Data for a perfectly competitive firm

 

Question 1 (4 points)

Below is data for a perfectly competitive firm (i.e., a price-taker):
Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost
0 —
1 $3,000 $900 $3,900 $900
2 $1,500 $800 $2,300 $700
3 $1,000 $700 $1,700 $500
4 $750 $600 $1,350 $300
5 $600 $500 $1,100 $100
6 $500 $550 $1,050 $800
7 $429 $600 $1,029 $900
8 $375 $650 $1,025 $1,000
9 $333 $700 $1,033 $1,100
10 $300 $750 $1,050 $1,200
If the prevailing market price is $800 per unit,
1. How much output should the company produce in the short run?
2. What is the profit earned?

Question 2 (4 points)

Below is data for a perfectly competitive firm (i.e., a price-taker):
Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost
0 —
1 $3,000 $900 $3,900 $900
2 $1,500 $800 $2,300 $700
3 $1,000 $700 $1,700 $500
4 $750 $600 $1,350 $300
5 $600 $500 $1,100 $100
6 $500 $550 $1,050 $800
7 $429 $600 $1,029 $900
8 $375 $650 $1,025 $1,000
9 $333 $700 $1,033 $1,100
10 $300 $750 $1,050 $1,200
If the prevailing market price is $300 per unit,
1. How much output should the company produce in the short run?
2. What is the profit earned?

Question 3 (2 points)

For each of the two previous answers, what do you expect to happen in the long run?

 

 

 

 

Sample Solution

laska, 2008), and Fraser (2000) warned about the need for a reliable methodology behind self-assessment in teaching pronunciation. The impact of such a method on learners’ pronunciation, whether negative or positive, needs further investigation. Because students are the center-part in their own learning and need to be more proactive (Salimi, Asghar Kargar, & Zareian, 2014), it is also necessary to examine students’ awareness of their own learning progress. This paper proposes to look at self-evaluations as a tool in the acquisition of French pronunciation as an L2 and test self-evaluations’ reliability and validity by doing an item analysis. It will analyze the data from a beta-pilot test of the two instruments created (sentences to record and self-evaluations). This paper will also assess whether the use of self-evaluations by college-level learners of French enrolled in a phonetics course, will improve their pronunciation over the course of a semester. The aspects of French pronunciation studied here, have been carefully selected because they represent segmental (/y/ vs /u/) and segmental/suprasegmental (schwa) features in French, and they are particularly critical for comprehensibility. This paper seeks to answer the following questions: RQ1: Are the instruments created valid and reliable tools to assess pronunciation? RQ2: Is there a difference between control and treatment groups overall and on both aspects: segmental and segmental/suprasegmental? RQ3: To what extent do the students’ self-evaluations compare with evaluations by the expert rater overall and on both aspects: segmental and segmental/suprasegmental? Literature Review Self-assessment is described as a type of formative assessment. Formative assessment is student-centered and differs from summative assessment which is teacher-centered. Formative assessment occurs during the learning process, and not at the end of the learning period. According to Fulcher (2016), formative assessment’s purpose is to “inform and improve learning, rather than simply to assess whether the learners have mastered the learning objectives”. Summative assessments are made of criteria set by the instructor while formative assessments are types of assessment that provide feedback on learner’s performance in order to improve this performance. In an article published in 2006, Nicol & Macfarlane-Dick argue that “formative assessment and feedback should be used to empower students as self-regulated learners” (p.199). Ross (2005) praises the use of

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