1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10...

Question

Question

1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10...

1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10 online websites where consumers can buy tickets. The following describes the market demand for concerts and the cost of selling tickets.

Market Demand: Q = 480 - 4p

Cost to Firm: c(q) = 2.5q^2 + 100

Market Structure: Perfect Competition with N = 10 in the short run

Market Equilibrium – Intersection of Market Demand and Market Supply

e) How many tickets does each firm sell at the market equilibrium price?

f) What is the firm’s profit? What are industry profits?

Producer Surplus, Consumer Surplus and Total Surplus

g) What is each firm’s Producer Surplus? What is the market producer surplus?

h) Calculate the Consumer Surplus?

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

a) Mc none is the supply curve Me=5q Pesq Tq-ers frim supply turne. 31 Aggregate market supply curse 0-10g-lol &s=28) 0-480-4

Add a comment

Answer 2

Similar Homework Help Questions

1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10...

1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10 online websites where consumers can buy tickets. The following describes the market demand for concerts and the cost of selling tickets. Market Demand: Q = 480 - 4p Cost to Firm: c(q) = 2.5q^2 + 100 Market Structure: Perfect Competition with N = 10 in the short run Supply – Firm and Market a) Derive the supply curve for each firm given its MC....
number 2 a-d 1) Suppose the second-hand market for concert tickets is perfectly competitive and there...

number 2 a-d 1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10 online websites where consumers can buy tickets. The following describes the market demand for concerts and the cost of selling tickets. Market Demand: Q = 480 - 4p. Cost to Fim: (q) = 2.57% + 100. Market Structure: Perfect Competition with N = 10 in the short-run. 2) In the above question, suppose Ticketmaster bought all the second-hand ticketing websites, so...
i need help with number 2 a- d 1) Suppose the second-hand market for concert tickets is perfectly competitive and t...

i need help with number 2 a- d 1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10 online websites where consumers can buy tickets. The following describes the market demand for concerts and the cost of selling tickets. Market Demand: Q = 480 - 4p. Cost to Fim: c(q) = 2.57% + 100. Market Structure: Perfect Competition with N = 10 in the short-run. 2) In the above question, suppose Ticketmaster bought all...

The perfectly competitive firm and market in the short run Consider a perfectly competitive market where...

The perfectly competitive firm and market in the short run Consider a perfectly competitive market where demand is QD = 2,000 - 40P and quantity is measured in units while price is measured in dollars per unit. The long run supply is QS = 100P - 800. a) Find the equilibrium price and the equilibrium quantity. b) When the market is in equilibrium, what is the total expenditure in this market? c) When the market is in equilibrium, what is...
[1] A perfectly competitive aluminum producer is currently producing a quantity where the market price is...

[1] A perfectly competitive aluminum producer is currently producing a quantity where the market price is $0.67 per pound (i.e., 67 cents per pound), average total cost is $0.70, and average variable cost of $0.60 (which corresponds to the minimum point on the average variable cost curve). Would you recommend this firm expand output, contract output, or shut down in the short-run? Provide a graph to illustrate your answer. [2] Suppose the local crawfish market is perfectly competitive, with the...
1. Consider a perfectly competitive market where the market demand curve is given by Q 72-4P and ...

Please answer question B 1. Consider a perfectly competitive market where the market demand curve is given by Q 72-4P and the market supply curve is given by Q-6+2P. In each of the following situations (a-e), determine the following items (i-vili) ) The quantity sold in the market. ii) The price that consumers pay (before all taxes/subsidies) ili) The price that producers receive (after all taxes/subsidies). iv) The range of possible consumer surplus values. v) The range of possible producer...

Consider a perfectly competitive market where the market demand curve is given by Q = 76−8P...

Consider a perfectly competitive market where the market demand curve is given by Q = 76−8P and the market supply curve is given by Q=−8+4P. In situations （c）, determine the following items (i-viii) (c) A market with subsidy S=9. i) The quantity sold in the market. ii) The price that consumers pay (before all taxes/subsidies). iii) The price that producers receive (after all taxes/subsidies). iv) The range of possible consumer surplus values. v) The range of possible producer surplus values....
Consider an economy where rice is the staple food and the rice market is perfectly competitive....

Consider an economy where rice is the staple food and the rice market is perfectly competitive. Initially the consumers paid the market equilibrium price for rice. (i) Using a diagram for the rice market, analyse the market equilibrium, the consumer surplus and the producer surplus. Your diagram needs to have a proper shape of the demand and supply curve that correctly reflects the demand and supply elasticities.
Consider an economy where rice is the staple food and the rice market is perfectly competitive....

Consider an economy where rice is the staple food and the rice market is perfectly competitive. Initially the consumers paid the market equilibrium price for rice. (i) Using a diagram for the rice market, analyse the market equilibrium, the consumer surplus and the producer surplus. Your diagram needs to have a proper shape of the demand and supply curve that correctly reflects the demand and supply elasticities.

Question 3 (32 marks) a The market of popcom is perfectly competitive. The market demand curve...

Question 3 (32 marks) a The market of popcom is perfectly competitive. The market demand curve and supply curve are as follows: Demand: Qp = 2000-P Supply: 2 = 1400 +2P Firm K is one of the many firms producing popcorn in the market. The total cost function and marginal cost function are as follows: TC(q) =1250 +30 +29 MC(q) - 30 +49 i At what output level (g) would the average total cost be minimized? (6 marks) ii What...

1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10...

Homework Answers

Add Answer to:
1) Suppose the second-hand market for concert tickets is perfectly competitive and there are primarily 10...

Post as a guest

Earn Coins