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2. A firm operates in a perfectly competitive industry. Suppose it has a short run total...
A firm operates in a perfectly competitive industry. Suppose it has a short run total cost...
A firm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by TC = 1200 + 2Q + 0.03Q2. If the market price is $38, what is the firm’s profit maximizing quantity?
q2 Perfect Competition 2. Afirm operates in a perfectly competitive industry. Suppose it has a short...
q2
Perfect Competition 2. Afirm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by c(q) = 10,000+ 0.049". If the market price is $56, find the firm's profit-maximizing level of production and calculate their profits.
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by...
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by C(q) = 5+2q+9. The market price is $10. (a) What is the profit-maximizing output level for this firm? (b) What is the firm's total revenue and profits at the profit-maximizing output? (c) What is the minimum price at which the firm will produce a positive level of output in the short run?
2. Profit maximization. Suppose that each perfectly competitive firmi in an industry has the short-run cost...
2. Profit maximization. Suppose that each perfectly competitive firmi in an industry has the short-run cost function TC 20 +4q+, and the market price is S20. What is the profit-maximizing output level for each firm? What is the total revenue? What are the profits?
13. If Firm A operates in a perfectly competitive industry, with market price = $1,200/unit. If...
13. If Firm A operates in a perfectly competitive industry, with market price = $1,200/unit. If Firm A’s total cost function is given by TC(q)= 20q^2+ 80q + 200, find Firm A’s profit maximizing level of output. 14. Using the information from the above question: is the market in which Firm A is selling its output currently in long run equilibrium?
Suppose that 3W is a representative firm operating in a perfectly competitive industry. 3W's total cost...
Suppose that 3W is a representative firm operating in a perfectly competitive industry. 3W's total cost of production is given by TC = 100+q+. a. If the output price is $400, what is 3W's short-run profit-maximizing level of output? b. What is 3W's profit at that price? Graph your results from a) and b). (Hint: your graph needs to include the MR, MC, and ATC curves.)
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)...
If Firm A opertes in a perfectly competitive industry, with market price = $1,200/unit. If Firm...
If Firm A opertes in a perfectly competitive industry, with market price = $1,200/unit. If Firm A's total cost function is given by TC(g)-20 80q 200, find Firm A's profit maximizing level of output. Using the information from the above question: is the market in which Firm A is selling its output currently in long run equilibrium?
1. (18pts) Suppose there are 100 firms in a perfectly competitive industry. Short run marginal costs...
1. (18pts) Suppose there are 100 firms in a perfectly competitive industry. Short run marginal costs for each firm are given by SMC = q + 2 and market demand is given by Qd = 1000-20P (5pts) Calculate the short run equilibrium price and quantity for each firm.. b. (3pts) Suppose each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10. Calculate the long run equilibrium price and the total industry output.. (4pts) What is...
Section iV: Problems 19. Suppose there is a competitive industry in which, at this market supply...
Section iV: Problems 19. Suppose there is a competitive industry in which, at this market supply is given by P-100 + Q A) What is the market price and quantity for the product in this market? In this industry, each firm faces a cost structure as follows: TC 100q+ q'. Based on this TC structure, Marginal cost 2q+ B) What is the firm's profit maximizing quantity of output? C) What is the firm's total revenue, total cost and profit? D)...
q2
Perfect Competition 2. Afirm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by c(q) = 10,000+ 0.049". If the market price is $56, find the firm's profit-maximizing level of production and calculate their profits.
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by C(q) = 5+2q+9. The market price is $10. (a) What is the profit-maximizing output level for this firm? (b) What is the firm's total revenue and profits at the profit-maximizing output? (c) What is the minimum price at which the firm will produce a positive level of output in the short run?
2. Profit maximization. Suppose that each perfectly competitive firmi in an industry has the short-run cost function TC 20 +4q+, and the market price is S20. What is the profit-maximizing output level for each firm? What is the total revenue? What are the profits?
Suppose that 3W is a representative firm operating in a perfectly competitive industry. 3W's total cost of production is given by TC = 100+q+. a. If the output price is $400, what is 3W's short-run profit-maximizing level of output? b. What is 3W's profit at that price? Graph your results from a) and b). (Hint: your graph needs to include the MR, MC, and ATC curves.)
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)...
If Firm A opertes in a perfectly competitive industry, with market price = $1,200/unit. If Firm A's total cost function is given by TC(g)-20 80q 200, find Firm A's profit maximizing level of output. Using the information from the above question: is the market in which Firm A is selling its output currently in long run equilibrium?
1. (18pts) Suppose there are 100 firms in a perfectly competitive industry. Short run marginal costs for each firm are given by SMC = q + 2 and market demand is given by Qd = 1000-20P (5pts) Calculate the short run equilibrium price and quantity for each firm.. b. (3pts) Suppose each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10. Calculate the long run equilibrium price and the total industry output.. (4pts) What is...
Section iV: Problems 19. Suppose there is a competitive industry in which, at this market supply is given by P-100 + Q A) What is the market price and quantity for the product in this market? In this industry, each firm faces a cost structure as follows: TC 100q+ q'. Based on this TC structure, Marginal cost 2q+ B) What is the firm's profit maximizing quantity of output? C) What is the firm's total revenue, total cost and profit? D)...
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