Competitive Equilibrium Market Demand: ? = 200 − 50 log( ?/2 ) Firm’s Cost Function: ?...
Competitive Equilibrium Market Demand:
? = 200 − 50 log( ?/2 ) Firm’s Cost Function: ? = ?^3 − 10?^2 + 200
Solve:
1. Monopoly price and quantity
Homework Answers
Add Answer to:
Competitive Equilibrium Market Demand:
? = 200 − 50 log( ?/2 ) Firm’s Cost Function: ?...
1. A monopoly is facing an inverse demand curve that is p=200-5q. There is no fixed cost and the marginal cost of produc...
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
6. Suppose you have a job analyzing a perfectly competitive market. The aggregate demand is 0(p)9...
6. Suppose you have a job analyzing a perfectly competitive market. The aggregate demand is 0(p)98 p and the cost function for the firms is Ca)735. Suppose all firms use the same cost function. (a) Setup and solve the profit maximization problem over quantity. Write the quantity an individual firm will produce as a function of the sale price. 3 points) (b) Solve for the price, quantity, and profits for cach individual shop and then also for aggregate quantity in...
Take a total cost function, equal to C(y) = 50 + 0.5*y^2. Suppose there are 10...
Take a total cost function, equal to C(y) = 50 + 0.5*y^2. Suppose there are 10 firms, all with that same cost function, in a market whose aggregate demand is given by Y=150-p. a) Compute each firm’s supply, aggregate (total) supply and the competitive equilibrium. b) Compute the elasticity of demand to price, at equilibrium.
Part 1 Suppose a firm operating in a competitive market has the following cost curves: a....
Part 1
Suppose a firm operating in a competitive market has the
following cost curves:
a. If the market price is $10, what is the firm’s economic
profit?
b. If the market price is $10, what is the firm’s total cost?
c. If the market price is $10, what is the firm’s total
revenue?
d. The firm will earn zero economic profit if the market price
is
e. If the market price is $4, what is the firm’s decision in...
This homework assignment compares a competitive market with a monopolistic market. The market demand curve is...
This homework assignment compares a competitive market with a monopolistic market. The market demand curve is P 122-¼Q. For each firm, marginal oosts are 20 + qi50 and fixed costs are 1 00. We assume first that the market is competitive. Module 8explains the competitive pricing procedure. Wederive the long-run price from the firms' cost curve competitive firms price at long-run minimum average costs. Question: Why is this relation true? Answer: Decreasing marginal utility implies an upward sloping marginal cost...
Consider a market with the following demand curve: ? = 200 − 2? MC=20 Assume ?...
Consider a market with the following demand curve: ? = 200 − 2? MC=20 Assume ? > ???. a. Find the perfectly competitive price and quantity. ??? = _____________, ??? =_____________ b. Find the monopoly price and quantity. ?? = _____________, ?? =_____________ c. Find the loss of consumer surplus in monopoly vs. perfect competition. ?????? =_____________ d. Find the producer surplus in monopoly. ?????????? =_____________ e. Find the deadweight loss in monopoly. ??????????? =_____________
Each of the 10 firms in a competitive market has a cost function of C-30+q The...
Each of the 10 firms in a competitive market has a cost function of C-30+q The market demand function is Q-480-P Determine the equilibrium price, quantity per firm, and market quantity The equilibrium price is s (Enter your response as a whole number) The quantity per firm is q units. (Enter your response as a whole number) The market quantity is Q-units (Enter your response as a whole number)
Each firm in a competitive market has a cost function of Cq qq3. There are an...
Each firm in a competitive market has a cost function of Cq qq3. There are an unlimited number of potential firms in this market. The market demand function is Q 24-p. Determine the long run equilibrium price, quantity per firm, market quantity and number of firms
Question Two [Total 50 marks] Suppose the market of carpets is competitive. The demand for and...
Question Two [Total 50 marks] Suppose the market of carpets is competitive. The demand for and the supply of carpets in the market have been estimated as follows: Demand: Qd = 6500 - 100P Supply: Qs = 1200P A typical firm producing carpets has a total cost function of C = 100+ 4.C and q stand for total cost and the output level of the firm respectively. a. Find the equilibrium market price and quantity of carpets. (5 marks] b....
b. Equilibrium: 1) If market demand function is Q = 4−2p, and market supply function is...
b. Equilibrium: 1) If market demand function is Q = 4−2p, and market supply function is Q = 2p, what is the equilibrium price, what is the equilibrium quantity? 2) If the market supply is Q = p, the market demand is Q = 3 − bp, and the equilibrium quantity is 2, what is the value of b?
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
6. Suppose you have a job analyzing a perfectly competitive market. The aggregate demand is 0(p)98 p and the cost function for the firms is Ca)735. Suppose all firms use the same cost function. (a) Setup and solve the profit maximization problem over quantity. Write the quantity an individual firm will produce as a function of the sale price. 3 points) (b) Solve for the price, quantity, and profits for cach individual shop and then also for aggregate quantity in...
Part 1
Suppose a firm operating in a competitive market has the
following cost curves:
a. If the market price is $10, what is the firm’s economic
profit?
b. If the market price is $10, what is the firm’s total cost?
c. If the market price is $10, what is the firm’s total
revenue?
d. The firm will earn zero economic profit if the market price
is
e. If the market price is $4, what is the firm’s decision in...
This homework assignment compares a competitive market with a monopolistic market. The market demand curve is P 122-¼Q. For each firm, marginal oosts are 20 + qi50 and fixed costs are 1 00. We assume first that the market is competitive. Module 8explains the competitive pricing procedure. Wederive the long-run price from the firms' cost curve competitive firms price at long-run minimum average costs. Question: Why is this relation true? Answer: Decreasing marginal utility implies an upward sloping marginal cost...
Each of the 10 firms in a competitive market has a cost function of C-30+q The market demand function is Q-480-P Determine the equilibrium price, quantity per firm, and market quantity The equilibrium price is s (Enter your response as a whole number) The quantity per firm is q units. (Enter your response as a whole number) The market quantity is Q-units (Enter your response as a whole number)
Each firm in a competitive market has a cost function of Cq qq3. There are an unlimited number of potential firms in this market. The market demand function is Q 24-p. Determine the long run equilibrium price, quantity per firm, market quantity and number of firms
Question Two [Total 50 marks] Suppose the market of carpets is competitive. The demand for and the supply of carpets in the market have been estimated as follows: Demand: Qd = 6500 - 100P Supply: Qs = 1200P A typical firm producing carpets has a total cost function of C = 100+ 4.C and q stand for total cost and the output level of the firm respectively. a. Find the equilibrium market price and quantity of carpets. (5 marks] b....
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