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PROBLEM I. Suppose that there are 9 price-taker milk farms in a town. They produce milk...
PROBLEM I. Suppose that there are 6 price-taker milk farms in a town They produce milk...
PROBLEM I. Suppose that there are 6 price-taker milk farms in a town They produce milk of the same quality, and each has a cost function C() 0.04q2. The market demand function for milk in this town is given by Q(p)- 1600 325p. 1. The market supply function for milk in this town is (a) Q(p)1600 (b) Qs(p) = 75p (c) Q"(p) = 125p (d) Q(p 1200 (e) Q"(p)=25p 325p. 400p Q2. What is the competitive equilibrium price of milk...
PROBLEM I. Suppose that there are 6 price-taker milk farms in a town They produce milk...
PROBLEM I. Suppose that there are 6 price-taker milk farms in a town They produce milk of the same quality, and each has a cost function C() 0.04q2. The market demand function for milk in this town is given by Q(p)- 1600 325p. 1. The market supply function for milk in this town is (a) Q(p)1600 (b) Qs(p) = 75p (c) Q"(p) = 125p (d) Q(p 1200 (e) Q"(p)=25p 325p. 400p Q2. What is the competitive equilibrium price of milk...
Suppose that a particular firm is in a perfectly competitive constant-cost industry. When it is using...
Suppose that a particular firm is in a perfectly competitive constant-cost industry. When it is using the optimal amount of capital for the long-run, total cost is C(q)=1000+(q2/10), ATC(q)=(1000/q)+q/10, and marginal cost is MC(q)=2q/10. This implies that ATC=MC at a quantity of 100 and a per unit cost of $20. 1. At what quantity is average total cost minimized? 2. What is the long-run competitive equilibrium price? 3. If market demand is QD=12,000-200P and short-run market supply is QS=300P, what...
The weekly cost functions of the only plumber in town are: TC = 40 Q +...
The weekly cost functions of the only plumber in town are: TC = 40 Q + Q2 MC = 40 + 2 Q The weekly demand that this monopolist plumber faces has been estimated as follows: Qd = 50 – 0.25 P where Q is the average weekly number plumbing jobs performed and P represents the average price of each job. a. Determine the profit maximizing price and the quantity of the plumber. b. What would be his (maximum) profit?...
E) Solve the mathematical problems below: 1. The demand and supply curves for hotdogs in California...
E) Solve the mathematical problems below: 1. The demand and supply curves for hotdogs in California are given by the following two equations QD = 8,000 - 800P QS = 2,000 + 200P Where QD represents quantity demanded, QS represents quantity supplied and P represents price. a. Find the equilibrium quantity and price: b. If students suddenly acquire a greater taste for hotdogs, which of the following would be the new demand curve? Circle the correct equation: QD = 6,500...
12.10. Suppose that the total market demand for crude oil is given by Qp70,000 - 2,000...
12.10. Suppose that the total market demand for crude oil is given by Qp70,000 - 2,000 P, where Qp is the quantity of oil in thousands of barrels per year and P is the dollar price per barrel. Suppose also that there are 1,000 identical small producers of crude oil, each with marginal costs given by MC = q+5, where q is the output of the typical firm a. Assuming that each small oil producer acts as a price taker,...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant firm with a cost function C(QcQ, where c > 0 is a constant, and the competitive fringe with a supply function Qf(p) = p-120 The market demand function is given by QM(p) = 600-3p. Q1. When c= 100, the dominant firm's profit-Inaximizing quantity is (a) 100 (b) 144 (c) 180 (d) 160 (e) 120 Q2. When c- 100, the equilibrium market price of the...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant firm with a cost function C(QcQ, where c > 0 is a constant, and the competitive fringe with a supply function Qf(p) = p-120 The market demand function is given by QM(p) = 600-3p. Q1. When c= 100, the dominant firm's profit-Inaximizing quantity is (a) 100 (b) 144 (c) 180 (d) 160 (e) 120 Q2. When c- 100, the equilibrium market price of the...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant firm with a cost function CQ)-cQ, where c >0 is a constant, and the competitive fringe with a supply function Q'(p)p-120 The market demand function is given by QM(p) 600-3p Q1. When c 100, the dominant firm's profit-maximizing quantity is (a) 100. (b) 144 (c) 180 (d) 160. (e) 120 02. When c 100, the equilibriun market price of the product is (a) 120....
