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R2.3) In a perfectly competitive market, each firm's costs are given by TC= 300Q-8Q2+0.2Q3 and MC=...
i) The long run cost function for each firm in a perfectly competitive market is c(q)...
i) The long run cost function for each firm in a perfectly competitive market is c(q) = 2^1.5+16q^0.5, LMC = 1.59^0.5+ 8q^-0.5, market demand curve is Q=1600-2p. Find price (p) of output and the level of output (q) produced by the firm in a long run equilibrium. Find the long run average cost curve for the firm. ii) what happens in the long run if the market demand curve shifts to Q=160-20p?/ -A competitive industry is in long run equilibrium....
. Suppose TC 10+0.12, MC0.2q. If p 10, the firm's profit on the perfectly competitive market...
. Suppose TC 10+0.12, MC0.2q. If p 10, the firm's profit on the perfectly competitive market in the short run will be (a) 240 (b) 250 (c) 260 (d) -10 because the firm will shut down. (e) None of the above 4. Dayna's Doorstops, Inc. (DD) is a monopolist in the doorstop industry. Its cost is TC = 100-5q+q2, MC = 2q-5, and the demand function is Q = 55-p (inverse demand is p 55 Q). What price should DD...
Proxy Computing Co. has the following costs: TC = 256 + 128Q + 8Q2 (i) Identify...
Proxy Computing Co. has the following costs: TC = 256 + 128Q + 8Q2 (i) Identify the fixed, variable and marginal costs. Does the cost structure represent a short-run or long-run cost structure? Why? (ii) The market demand curve is: Q = 1000 – 2P and the supply curve is: Q = 3P. Proxy Computing is a small firm operating in this perfectly competitive market. Compute Proxy Computing’s profit-maximising quantity.
This is a two part question. Suppose that all firms in a perfectly competitive market are...
This is a two part question.
Suppose that all firms in a perfectly competitive market are identical and have the following cost function C(Q)= 16Q with MC-2Q. Suppose that fixed cost are all avoidable. Market demand is given by Q=A-4P, where A-80.0. How many firms exist in the long-run market equilibrium? No units, no rounding. Your Answer: Your Answer Question 14 (1 point) Consider the long-run market equilibrium in Question 13 as a starting point. Now suppose that demand changes...
Suppose that the market for laptops is perfectly competitive. These companies are identical with their long-run...
Suppose that the market for laptops is perfectly competitive. These companies are identical with their long-run cost functions for a full day of keyboarding given by: TC(Q) = 6Q3-30Q2+200Q Market Demand is: Qd = 8,000 - 20P a. Find the long-run equilibirum price in this industry b. Use market demand to find the equilibrium total industry output. c. Find the equilibrium number of firms.
Question 1: Consider the perfectly competitive market for notebooks. The market price for a notebook is...
Question 1: Consider the perfectly competitive market for notebooks. The market price for a notebook is $1.50 and the cost functions are: TC(q) = 10 +.019+.19 MC(q) = .02q +.1 a) Find the profit-maximizing quantity of notebooks produced by a firm in this market. Also, calculate the profit each firm earns in the market. b) Graphically depict the firm's profit-maximization problem. This does not necessarily need to be to scale, but should accurately reflect the sign of the profit. c)...
Answer just part b ) All firms in a perfectly competitive industry face the same long-run...
Answer just part b ) All firms in a perfectly competitive industry face the same long-run average cost curve, AC = 0.05q – 5 + 500/q, and the same long-run marginal cost curve given by MC = 0.1q – 5. The market demand for the product of these firms is QD = 100,000 – 10,000P. i. Calculate the equilibrium price and quantity. ii. Assuming the market is in long-run equilibrium, how many firms will be on the market? (b) Suppose...
cardboard boxes are produced in a perfectly competitive market. each identical firm has a short run...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
Name Each producer in this perfectly competitive industry has a long-run MC function of: MC-40-120+ and...
Name Each producer in this perfectly competitive industry has a long-run MC function of: MC-40-120+ and long-run ATC function: ATC 40-60 (Q)/3. The market demand curve is: D-2200-100P a. What is the long-run equilibrium price in this industry? b. At this long-run equilibrium price, what is the quantity produced by an individual firm? c. How many firms are there in this industry (in the long-run)?
(a) All firms in a perfectly competitive industry face the same long-run average cost curve, AC...
(a) All firms in a perfectly competitive industry face the same long-run average cost curve, AC = 0.05q – 5 + 500/q, and the same long-run marginal cost curve given by MC = 0.1q – 5. The market demand for the product of these firms is QD = 100,000 – 10,000P. i.Calculate the equilibrium price and quantity. ii.Assuming the market is in long-run equilibrium, how many firms will be on the market? (b) Suppose the demand for cotton T-shirts is...
i) The long run cost function for each firm in a perfectly competitive market is c(q) = 2^1.5+16q^0.5, LMC = 1.59^0.5+ 8q^-0.5, market demand curve is Q=1600-2p. Find price (p) of output and the level of output (q) produced by the firm in a long run equilibrium. Find the long run average cost curve for the firm. ii) what happens in the long run if the market demand curve shifts to Q=160-20p?/ -A competitive industry is in long run equilibrium....
. Suppose TC 10+0.12, MC0.2q. If p 10, the firm's profit on the perfectly competitive market in the short run will be (a) 240 (b) 250 (c) 260 (d) -10 because the firm will shut down. (e) None of the above 4. Dayna's Doorstops, Inc. (DD) is a monopolist in the doorstop industry. Its cost is TC = 100-5q+q2, MC = 2q-5, and the demand function is Q = 55-p (inverse demand is p 55 Q). What price should DD...
This is a two part question.
Suppose that all firms in a perfectly competitive market are identical and have the following cost function C(Q)= 16Q with MC-2Q. Suppose that fixed cost are all avoidable. Market demand is given by Q=A-4P, where A-80.0. How many firms exist in the long-run market equilibrium? No units, no rounding. Your Answer: Your Answer Question 14 (1 point) Consider the long-run market equilibrium in Question 13 as a starting point. Now suppose that demand changes...
Question 1: Consider the perfectly competitive market for notebooks. The market price for a notebook is $1.50 and the cost functions are: TC(q) = 10 +.019+.19 MC(q) = .02q +.1 a) Find the profit-maximizing quantity of notebooks produced by a firm in this market. Also, calculate the profit each firm earns in the market. b) Graphically depict the firm's profit-maximization problem. This does not necessarily need to be to scale, but should accurately reflect the sign of the profit. c)...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
Name Each producer in this perfectly competitive industry has a long-run MC function of: MC-40-120+ and long-run ATC function: ATC 40-60 (Q)/3. The market demand curve is: D-2200-100P a. What is the long-run equilibrium price in this industry? b. At this long-run equilibrium price, what is the quantity produced by an individual firm? c. How many firms are there in this industry (in the long-run)?
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