is below average variable cost the firm will
A. raise the price.
B. stay in business.
C. shut down.
D. operate.
21.) If price is between the shutdown and break-even points, in the short run the firm will
_____ and in the long run the firm will _____.
A. operate; go out of business
B. operate; stay in business
C. shut down; go out of business
D. shut down; stay in business
22.) If price is above the break-even point, in the short run the firm will _____ and in the
long run the firm will _____.
A. shut down; stay in business
B. shut down; go out of business
C. operate; go out of business
D. operate; stay in business
23.) Using the above graph, the firm's shutdown point occurs at an output of
A. 40.
B. 45.
C. 50.
D. 55.
24.) Using the above graph, the firm's most profitable output is at
A. 40.
B. 45.
C. 50.
D. 55.
Using the above graph, if the price were $60, this firm would _________ in the short
run and __________ in th
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  F. Naz replied 1 year ago.
Please complete the data and also add graph where it is to be shown, you may upload the question at www.mediafire.com or www.wikisend.com and provide me the link, also mention your deadline, thanks.
Customer: replied 1 year ago.
I can't access the website
Customer: replied 1 year ago.
for the graph upload
Customer: replied 1 year ago.
this should have the full assignment
Customer: replied 1 year ago.
with graphs
Customer: replied 1 year ago.
my deadline is tomorrow at noon
Expert:  F. Naz replied 1 year ago.
I have sent you the offer, please accept so the answer may be provided by your deadline, thanks.
Customer: replied 1 year ago.
I thought the 36 was final, I haven't even gotten any answers, and I was charged already
Customer: replied 1 year ago.
I can turn it in on Saturday by 10pm
Customer: replied 1 year ago.
If I am not getting no answers I want a refund
Expert:  F. Naz replied 1 year ago.
You will get your answer by Saturday 10 pm or before that, take care.
Customer: replied 1 year ago.
Ok great , thanks I appreciate it
Expert:  F. Naz replied 1 year ago.
You are welcome, please accept the offer so I could start working on it, thanks.
Customer: replied 1 year ago.
what do you mean accept the offer so I have to pay again?
Customer: replied 1 year ago.
what was the 36 dollars I payed for then huh??
Expert:  F. Naz replied 1 year ago.
The total fair value of the question is $90 offered, and you have already in your account $36, so now you have to add $54 in your account to make $90 and also accept the offer, so I can start working on it, take care.
Customer: replied 1 year ago.
that is too much, I would just like a refund since you haven't answered anything, thanks
Expert:  F. Naz replied 1 year ago.
Please contact JA customer service as the expert account is not credited unless the answer is given and rated by you, take care.

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