Exam 11: Perfect Competition

The above figure shows some a firm's cost curves and its marginal revenue curve. -Based on the figure above,what is the price of a can?

John keeps beehives and sells 100 quarts of honey per month.The honey market is perfectly competitive,and the price of a quart of honey is $10.John has an average variable cost of $5 and an average fixed cost of $3.At 100 quarts per month,John's marginal cost is $10. a.Is John maximizing his profit? If not,what should John do? b.Calculate John's total revenue,total cost,and total economic profit or economic loss when he produces 100 quarts of honey.

In the short run,a perfectly competitive firm

-Pete is a perfectly competitive rose grower.The above table gives quantities and the price for which Pete can sell his roses. a.What is Pete's total revenue if he sells 1 dozen roses? 2 dozen roses? 3 dozen roses? 4 dozen roses? b.What is the marginal revenue of the 2nd dozen roses sold? Of the 3rd dozen? Of the 4th dozen?

-Jimmy grows corn.His total revenue and total cost are in the above table.What quantity of corn maximizes his profit and what is his profit? What is the marginal revenue and marginal cost at this quantity?