A firm operates in a perfectly competitive market. The firm’s total cost of production is given by the following equation: TC(q) = 100 + 33q2 + 5q, where q is the quantity supplied. What is the shutdown point for this firm in the short run, or in other words, what is the market price below which a firm is better off not supplying any units in the short run? [Advice: draw AVC and MC]

Assume that all firms in a competitive industry have cost curves given by the following: TC = 15 +8q +9q2. In the short-run, the price at which a firm will start to shut down is

A competitive firm has a TC = 64 + q^2 + 20q. If the market price is $16, which statement is true? Group of answer choicesThe firm produces 2 units of output in the short run and is making an economic loss; the firm will exit the industry in the long run.The firm produces 5 units of output and this is the long-run equilibrium.The firm produces 16 units of output, and is making a positive economic profit; this is not the long-run equilibrium.The firm produces 4 units of output, and is making a zero economic profit; this is the long-run equilibrium.The firm shuts down in the short run and produces zero output; the firm will leave the industry in the long run.

If price is equal to short-run average variable cost, the firm is at the point known asQuestion 3Select one:a.the profit maximizing point.b.the shutdown point.c.the break even point.d.the revenue maximizing point.

If the market price is below the average variable cost, the firm is:Multiple choice question.losing money in the long run and should shut down.breaking even in the short run and should shut down.making money in the short run and should keep producing.losing money in the short run and should shut down.

Refer to Scenario 15.5. Suppose there are 100 firms each with a short run total cost of TC = q2 + q + 4, so that marginal cost is MC = 2q +1. If market demand is given by QD = 1050 − 50P, how much will be produced in the market ( Call this Q)?  and what profit will each firm make?Group of answer choicesQ=300, Profit = $25Q=400, Profit = $15Q=500, Profit = $21Q=600, Profit = $50