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) Assume a...
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a) Because of my heavy teaching load this term, I did not have time to finish the table below, which relates output and cost. Please do it for me. The marginal cost figures refer to the marginal cost of moving from the previous unit to the unit of the row specified. Quantity Total Fixed Variable AverageAverageAverage Marginal (Q) Cost Cost Cost Cost Fixed Cost Variable Cost (TC)...
Please explain in details with step-by-step solution, Thank you very much b) Evren wants to go...
Please explain in details with step-by-step solution, Thank you
very much
b) Evren wants to go into the donut business. For $500 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts (K-1, r-500). He must pay unionized donut bakers a monthly salary of $400 each. He projects his monthly production function to be Q 5KL, where Q is tons of donuts. i) With the current level of...
Please explain in details with step by step solution, Thank you very much cLyon Concrete is...
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cLyon Concrete is a monopoly supplier of concrete in Penang. Demand for the firm's concrete is given by P 110-40 Marginal cost (MC) is constant and equal to 10. i) What are the profit-maximizing price and output? (4 marks) ii) Demonstrate your answers to part ) using an appropriate diagram. (5 marks) ii) What is the deadweight loss resulting from Lyon's monopoly? (4 marks) iv) Compared to...
Please explain in details with step-by-step solution, Thank you very much d) Consider a perfectly competitive...
Please explain in details with step-by-step solution, Thank you
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d) Consider a perfectly competitive market with a market demand curve that is given by the equation P 2000-2. A representative firm in this market has a total cost curve given by the equation TC 121 64q+ and a marginal cost curve given by MC- 642g. O is the market quantity and q is the firm quantity. Suppose the short-run price (P) in this market is S100 i) What...
The cost curve for a typical perfect competitive firm in the coffee market is given by...
The cost curve for a typical perfect competitive firm in the coffee market is given by the following TC 128+4g+2q The market demand curve for coffee is given by the following P=84-2q (a) (i) Find the long run competitive equilibrium. That is, identify the equilibrium price and quantity, output for each firm, the number of firms in the industry and the level of producer and consumer surplus. Show your answer in a clear well-labelled diagram (ii) What is the value...
typical perfect competitive firm in the coffee market is given by the The cost curve for...
typical perfect competitive firm in the coffee market is given by the The cost curve for a following 1284qi + 2q% TC The market demand curve for coffee is given by the following P 84 2q (a) i) Find the long ru and quantity, output for each firm, the number of firms in the industry and the level of producer and consumer surplus. Show your answer in a clear well-labelled diagram (ii) What is the value of own price elasticity...
1. Let the market demand curve be P=1000 - 10Q. Assume the market is controlled by...
1. Let the market demand curve be P=1000 - 10Q. Assume the market is controlled by a monopolist. Let fixed cost be $10,000 and Marginal Costs (MC)=20Q. a) What is the profit maximizing output? b) What is the monopolist's total revenue at the profit maximizing output? c) How much profit is the monopolist earning? d) Assume the government breaks up the monopolist in order to create a perfectly competitive market of identical firms. Assume the MC curve is now the...
Suppose a profit maximizing monopolist has total cost and marginal cost as follow:
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
2.Based on the demand and cost data for a pure monopolist given in the table below,...
2.Based on the demand and cost data for a pure monopolist given in the table below, answer the following questions -------------------------------------------------------------------------------------------------------------- Output 0 1 2 3 4 5 Price ($) 1000 600 500 400 300 200 Total Cost 500 520 580 700 1000 1500 -------------------------------------------------------------------------------------------------------------- a. Calculate the marginal revenue and marginal cost for this monopolist. b. How many units of output will the profit-maximizing monopolist produce? At what price? c. If this is a perfectly discriminating monopolist and he...
Assume a monopolist faces a market demand curve P = 240 – 1⁄2Q and has the...
Assume a monopolist faces a market demand curve P = 240 – 1⁄2Q and has the short-run total cost function C = Q2. a. What is the profit-maximizing level of output and price? b. What are profits? c. What would price and output be if the firm priced at the socially efficient (competitive) level? d. What is the magnitude of the deadweight loss caused by monopoly pricing?
Please explain in details with step by step solution, Thank you
very much
a) Because of my heavy teaching load this term, I did not have time to finish the table below, which relates output and cost. Please do it for me. The marginal cost figures refer to the marginal cost of moving from the previous unit to the unit of the row specified. Quantity Total Fixed Variable AverageAverageAverage Marginal (Q) Cost Cost Cost Cost Fixed Cost Variable Cost (TC)...
Please explain in details with step-by-step solution, Thank you
very much
b) Evren wants to go into the donut business. For $500 per month he can rent a bakery complete with all the equipment he needs to make a dozen different kinds of donuts (K-1, r-500). He must pay unionized donut bakers a monthly salary of $400 each. He projects his monthly production function to be Q 5KL, where Q is tons of donuts. i) With the current level of...
Please explain in details with step by step solution, Thank you
very much
cLyon Concrete is a monopoly supplier of concrete in Penang. Demand for the firm's concrete is given by P 110-40 Marginal cost (MC) is constant and equal to 10. i) What are the profit-maximizing price and output? (4 marks) ii) Demonstrate your answers to part ) using an appropriate diagram. (5 marks) ii) What is the deadweight loss resulting from Lyon's monopoly? (4 marks) iv) Compared to...
Please explain in details with step-by-step solution, Thank you
very much
d) Consider a perfectly competitive market with a market demand curve that is given by the equation P 2000-2. A representative firm in this market has a total cost curve given by the equation TC 121 64q+ and a marginal cost curve given by MC- 642g. O is the market quantity and q is the firm quantity. Suppose the short-run price (P) in this market is S100 i) What...
The cost curve for a typical perfect competitive firm in the coffee market is given by the following TC 128+4g+2q The market demand curve for coffee is given by the following P=84-2q (a) (i) Find the long run competitive equilibrium. That is, identify the equilibrium price and quantity, output for each firm, the number of firms in the industry and the level of producer and consumer surplus. Show your answer in a clear well-labelled diagram (ii) What is the value...
typical perfect competitive firm in the coffee market is given by the The cost curve for a following 1284qi + 2q% TC The market demand curve for coffee is given by the following P 84 2q (a) i) Find the long ru and quantity, output for each firm, the number of firms in the industry and the level of producer and consumer surplus. Show your answer in a clear well-labelled diagram (ii) What is the value of own price elasticity...
Suppose a profit maximizing monopolist has total cost and marginal
cost as follow:1. Suppose a profit-maximizing monopolist has total cost and marginal cost as follow: \(\mathrm{TC}=0.1 Q^{2}+Q+10\) and \(\mathrm{MC}=0.2 Q+1\). It faces the demand curve \(\mathrm{Q}=35-5^{\mathrm{P}} .(35\) points \()\)a) What are the price, output, and profit for this monopolist?b) Carefully draw the diagram that illustrates your answers.c) What are the equilibrium price, output, and total profit if this is a perfectly competitive market?d) Compare the results between monopoly and perfect...
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