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please help with b and c, thank you!
INDTAP Firms in Competitive Markets (Ch 14) ents...
Suppose that each firm in a competitive industry has the following costs: Total Cost: TC =...
Suppose that each firm in a competitive industry has the following costs:Total Cost: TC=50+1/2 q2Marginal Cost: MC=qwhere q is an individual firm's quantity produced.The market demand curve for this product is:Demand QD=160-4 Pwhere P is the price and Q is the total quantity of the good.Each firm's fixed cost is $_______ What is each firm's variable cost?1/2 q50+1/2 q1/2 q^{2}qWhich of the following represents the equation for each firm's average total cost?50/q+1/2 q50+1/2 q50/q1/2 qComplete the following table by computing the...
11. Problems and Applications Q11Suppose that each firm in a competitive industry has thefollowing...
11. Problems and Applications Q11Suppose that each firm in a competitive industry has the
following costs:Total Cost: TC = 50 + Marginal Cost: MC = qThe market demand curve for this product is:Demand where P is the Price and Q is the total quantity of the
good..What is each firm's variable cost?0.5q50+0.5qqWhich of the following represents the equation for each firm's
average total cost?50q50+0.5q0.5qComplete the following table by computing the marginal cost and
average total cost for qq from 5...
Suppose there is a perfectly competitive industry where all the firms are identical with identical cost...
Suppose there is a perfectly competitive industry where all the firms are identical with identical cost curves. Furthermore, suppose that a representative firm’s total cost is given by the equation TC = 100 + q2 + q where q is the quantity of output produced by the firm. You also know that the market demand for this product is given by the equation P = 900 - 2Q where Q is the market quantity. In addition, you are told that...
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...
11. Problems and Applications Q11 Suppose that each firm in a competitive industry has the following...
11. Problems and Applications Q11 Suppose that each firm in a competitive industry has the following costs: Total Cost: TC=50+12q2TC=50+12q2 Marginal Cost: MC=qMC=q where qq is an individual firm's quantity produced. The market demand curve for this product is: Demand QD=140?2PQD=140?2P 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? 12q212q2 qq 50+12q50+12q 12q12q Which of the following represents the equation for each firm's...
Suppose you are asked to analyze a competitive market with identical firms for the government. You...
Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p= 100 -0.01Q, The long-run market supply is: p = 20 Each firm's total cost function is: C(q) = 500 +0.2002 What is the marginal cost faced by each firm? MC=0 Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number). Now suppose...
Please explain in details with step-by-step solution, Thank you very much d) Consider a perfectly competitive...
Please explain in details with step-by-step solution, Thank you
very much
d) Consider a perfectly competitive market with a market demand curve that is given by the equation P 2000-2. A representative firm in this market has a total cost curve given by the equation TC 121 64q+ and a marginal cost curve given by MC- 642g. O is the market quantity and q is the firm quantity. Suppose the short-run price (P) in this market is S100 i) What...
12. Consider an industry with a dominant firm and a competitive fringe. The market demand for...
12. Consider an industry with a dominant firm and a competitive fringe. The market demand for the product is given by P - 100 - 20 where P is the market price for the product, and Q is the total amount sold in the industry. The dominate firm's marginal cost is given by the equation MC-80, and the supply curve for the competitive fringe is Q-P/2. Use this information to find the Residual Demand curve faced by the dominant firm;...
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...
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...
11. Problems and Applications Q11Suppose that each firm in a competitive industry has the
following costs:Total Cost: TC = 50 + Marginal Cost: MC = qThe market demand curve for this product is:Demand where P is the Price and Q is the total quantity of the
good..What is each firm's variable cost?0.5q50+0.5qqWhich of the following represents the equation for each firm's
average total cost?50q50+0.5q0.5qComplete the following table by computing the marginal cost and
average total cost for qq from 5...
Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p= 100 -0.01Q, The long-run market supply is: p = 20 Each firm's total cost function is: C(q) = 500 +0.2002 What is the marginal cost faced by each firm? MC=0 Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number). Now suppose...
Please explain in details with step-by-step solution, Thank you
very much
d) Consider a perfectly competitive market with a market demand curve that is given by the equation P 2000-2. A representative firm in this market has a total cost curve given by the equation TC 121 64q+ and a marginal cost curve given by MC- 642g. O is the market quantity and q is the firm quantity. Suppose the short-run price (P) in this market is S100 i) What...
12. Consider an industry with a dominant firm and a competitive fringe. The market demand for the product is given by P - 100 - 20 where P is the market price for the product, and Q is the total amount sold in the industry. The dominate firm's marginal cost is given by the equation MC-80, and the supply curve for the competitive fringe is Q-P/2. Use this information to find the Residual Demand curve faced by the dominant firm;...
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...
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