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![19 Marginal Cost curve is called supply come in competitive market. Supply MC = 2y] MC = 2P p=24 y = 0.51 I total = (U. SPN (](http://img.homeworklib.com/questions/9b6d3f30-6e42-11ea-b135-33785144ca21.png?x-oss-process=image/resize,w_560)
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(Chapters 24 and 16 in the book) Problem 6. Consider a competitive industry in the long...
Consider a competitive industry with a large number of firms, all of which have the cost...
Consider a competitive industry with a large number of firms, all of which have the cost function c(y) = y 2 + 1 for y > 0 and c(0) = 0. Note that the marginal cost for this cost function is MC = 2y for y > 0. Suppose that initially the demand curve for this industry is given by D(p) = 84 − p. Note that the output of a firm does not have to be an integer number,...
Consider a competitive industry with a large number of firms, all of which have identical cost...
Consider a competitive industry with a large number of firms, all of which have identical cost functions cly) = y2 + 1 fory>O and c(0) = 0. (In the following problem, the output of a firm does not have to be an integer number, but the number of firms does have to be an integer.) (a) What is the firm's marginal cost? MCly) = [ans]y (b) What is the supply curve of an individual firm? S(p) = p/ If there...
1. Consider a competitive industry with a large number of firms, all of which have identical...
1. Consider a competitive industry with a large number of firms, all of which have identical cost functions c(y) = y^2 + 1. Suppose that initially the demand curve for this industry is given by D(p) = 52 - p: (The output of a firm does not have to be an integer number, but the number of firms does have to be an integer.) Answer part (c) through (e), and please show work? (c) What will be the equilibrium price?...
1. All (identical) firms in a competitive industry have the following long-run total cost curve: C(q)...
1. All (identical) firms in a competitive industry have the following long-run total cost curve: C(q) = q3 – 10q2 + 369 where q is the output of the firm. a. Compute the long run equilibrium price. What does the long-run supply curve look like? b. Suppose the market demand is given by Q=111 - p. Determine the long-run equilibrium number of firms in the industry.
Multiple Choice (2 pts. each) [Questions 1-3] Consider a competitive industry with a large number...
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Multiple Choice (2 pts. each) [Questions 1-3] Consider a competitive industry with a large number of identical firms with cost functions c(y)-y, 4 1. What is the supply curve of an individual firm? A. S(p)-p B. S(p)-p/2 ** 2. What is the minimum price at which the product can be sold in the long run? A $4 C. $3 D. $1 3. If industry demand is Dip)- 80-p,how many firms will there be in the long run? A....
2. (1.5 p) Consider perfectly competitive industry with identical firms. The long run average cots function...
2. (1.5 p) Consider perfectly competitive industry with identical firms. The long run average cots function of a typical firm is given by AC(q)- 24 - 49 + q. Market demand is given by c p)=100-2p. (a) Find the long run supply curve of the typical firm. (b) Find the number of firms in the industry in the long run equilibrium.
All firms in a competitive industry have the following (firm-level) long-run total cost curve: C(q) =...
All firms in a competitive industry have the following (firm-level) long-run total cost curve: C(q) = q3–10q2 + 36q where q is the output of the firm. a. Compute the long run equilibrium price. What does the long-run supply curve look like if this is a constant cost industry? Explain. b. Suppose the market demand is given by Q = 111–p. Determine the long-run equilibrium number of firms in the industry.
Attempts: Keep the Highest: /4 7. Short-run supply and long-run equilibrium Consider the perfectly competitive...
Attempts: Keep the Highest: /4 7. Short-run supply and long-run equilibrium Consider the perfectly competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average cost (AC), and average variable cost (AVC) curves shown on the following graph 100 60 AVC 0 10 20 3040 50 60 800100 Use the orange points (square symbol) to plot the initial short-run industry supply curve...
6. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of...
6. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per pound) NON 0 3 27 30 6 12 16 18 21 24 QUANTITY (Thousands of pounds) The following diagram shows the market demand for copper The...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run e...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
Consider a competitive industry with a large number of firms, all of which have identical cost functions cly) = y2 + 1 fory>O and c(0) = 0. (In the following problem, the output of a firm does not have to be an integer number, but the number of firms does have to be an integer.) (a) What is the firm's marginal cost? MCly) = [ans]y (b) What is the supply curve of an individual firm? S(p) = p/ If there...
1. All (identical) firms in a competitive industry have the following long-run total cost curve: C(q) = q3 – 10q2 + 369 where q is the output of the firm. a. Compute the long run equilibrium price. What does the long-run supply curve look like? b. Suppose the market demand is given by Q=111 - p. Determine the long-run equilibrium number of firms in the industry.
Need explanations
Multiple Choice (2 pts. each) [Questions 1-3] Consider a competitive industry with a large number of identical firms with cost functions c(y)-y, 4 1. What is the supply curve of an individual firm? A. S(p)-p B. S(p)-p/2 ** 2. What is the minimum price at which the product can be sold in the long run? A $4 C. $3 D. $1 3. If industry demand is Dip)- 80-p,how many firms will there be in the long run? A....
2. (1.5 p) Consider perfectly competitive industry with identical firms. The long run average cots function of a typical firm is given by AC(q)- 24 - 49 + q. Market demand is given by c p)=100-2p. (a) Find the long run supply curve of the typical firm. (b) Find the number of firms in the industry in the long run equilibrium.
Attempts: Keep the Highest: /4 7. Short-run supply and long-run equilibrium Consider the perfectly competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average cost (AC), and average variable cost (AVC) curves shown on the following graph 100 60 AVC 0 10 20 3040 50 60 800100 Use the orange points (square symbol) to plot the initial short-run industry supply curve...
6. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. COSTS (Dollars per pound) NON 0 3 27 30 6 12 16 18 21 24 QUANTITY (Thousands of pounds) The following diagram shows the market demand for copper The...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
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