Homework Answers
f) When MC is the supply curve then under perfect competition, equilibrium is attained where demand curve intersects MC or supply curve.
Equilibrium price = $ 26
Equilibrium quantity = 14 units
g) Consumers are better off with perfect competition because consumers have to pay $ 26 under perfect competition and $ 30 under monopoly.
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AEC 2317: AGRICULTURAL ECONOMICS Homework Assignment 9: Chapter 7 Each problem is worth 10 points Show...
help. agricultural economic 2. Use the following graph to answer the following questions: P/ MC ATC...
help. agricultural economic
2. Use the following graph to answer the following questions: P/ MC ATC /AVC MR 20 2528 50 a. What price is charged by the monopol order to maximize profits? b. Calculate the total revenue accruing to the mo- nopolist at the profit-maximizing output. C. Calculate the total cost to the monopolist at the profit-maximizing output. d. Calculate the profit for the monopolist. e. Calculate the total variable and fixed costs of the monopolist at the profit-maximizing...
Topic 7: Perfect Competition Tutorials Exercises BHMH 2002 Introduction to Economics 2019-20 S2 Question 2 Homework...
Topic 7: Perfect Competition Tutorials Exercises BHMH 2002 Introduction to Economics 2019-20 S2 Question 2 Homework After attending the tutorial meeting assigned for topic 7, submit your answer within 48 hours to the assigned submission link set by your subject lecturer. The market of apple is perfectly competitive in Country A. The equilibrium price and equilibrium quantity of apple is $10 and 1,000,000 units respectively in this market. There are 10,000 farms in this market. Assume that all farms earn...
Microeconomics, Module 9: “Welfare Economics and the Gains from Trade” (Chapter 8) CANAAN WINERY The market...
Microeconomics, Module 9: “Welfare Economics and the Gains from Trade” (Chapter 8) CANAAN WINERY The market for wine has many competitive producers and two types of consumers: residents of Canaan, whose demand curve for flasks of wine is QJ = 10 – P, and residents of Aram, whose demand curve for flasks of wine is QR = 20 – 4P. Quantity is in thousands of flasks of wine; Price is in shekels. In this exercise, the wineries are not able...
Show answers Consider a market in which there are 9 identical firms. Marginal cost of each...
Show answers Consider a market in which there are 9 identical firms. Marginal cost of each firm is given by MCi= 2qi, and there are no fixed costs. Market demand is given by Qd= 90- 3P. 27) Refer to Scenario 2. Assume perfect competition, so each firm is a price taker; then at market equilibrium, P= $______; Q= ______; and qi= ______. 28) Refer to Scenario 2. Assume perfect competition, ...; then at market equilibrium, each firm makes profits= $______;...
Q1. Sarah has decided to spend always $200 on clothing per month. Which one of the...
Q1. Sarah has decided to spend always $200 on clothing
per month. Which one of the statements below is true?
A. Sarah’s price elasticity of demand is one because she is
maintaining her clothing expenditures as a constant fraction of the
price.
B. Sarah’s income elasticity of demand is equal to zero because her
clothing expenditure does not depend on the price.
C. Sarah’s income elasticity of demand is infinite because she is
willing to spend a huge amount of...
help. agricultural economic
2. Use the following graph to answer the following questions: P/ MC ATC /AVC MR 20 2528 50 a. What price is charged by the monopol order to maximize profits? b. Calculate the total revenue accruing to the mo- nopolist at the profit-maximizing output. C. Calculate the total cost to the monopolist at the profit-maximizing output. d. Calculate the profit for the monopolist. e. Calculate the total variable and fixed costs of the monopolist at the profit-maximizing...
Topic 7: Perfect Competition Tutorials Exercises BHMH 2002 Introduction to Economics 2019-20 S2 Question 2 Homework After attending the tutorial meeting assigned for topic 7, submit your answer within 48 hours to the assigned submission link set by your subject lecturer. The market of apple is perfectly competitive in Country A. The equilibrium price and equilibrium quantity of apple is $10 and 1,000,000 units respectively in this market. There are 10,000 farms in this market. Assume that all farms earn...
Q1. Sarah has decided to spend always $200 on clothing
per month. Which one of the statements below is true?
A. Sarah’s price elasticity of demand is one because she is
maintaining her clothing expenditures as a constant fraction of the
price.
B. Sarah’s income elasticity of demand is equal to zero because her
clothing expenditure does not depend on the price.
C. Sarah’s income elasticity of demand is infinite because she is
willing to spend a huge amount of...
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