Suppose that the market for laptops is perfectly competitive. These companies are identical with their long-run...
Suppose that the market for laptops is perfectly competitive. These companies are identical with their long-run cost functions for a full day of keyboarding given by:
TC(Q) = 6Q3-30Q2+200Q
Market Demand is:
Qd = 8,000 - 20P
a. Find the long-run equilibirum price in this industry
b. Use market demand to find the equilibrium total industry output.
c. Find the equilibrium number of firms.
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Suppose that the market for laptops is perfectly competitive.
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9. The long-run supply curve of a perfectly competitive firm is given by a horizontal line placed at P = 3 PLN (in a graph where the quantity and price are measured on the X and Y axes, respectively). The market demand is described by QD = 150-5P. a. What is the amount of output produced by the whole industry in the long-run equilibrium? b. Assuming that firms are identical and obtain the minimum average cost for the quantity of...
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i) The long run cost function for each firm in a perfectly competitive market is c(q) = 2^1.5+16q^0.5, LMC = 1.59^0.5+ 8q^-0.5, market demand curve is Q=1600-2p. Find price (p) of output and the level of output (q) produced by the firm in a long run equilibrium. Find the long run average cost curve for the firm. ii) what happens in the long run if the market demand curve shifts to Q=160-20p?/ -A competitive industry is in long run equilibrium....
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6. Suppose that the trucking market is a perfectly competitive industry in long run equi librium. Each of the identical trucking firms has the same (long run) cost function: TC = 2250 + 10q2, where q is the volume of sales by each establishment. Each of the identical firms therefore have the same marginal cost: MC = 20q (a) What is the average cost function for the identical trucking firms? (b) How much does each individual firm produce in the...
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