need answer quickly 1. Market demand is given as QP = 220 - 4P. Market supply...
Market demand is given as QD = 220 – 4P. Market supply is given as QS = 2P + 40. Each identical firm has MC = 0.5Q and ATC = 0.25Q. What is a firm’s average total cost? 2. Describe what happens to output, price, and economic profit in the short run and in the long run in a competitive market following: a) An increase in demand. b) A decrease in demand. c) The adoption of a new technology that...
1. Market demand is given as Q = 220 - 4P. Market supply is given as Q = 2P + 40. Each identical firm has MC = 0.5Q and ATC = 0.250. What is a firm's average total cost? 2. Describe what happens to output, price, and economic profit in the short run and in the long run in a competitive market following: a) An increase in demand. b) A decrease in demand c) The adoption of a new technology...
Market demand is given as QD = 200 – 3P. Market supply is given as QS = 2P + 100. Each identical firm has MC = 0.5Q and ATC = 0.25Q. What is each firm’s profit?
Question 5 (15 marks) Market demand is given as QD = 120 - P. Market supply is given as QS = 4P. Each identical firm has MC = 6Q and ATC = 3Q. Showing your calculations, answer the following questions: A) What quantity of output will a typical firm produce? (5 marks) B) What is a typical firm's average total cost? (5 marks) C) What is a a typical firm's profit? (5 marks)
Question 12 (1 point) Market demand is given as QD = 300 - 5P. Market supply is given as QS = 5P. Each identical firm has MC = 6Q and ATC = 40. What is a firm's average total cost? $10 O $15 $20 O $30
2. (15 points). The demand function for an oligopolistic market is given by the equation, Q 180-4P, where Q is quantity demanded and P is price. The industry has one dominant firm whose marginal cost function is: MC 12+1Qp, and many small firms, with a total supply function: Qs 20+ P. (a) Derive the demand equation for the dominant oligopoly firm. (b) Determine the dominant oligopoly firm's profit-maximizing out- put and price. (c) Determine the total output of the small...
Suppose market demand andmarket supply are given by Qd = 15 –4P and Qs = -3+2P What are the equilibrium quantity and price in this market? Show your work!!!
1. Given the demand function Qd = -3P +40 and the supply function Qs = 4P, mathematically determine the amount of total revenue this firm will make when it sells it’s good at market price.
Suppose that supply and demand are given by the following equations: QD = 40 – 4P and QS = 2p – 2. In the above market, if a price floor of $8.50 was put into place, which of the following would result? A) A shortage of 10 units B) A surplus of 11 units C) Deadweight loss of at least $24 D) An increase in consumer surplus. Why is the Answer C?
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,...