Homework Answers
Taking the combined supply curve
Market supply curve = 100p+150p
S(p)= 250p
option(B)
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Question 9 0.1 pts Suppose there are two firms in a market. Firm 1 has supply...
There are 100 firms in a perfectly competitive industry. Each firm has the short-run supply curve...
There are 100 firms in a perfectly competitive industry. Each firm has the short-run supply curve q = P−2 for P > 2, and q = 0 for P≤2. The market supply curve for this industry is Q =100P − 200 for P > 2 and Q = 0 for P ≤ 2. If the market price is $8, the firms in the industry will supply a total of 600 units. Total producer surplus is $____________________ (enter as integer)
Suppose all firms in the market are identical. Each firm has a long run total cost...
Suppose all firms in the market are identical. Each firm has a long run total cost curve LTC = 40Q – Q2 + 0.01Q3. The market demand curve is Q = 20,000 – 100P. Find the long run equilibrium quantity per firm, price, and number of firms in the market.
Suppose the market for oranges has the following demand and supply functions: Q0*700 - 100P •...
Suppose the market for oranges has the following demand and supply functions: Q0*700 - 100P • Qs = 200 - 150P Using these supply and demand functions, how many oranges will be sold in equilibrium? 50 oranges 250 oranges 500 oranges 100 oranges Submit • P= 20 - 1/3(Qp) • P=-10 + 1/5(Qs)
Question 7 1 pts Two firms produce closely-related products, and have marginal costs MC1=10 and MC2=20. The market...
Question 7 1 pts Two firms produce closely-related products, and have marginal costs MC1=10 and MC2=20. The market supplied by firm 1 has demand Q1=100-2p1+P2, while 2's market has demand Q2=100+p1-2p2. The two firms are engaged in Bertrand price competition. 3(a)What is the intercept of firm 1's price reaction curve? (One digit after the decimal point only) Question 8 1 pts 3(b) What is the slope of firm 1's price reaction curve? (One digit after the decimal point only) Question...
Practice problem on market supply 5 points Suppose there are 2 firms that produce fertilizer. One...
Practice problem on market supply 5 points Suppose there are 2 firms that produce fertilizer. One firm (H) has high costs. The other firm (L) has low costs. The supply curves for the 2 firms are shown in the graph below. Supply for the high cost firm is labeled "SH" and supply for the low cost firm is labeled "S." Supply of fertilizer 60 50 2 30 E 20 10 50 100 150 200 Quantity (tons) Derive the market supply...
4. Suppose that firm 1 and firm 2 each produce the same product and face a...
4. Suppose that firm 1 and firm 2 each produce the same product and face a market demand curve given by Q = 5000 – 200P. Firm 1 has a unit (marginal) cost of production ci = 6 while firm 2 has a unit cost of c2 = 10. Firms compete by setting prices and consumers in this market will always purchase from the firm with the lower price. In addition, suppose that firms must choose an integer price. This...
Consider a market with two firms. Suppose that that firm 2 that invests in a new...
Consider a market with two firms. Suppose that that firm 2 that invests in a new technology that changes it cost structure from firm 1. Market demand is Q = 18 – P, firm 1 faces costs G; (21) = {Q}, and firm 2 has costs, Cz (22) = 3. Consider a Cournot. a. What is firm l's best response function? b. Set up firm 2's profit maximization and solve for firm 2's best response function. c. Find the equilibrium...
Two firms produce closely-related products and have marginal costs MC1=10 and MC2=20. The market supplied by...
Two firms produce closely-related products and have marginal
costs MC1=10 and MC2=20. The market supplied by firm 1 has demand
Q1=100-2p1+p2, while 2's market has demand Q2=100+p1-2p2. The two
firms are engaged in Bertrand price competition.
Two firms produce closely-related products, and have marginal costs MC1-10 and MC2-20. The market supplied by firm 1 has demand Q1 = 100-2p1+P2, while 2's market has demand Q2=100+p1- 2p2. The two firms are engaged in Bertrand price competition. 3(a)What is the intercept of...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
1. Suppose that firm 1 in the market described in question 1 has first mover advantage....
1. Suppose that firm 1 in the market described in question 1 has first mover advantage. (Market demand is Q = 18 – P and both firms have the same cost C(q) = Q2) a. What do we call a market where two firms move sequentially? b. Set up and solve for firm 1's output, firm 2's output, market output, and equilibrium price. Show all work for each step. C. Do consumers prefer this over the Cournot equilibrium ? d....
Suppose all firms in the market are identical. Each firm has a long run total cost curve LTC = 40Q – Q2 + 0.01Q3. The market demand curve is Q = 20,000 – 100P. Find the long run equilibrium quantity per firm, price, and number of firms in the market.
Suppose the market for oranges has the following demand and supply functions: Q0*700 - 100P • Qs = 200 - 150P Using these supply and demand functions, how many oranges will be sold in equilibrium? 50 oranges 250 oranges 500 oranges 100 oranges Submit • P= 20 - 1/3(Qp) • P=-10 + 1/5(Qs)
Question 7 1 pts Two firms produce closely-related products, and have marginal costs MC1=10 and MC2=20. The market supplied by firm 1 has demand Q1=100-2p1+P2, while 2's market has demand Q2=100+p1-2p2. The two firms are engaged in Bertrand price competition. 3(a)What is the intercept of firm 1's price reaction curve? (One digit after the decimal point only) Question 8 1 pts 3(b) What is the slope of firm 1's price reaction curve? (One digit after the decimal point only) Question...
Practice problem on market supply 5 points Suppose there are 2 firms that produce fertilizer. One firm (H) has high costs. The other firm (L) has low costs. The supply curves for the 2 firms are shown in the graph below. Supply for the high cost firm is labeled "SH" and supply for the low cost firm is labeled "S." Supply of fertilizer 60 50 2 30 E 20 10 50 100 150 200 Quantity (tons) Derive the market supply...
4. Suppose that firm 1 and firm 2 each produce the same product and face a market demand curve given by Q = 5000 – 200P. Firm 1 has a unit (marginal) cost of production ci = 6 while firm 2 has a unit cost of c2 = 10. Firms compete by setting prices and consumers in this market will always purchase from the firm with the lower price. In addition, suppose that firms must choose an integer price. This...
Consider a market with two firms. Suppose that that firm 2 that invests in a new technology that changes it cost structure from firm 1. Market demand is Q = 18 – P, firm 1 faces costs G; (21) = {Q}, and firm 2 has costs, Cz (22) = 3. Consider a Cournot. a. What is firm l's best response function? b. Set up firm 2's profit maximization and solve for firm 2's best response function. c. Find the equilibrium...
Two firms produce closely-related products and have marginal
costs MC1=10 and MC2=20. The market supplied by firm 1 has demand
Q1=100-2p1+p2, while 2's market has demand Q2=100+p1-2p2. The two
firms are engaged in Bertrand price competition.
Two firms produce closely-related products, and have marginal costs MC1-10 and MC2-20. The market supplied by firm 1 has demand Q1 = 100-2p1+P2, while 2's market has demand Q2=100+p1- 2p2. The two firms are engaged in Bertrand price competition. 3(a)What is the intercept of...
QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1....
1. Suppose that firm 1 in the market described in question 1 has first mover advantage. (Market demand is Q = 18 – P and both firms have the same cost C(q) = Q2) a. What do we call a market where two firms move sequentially? b. Set up and solve for firm 1's output, firm 2's output, market output, and equilibrium price. Show all work for each step. C. Do consumers prefer this over the Cournot equilibrium ? d....
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