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Question: Assume that overtime the demand function changes to: Qd = 20,000 - 500P. What do you notice happe...

Show transcribed image text Assume that overtime the demand function changes to: Qd = 20,000 – 500P. What do you notice happened and what are the possible reasons? What is the new equilibrium price and quantity? Complete the table below, which represents the production costs for a typical firm. The reason why is the AFC is declining as quantity increases is that ____ What is the minimum AVC? ___ To minimize AVC, how much should the firm produce? ___ units What is the minimum ATC? ____ To minimize ATC, how much should the firm produce? ____ units If Marginal Revenue is $50, how much should the firm produce to maximize profit? ____ units The firm should produce more as long as Marginal Revenue (MR) is greater/smaller (circle one) than Marginal Cost (MC). The firm should produce less as long as Marginal Revenue (MR) is greater/smaller (circle one) than Marginal Cost (MC). If marled price (marginal revenue is $200. How much should the form produce to maximize profit? If MR or Price is $150 for all outputs, what is the range of output he should produce? ____ If MR or Price is $ 150 for all outputs, what is the range of output he should NOT produce? _____

Assume that overtime the demand function changes to: Qd = 20,000 – 500P. What do you notice happened and what are the possible reasons? What is the new equilibrium price and quantity? Complete the table below, which represents the production costs for a typical firm. The reason why is the AFC is declining as quantity increases is that ____ What is the minimum AVC? ___ To minimize AVC, how much should the firm produce? ___ units What is the minimum ATC? ____ To minimize ATC, how much should the firm produce? ____ units If Marginal Revenue is $50, how much should the firm produce to maximize profit? ____ units The firm should produce more as long as Marginal Revenue (MR) is greater/smaller (circle one) than Marginal Cost (MC). The firm should produce less as long as Marginal Revenue (MR) is greater/smaller (circle one) than Marginal Cost (MC). If marled price (marginal revenue is $200. How much should the form produce to maximize profit? If MR or Price is $150 for all outputs, what is the range of output he should produce? ____ If MR or Price is $ 150 for all outputs, what is the range of output he should NOT produce? _____