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Problem 3: The apple market In the market for apples, there is a very large number...
Suppose the apple market is competitive. State the long run equilibrium condition of a typical profit-maximizing...
Suppose the apple market is competitive. State the long run equilibrium condition of a typical profit-maximizing firm operating in a competitive market. Express your answer using marginal cost and average cost. Assume the market for apple is now operating at her long run equilibrium. Draw side-by-side diagrams to show the long run equilibrium conditions for a typical apple farmer and the market for apples. Label your diagrams clearly. Recently, there is a fall in the price of fertilizers used for...
Suppose the apple market is competitive. a. State the long run equilibrium condition of a typical...
Suppose the apple market is competitive. a. State the long run equilibrium condition of a typical profit-maximizing firm operating in a competitive market. Express your answer using marginal cost and average cost. (2 marks) b. Assume the market for apple is now operating at her long run equilibrium. Draw side-by-side diagrams to show the long run equilibrium conditions for a typical apple farmer and the market for apples. Label your diagrams clearly. (6 marks) c. Recently, there is a fall...
4. The market for apples is perfectly competitive. The market demand for apples has been estimated...
4. The market for apples is perfectly competitive. The market demand for apples has been estimated as follows: Qd = 54,400 - 900P, where Q is measured in thousands of cases The market supply is Qs = 4000 + 800P Each apple producer has a total cost function given as: TC = 2400 +59 +0.0625q? Find the market price and quantity, firm output and profits. How many firms are there? Market price $ Market output Firm output Firm profits $...
4. The market for apples is perfectly competitive. The market demand for apples has been estimated...
4. The market for apples is perfectly competitive. The market demand for apples has been estimated as follows: Qd = 54,400 - 900P, where is measured in thousands of cases The market supply is Qs 4000 + 800P Each apple producer has a total cost function given as: TC = 2400 + 54 +0.0625q? Find the market price and quantity, firm output and profits. How many firms are there? Market price $. Market output. Firm output Firm profits $ Number...
The figure to the right illustrates the market for apples in which the government has imposed...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? 12 million crates of apples per year. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? There will be a surplus of 18 million crates of...
1. Consider the market for apples where the market demand is given by QD = 30...
1. Consider the market for apples where the market demand is
given by QD = 30 − 2p and market supply is given by QS = P Find the
market equilibrium. What will be the quantity traded if an excise
tax of $2/unit is imposed? Calculate the deadweight loss of the
excise tax.
2. Consider the same market from question #1. Consider that
you are the only seller in that market and you produce apple for a
marginal cost of...
PLEASE SHOW ME HOW THESE PROBLEMS ARE SOLVED STEP BY STEP WITH CLEAR EXPLANATION WOULD BE...
PLEASE SHOW ME HOW THESE PROBLEMS ARE SOLVED
STEP BY STEP WITH CLEAR EXPLANATION WOULD BE HIGHLY
APPRECIATED!
1. For each of the following production functions, decide if (and EXPLAIN why) it describes a constant, increasing or decreasing returns to scale technology (a) f(K,L) = 0.520.8 (b) f(K, L) = 5(VK + 0) 2. Assume that a competitive market is populated by many identical firms producing a homogenous output good. If their common) cost function is c(q) = 36 +249...
Suppose market demand for bread is given by the equation QD = 12-P while the market...
Suppose market demand for bread is given by the equation QD = 12-P while the market supply equation is Qs = 2P. a. Calculate the equilibrium price and quantity, consumer surplus, and producer surplus in the market for tires. Graph your results. b. Suppose the government imposes a tax on tire producers of $3 per tire. i. What price will the buyer pay? What is the burden to consumers? What amount per unit will the seller receive? What is the...
Assume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical firm...
Assume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical firm that grows and sells apples. Currently, Grande earns zero economic profit, and the market price of apples is $10 per bushel. (a) Draw a correctly labeled graph showing Grande’s demand curve, average total cost curve, and marginal cost curve, and show the profit-maximizing quantity, labeled QG . (b) Suppose an increase in the popularity of apple cider increases the demand for apples. How will...
Suppose the market for apple pie is a perfectly competitive market—that is, sellers take the market...
Suppose the market for apple pie is a perfectly competitive
market—that is, sellers take the market price as given. Yvette owns
a restaurant where she sells apple pie. The following graph shows
Yvette's weekly supply curve, represented by the orange line. Point
A represents a point along her supply curve. The price of apple pie
is $3.00 per slice, as shown by the horizontal black line.
Yvette's Weekly
Supply024681012141618205.004.504.003.503.002.502.001.501.000.500PRICE
(Dollars per slice)QUANTITY (Slices of apple pie)SupplyPriceA
From the previous graph,...
4. The market for apples is perfectly competitive. The market demand for apples has been estimated as follows: Qd = 54,400 - 900P, where Q is measured in thousands of cases The market supply is Qs = 4000 + 800P Each apple producer has a total cost function given as: TC = 2400 +59 +0.0625q? Find the market price and quantity, firm output and profits. How many firms are there? Market price $ Market output Firm output Firm profits $...
4. The market for apples is perfectly competitive. The market demand for apples has been estimated as follows: Qd = 54,400 - 900P, where is measured in thousands of cases The market supply is Qs 4000 + 800P Each apple producer has a total cost function given as: TC = 2400 + 54 +0.0625q? Find the market price and quantity, firm output and profits. How many firms are there? Market price $. Market output. Firm output Firm profits $ Number...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? 12 million crates of apples per year. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? There will be a surplus of 18 million crates of...
1. Consider the market for apples where the market demand is
given by QD = 30 − 2p and market supply is given by QS = P Find the
market equilibrium. What will be the quantity traded if an excise
tax of $2/unit is imposed? Calculate the deadweight loss of the
excise tax.
2. Consider the same market from question #1. Consider that
you are the only seller in that market and you produce apple for a
marginal cost of...
PLEASE SHOW ME HOW THESE PROBLEMS ARE SOLVED
STEP BY STEP WITH CLEAR EXPLANATION WOULD BE HIGHLY
APPRECIATED!
1. For each of the following production functions, decide if (and EXPLAIN why) it describes a constant, increasing or decreasing returns to scale technology (a) f(K,L) = 0.520.8 (b) f(K, L) = 5(VK + 0) 2. Assume that a competitive market is populated by many identical firms producing a homogenous output good. If their common) cost function is c(q) = 36 +249...
Suppose market demand for bread is given by the equation QD = 12-P while the market supply equation is Qs = 2P. a. Calculate the equilibrium price and quantity, consumer surplus, and producer surplus in the market for tires. Graph your results. b. Suppose the government imposes a tax on tire producers of $3 per tire. i. What price will the buyer pay? What is the burden to consumers? What amount per unit will the seller receive? What is the...
Suppose the market for apple pie is a perfectly competitive
market—that is, sellers take the market price as given. Yvette owns
a restaurant where she sells apple pie. The following graph shows
Yvette's weekly supply curve, represented by the orange line. Point
A represents a point along her supply curve. The price of apple pie
is $3.00 per slice, as shown by the horizontal black line.
Yvette's Weekly
Supply024681012141618205.004.504.003.503.002.502.001.501.000.500PRICE
(Dollars per slice)QUANTITY (Slices of apple pie)SupplyPriceA
From the previous graph,...
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