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assignment-7-texas-a-m-university-commerce/
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1. The table below is an example of the common problem of determining the
profit-maximizing stocking rate of steer calves for a fixed amount of pasture land.
Variable costs are assumed to be $495 per steer (steers are the only variable input).
Total fixed costs are assumed to be $5,000 per year and the selling price is $87.50 per
cwt. Fill out the table assuming the firm is operating in a perfectly competitive
environment and answer the questions below (hint: if you want, you can use Excel to fill
out the table).
● 2. Given the graph below, please fill in the following blanks.
● 3. The "shut-down" point is at
● 4. The profit-maximizing firm will adjust production to that point at which
● 5. The "average" in average variable cost and average revenue means
● 6. The total variable cost curve
● 7. At product prices less than the minimum average total costs, the perfectly competitive
firm will
● 8. The marginal revenue curve for the perfectly competitive firm
● 9. The typical, perfectly competitive, corn farmer who uses fertilizer in the production of
corn has no control over each of the following in the short run EXCEPT
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10. The A firm produces 30 units of stuff using 10 units of labor. The price of stuff is $45
and the price of labor is $23. The marginal fixed costs of the firm are
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