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6.[10 points) Answer the following questions. a. In a perfectly competitive industry, the industry demand and...
[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)...
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...
(a) All firms in a perfectly competitive industry face the same long-run average cost curve, AC...
(a) 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 the demand for cotton T-shirts is...
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...
In a perfectly competitive market, industry demand is: P = 850 – 4.2Q, and industry supply...
In a perfectly competitive market, industry demand is: P = 850 – 4.2Q, and industry supply is: P = 250 + 4Q (Supply is the sum of the marginal cost curves of the firms in the industry). If instead all of the firms behave as a cartel, prices will increase by ____. Hint: Round your answer to two decimal places
1. For a perfectly competitive firm, long-run average cost is: LAC = 300 - 20Q +...
1. For a perfectly competitive firm, long-run average cost is: LAC = 300 - 20Q + 1.8Q2, where Q denotes the firm’s output. The firm’s long-run profit-maximizing price is _____. 2. Demand for a good is given by: QD = 50 – 2P and supply by QS = 1P – 10, where P is the market price of the good. In equilibrium, price would be ___. 3. Demand for a good is given by: QD = 50 – 2P and...
37. If every firm in a perfectly competitive industry experiences the same technological improvement, then A....
37. If every firm in a perfectly competitive industry experiences the same technological improvement, then A. the firm's short-run supply curves will shift to the right. B. the industry's short-run supply curve will shift to the right. C. the industry's long-run supply curve will shift downward or to the right D. All of the above statements are true. E. Only A and B are true. D, a, ap, o, 38. In a perfectly competitive, constant-cost industry, the long-run equilibrium price...
In a competitive (same as perfectly competitive) market, the equilibrium price is determined : at the intersection...
In a competitive (same as perfectly competitive) market, the equilibrium price is determined : at the intersection of the firm's demand curve and the market supply curve at the intersection of the market demand and supply curves at the intersection of the firm's demand and marginal cost curves so as to cover the costs of the potential firms so as to cover the costs of the firms currently in the industry
Assume a perfectly competitive industry. The demand curve is QD = 93 − 3P and the...
Assume a perfectly competitive industry. The demand curve is QD = 93 − 3P and the supply curve is QS = -2 + 2P a) Find producer and consumer surplus. Suppose that a tax of $20 per unit is imposed on firms. b) Find the burden of the tax on consumers c) Find the burden of tax on firms d) Find any deadweight loss.
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is perfectly vertical. maybe downward or upward sloping, depending upon the type of product offered for sale. In the short run, the best policy for a perfectly competitive firm is to Question 17 options: shut down its operation if the price ever falls below average total cost. produce and sell its product as long as price is greater than average variable cost. shut down its...
[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)...
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...
37. If every firm in a perfectly competitive industry experiences the same technological improvement, then A. the firm's short-run supply curves will shift to the right. B. the industry's short-run supply curve will shift to the right. C. the industry's long-run supply curve will shift downward or to the right D. All of the above statements are true. E. Only A and B are true. D, a, ap, o, 38. In a perfectly competitive, constant-cost industry, the long-run equilibrium price...
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