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100 1. LAC is given as Q LMC is given as 2Q (a) Find individual firm's...
The firm's long-run total cost is given by LTC = 5,000Q - 100Q^2 + Q^3 and its long-run marginal cost is given by LMC =...
The firm's long-run total cost is given by LTC = 5,000Q - 100Q^2 + Q^3 and its long-run marginal cost is given by LMC = 5,000 - 200Q + 3Q^2. At what output level does the firm experience diseconomies of scale? I don't understand how it goes from this " 5000 - 100Q + Q2 " to this equation "-100 + 2Q = 0"
4. Consider a market where 100 firms are in operation in the short run. Each firm's...
4. Consider a market where 100 firms are in operation in the short run. Each firm's cost function is TC 450 2q. The market demand function is QD- 1200-5p a. Calculate the short-run market equilibrium (price and quantity). b. Will there be entry or exit in the long run? (Suppose that demand and costs do not change.) c. Calculate the long-run competitive equilibrium (price, quantity, and number of firms)
Suppose there are n identical firms in the market for plums. Each firm's cost function is...
Suppose there are n identical firms in the market for plums. Each firm's cost function is given by C(q)=25+q^2 where q represents the amount that an individual firm will produce. Also, the market demand for plums is given by P = 100 - 2Q, where Q is the total amount of the good produced by all the firms combined (Q=q*n). How much output will each firm produce in the long run? What will be the long run equilibrium price? How...
Suppose that each firm in a competitive industry has the following costs: Total Cost: TC= 50+1/2...
Suppose that each firm in a competitive industry has the following costs: Total Cost: TC= 50+1/2 q^2 Marginal Cost: MC= q where qq is an individual firm's quantity produced. The market demand curve for this product is Demand QD=160−4PQD=160−4P where PP is the price and QQ is the total quantity of the good. Each firm's fixed cost is $_____ What is each firm's variable cost? q 50+1/2 q 1/2q 1/2q^2 Which of the following represents the equation for each firm's...
Econ 308 Fall 2019 Assignment 5 Deadline: Tuesday, Dec. 10th, 2019 1. Suppose a firm's total...
Econ 308 Fall 2019 Assignment 5 Deadline: Tuesday, Dec. 10th, 2019 1. Suppose a firm's total cost function is given by TC = 6,000 + 20 +0.250, where MC- 2 +0.50 a. What is the output level that minimizes total cost? b. What is the output level that minimizes average total cost? 2. A perfectly competitive industry in long-run equilibrium comprises 200 identical firms. In one of the firms, the workers unionize and receive a 20% wage increase. What happens...
9.1. DanielArcher's Midland farm produces com. His cost function (where total cost is measured in cents)...
9.1. DanielArcher's Midland farm produces com. His cost function (where total cost is measured in cents) is calculated to be + 100g + 1000 c(4) 480 where q is the output level (measured in bushels). The market price of com is 220 cents per bushel which Midland farm, as a competitive pro- ducer, takes as given. How many bushels will Daniel produce? What is Midland farm's shutdown price? 9.2. In Takeout Town, there are 45 identical pizza delivery firms, each...
4. In the competit ve market for widgets there are 50 identical consumers and 200 iden tical firms. Each individual...
4. In the competit ve market for widgets there are 50 identical consumers and 200 iden tical firms. Each individual consumer has the following demand function for widgets P(P) 100 2P where qD is the quantity an individual consumes and P is the widget's price. Each firm has the following cost function: C() 100 2qq (a) (3 points) Find the market demand function for widgets QP(P). Find the industry supply function for widgets Qs(P), make sure to find each firm's...
4) Suppose each firm's long run average cost curve, for positive levels of output, is given by AC 0.10.05Q+5/Q. The...
4) Suppose each firm's long run average cost curve, for positive levels of output, is given by AC 0.10.05Q+5/Q. The marginal cost curve is given by MC 0.+0.1Q. (a) Find the minimum efficient scale for the above cost function (b) What is the firm's minimum average cost? (c) Suppose you have many identical firms in a long run competitive equilibrium. Demand is P 13.1-0.040. What is the market quantity? How many firms are there? (d) Suppose demand increases to P...
typical perfect competitive firm in the coffee market is given by the The cost curve for...
typical perfect competitive firm in the coffee market is given by the The cost curve for a following 1284qi + 2q% TC The market demand curve for coffee is given by the following P 84 2q (a) i) Find the long ru and quantity, output for each firm, the number of firms in the industry and the level of producer and consumer surplus. Show your answer in a clear well-labelled diagram (ii) What is the value of own price elasticity...
Suppose each firm's long run average cost curve, for positive levels of output, is given by AC = 0.1 + 0.05Q + 5/Q....
Suppose each firm's long run average cost curve, for positive levels of output, is given by AC = 0.1 + 0.05Q + 5/Q. The marginal cost curve is given by MC = 0.1 + 0.1Q. (a) Find the minimum efficient scale for the above cost function. (b) What is the firm's minimum average cost? (c) Suppose you have many identical firms in a long run competitive equilibrium. Demand is P = 13.1-0.04Q. What is the market quantity? How many firms...
4. Consider a market where 100 firms are in operation in the short run. Each firm's cost function is TC 450 2q. The market demand function is QD- 1200-5p a. Calculate the short-run market equilibrium (price and quantity). b. Will there be entry or exit in the long run? (Suppose that demand and costs do not change.) c. Calculate the long-run competitive equilibrium (price, quantity, and number of firms)
Econ 308 Fall 2019 Assignment 5 Deadline: Tuesday, Dec. 10th, 2019 1. Suppose a firm's total cost function is given by TC = 6,000 + 20 +0.250, where MC- 2 +0.50 a. What is the output level that minimizes total cost? b. What is the output level that minimizes average total cost? 2. A perfectly competitive industry in long-run equilibrium comprises 200 identical firms. In one of the firms, the workers unionize and receive a 20% wage increase. What happens...
9.1. DanielArcher's Midland farm produces com. His cost function (where total cost is measured in cents) is calculated to be + 100g + 1000 c(4) 480 where q is the output level (measured in bushels). The market price of com is 220 cents per bushel which Midland farm, as a competitive pro- ducer, takes as given. How many bushels will Daniel produce? What is Midland farm's shutdown price? 9.2. In Takeout Town, there are 45 identical pizza delivery firms, each...
4. In the competit ve market for widgets there are 50 identical consumers and 200 iden tical firms. Each individual consumer has the following demand function for widgets P(P) 100 2P where qD is the quantity an individual consumes and P is the widget's price. Each firm has the following cost function: C() 100 2qq (a) (3 points) Find the market demand function for widgets QP(P). Find the industry supply function for widgets Qs(P), make sure to find each firm's...
4) Suppose each firm's long run average cost curve, for positive levels of output, is given by AC 0.10.05Q+5/Q. The marginal cost curve is given by MC 0.+0.1Q. (a) Find the minimum efficient scale for the above cost function (b) What is the firm's minimum average cost? (c) Suppose you have many identical firms in a long run competitive equilibrium. Demand is P 13.1-0.040. What is the market quantity? How many firms are there? (d) Suppose demand increases to P...
typical perfect competitive firm in the coffee market is given by the The cost curve for a following 1284qi + 2q% TC The market demand curve for coffee is given by the following P 84 2q (a) i) Find the long ru and quantity, output for each firm, the number of firms in the industry and the level of producer and consumer surplus. Show your answer in a clear well-labelled diagram (ii) What is the value of own price elasticity...
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