[1] INote that AC in the Figure below is ATC] For the following perfectly competitive industry...
[1] INote that AC in the Figure below is ATC] For the following perfectly competitive industry (market) and firm below, assume that P1 $6.80, P2 $3.80, Q1 1200, and Q2 870. Calculate parts (a) (h) below: Indvidual firm Price Industry Price MC Ms AR-MR MS2 P1 AC P2 AR2 MR2 Md Industry Output QFirm's Output (a) At Demand/P1, Firm's Total Revenue (TR) (b) At Demand/P1, Firm's Average Total Cost (ATC) use AC on graph (c) At Demand/P1, Profit (T) (d)...
PROBLEM I. Suppose that there are 6 price-taker milk farms in a town They produce milk of the same quality, and each has a cost function C() 0.04q2. The market demand function for milk in this town is given by Q(p)- 1600 325p. 1. The market supply function for milk in this town is (a) Q(p)1600 (b) Qs(p) = 75p (c) Q"(p) = 125p (d) Q(p 1200 (e) Q"(p)=25p 325p. 400p Q2. What is the competitive equilibrium price of milk...
PROBLEM I. Suppose that there are 6 price-taker milk farms in a town They produce milk of the same quality, and each has a cost function C() 0.04q2. The market demand function for milk in this town is given by Q(p)- 1600 325p. 1. The market supply function for milk in this town is (a) Q(p)1600 (b) Qs(p) = 75p (c) Q"(p) = 125p (d) Q(p 1200 (e) Q"(p)=25p 325p. 400p Q2. What is the competitive equilibrium price of milk...
E) Solve the mathematical problems below: 1. The demand and supply curves for hotdogs in California are given by the following two equations QD = 8,000 - 800P QS = 2,000 + 200P Where QD represents quantity demanded, QS represents quantity supplied and P represents price. a. Find the equilibrium quantity and price: b. If students suddenly acquire a greater taste for hotdogs, which of the following would be the new demand curve? Circle the correct equation: QD = 6,500...
12.10. Suppose that the total market demand for crude oil is given by Qp70,000 - 2,000 P, where Qp is the quantity of oil in thousands of barrels per year and P is the dollar price per barrel. Suppose also that there are 1,000 identical small producers of crude oil, each with marginal costs given by MC = q+5, where q is the output of the typical firm a. Assuming that each small oil producer acts as a price taker,...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant firm with a cost function C(QcQ, where c > 0 is a constant, and the competitive fringe with a supply function Qf(p) = p-120 The market demand function is given by QM(p) = 600-3p. Q1. When c= 100, the dominant firm's profit-Inaximizing quantity is (a) 100 (b) 144 (c) 180 (d) 160 (e) 120 Q2. When c- 100, the equilibrium market price of the...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant firm with a cost function C(QcQ, where c > 0 is a constant, and the competitive fringe with a supply function Qf(p) = p-120 The market demand function is given by QM(p) = 600-3p. Q1. When c= 100, the dominant firm's profit-Inaximizing quantity is (a) 100 (b) 144 (c) 180 (d) 160 (e) 120 Q2. When c- 100, the equilibrium market price of the...
PROBLEM I. Suppose that, in a market of a certain product, there is a single dominant firm with a cost function CQ)-cQ, where c >0 is a constant, and the competitive fringe with a supply function Q'(p)p-120 The market demand function is given by QM(p) 600-3p Q1. When c 100, the dominant firm's profit-maximizing quantity is (a) 100. (b) 144 (c) 180 (d) 160. (e) 120 02. When c 100, the equilibriun market price of the product is (a) 120....
[1] INote that AC in the Figure below is ATC] For the following perfectly competitive industry (market) and firm below, assume that P1 $6.80, P2 $3.80, Q1 1200, and Q2 870. Calculate parts (a) (h) below: Indvidual firm Price Industry Price MC Ms AR-MR MS2 P1 AC P2 AR2 MR2 Md Industry Output QFirm's Output (a) At Demand/P1, Firm's Total Revenue (TR) (b) At Demand/P1, Firm's Average Total Cost (ATC) use AC on graph (c) At Demand/P1, Profit (T) (d)...
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