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Problem 1. Consider an industry that initially has 50 firms, with cost functions of C(y) 25y2+400,...
The market for cashews is perfectly competitive and comprised of fifty (50) firms with identical cost...
The market for cashews is perfectly competitive and comprised of fifty (50) firms with identical cost structures and U-shaped ATC curves. The market demand curve for cashews is downward-sloping. The industry is initially in long run equilibrium at the following market price and quantity P* = $4/pound Q* = 50 pounds of cashews In TWO, well-labeled graphs (side by side), depict this long run equilibrium for both the cashew market and for the individual cashew firm. Be sure to calculate...
The first picture below depicts the cost curves for a representative firm in this perfectly competitive industry. Initia...
The first picture below depicts the cost curves for a
representative firm in this perfectly competitive industry.
Initially, there are 100 firms. The second picture depicts market
demand.
A) Suppose that the firm produces 300 units of output, how much
are their total costs?
B) What is the short-run equilibrium price?
C) At the short-run equilibrium price, what is the quantity
produced by each firm?
D) At the short-run equilibrium price, what is per-firm
profit?
E) In the long-run,...
For a constant cost industry in which all firms the same cost functions, their long-run average...
For a constant cost industry in which all firms the same cost functions, their long-run average cost is minimized at $10 per unit output and 20 units (i.e. q = 20). Market demand is given by QD=DP=1,500-50P. Find the long-run market supply function Find the long-run equilibrium price (P*), market quantity (Q*), firm output (q*), number of firms (n), and each firm’s profit. The short-run total cost function associated with each firm’s long-run costs is SCq=0.5q2-10q+200. Calculate the short-run average...
Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC)
7. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. The following diagram shows the market demand for copper. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint:...
2. A competitive industry has 12 identical firms, each one has a total variable cost function...
2. A competitive industry has 12 identical firms, each one has a total variable cost function TVC(a) 402 and a marginal cost function MC(a) 40+q, the firm's fixed cost.s are entirely non-sunk (that is, must be paid only if q >0) and equal to 50. (a) Calculate the price below which the firm will produce q 0. (b) The market demand is QD(p) 360-2p. What is the short-run equilibrium price and quantity supplied by each firm? Calculate each firm's proft...
Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the Industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on
6. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the Industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. The following diagram shows the market demand for copper. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint:...
Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on
7. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.The following diagram shows the market demand for copper.Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint:...
Consider a perfectly competitive market for titanium. Assume that all firms in the industry are identical and...
Consider a perfectly competitive market for titanium. Assume that all firms in the industry are identical and have the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. Assume also that it does not matter how many firms are in the industry Tool Tip: Place the mouse cursor over orange square points on the MC curve to see coordinates. COST PER UNIT IDollars per pound) 10 MC ATC AVC 0 5...
1. Suppose firms in a perfectly competitive, constant cost (i.e., flat LR supply curve), industry face...
1. Suppose firms in a perfectly competitive, constant cost (i.e., flat LR supply curve), industry face monthly demand given by Qp = 1000 - P and have access to a production technology that yields a cost function TC(Q:) = 40? + 100Qi + 100 where Q denotes units produced per month. Assume the only difference between short-run and long-run costs is T C(0) = 100 in the short run and TC(O) = 0 in the long run (which is consistent...
Consider a competitive industry with a large number of firms, all of which have the cost...
Consider a competitive industry with a large number of firms, all of which have the cost function c(y) = y 2 + 1 for y > 0 and c(0) = 0. Note that the marginal cost for this cost function is MC = 2y for y > 0. Suppose that initially the demand curve for this industry is given by D(p) = 84 − p. Note that the output of a firm does not have to be an integer number,...
The market for cashews is perfectly competitive and comprised of fifty (50) firms with identical cost structures and U-shaped ATC curves. The market demand curve for cashews is downward-sloping. The industry is initially in long run equilibrium at the following market price and quantity P* = $4/pound Q* = 50 pounds of cashews In TWO, well-labeled graphs (side by side), depict this long run equilibrium for both the cashew market and for the individual cashew firm. Be sure to calculate...
The first picture below depicts the cost curves for a
representative firm in this perfectly competitive industry.
Initially, there are 100 firms. The second picture depicts market
demand.
A) Suppose that the firm produces 300 units of output, how much
are their total costs?
B) What is the short-run equilibrium price?
C) At the short-run equilibrium price, what is the quantity
produced by each firm?
D) At the short-run equilibrium price, what is per-firm
profit?
E) In the long-run,...
2. A competitive industry has 12 identical firms, each one has a total variable cost function TVC(a) 402 and a marginal cost function MC(a) 40+q, the firm's fixed cost.s are entirely non-sunk (that is, must be paid only if q >0) and equal to 50. (a) Calculate the price below which the firm will produce q 0. (b) The market demand is QD(p) 360-2p. What is the short-run equilibrium price and quantity supplied by each firm? Calculate each firm's proft...
6. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the Industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. The following diagram shows the market demand for copper. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint:...
Consider a perfectly competitive market for titanium. Assume that all firms in the industry are identical and have the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. Assume also that it does not matter how many firms are in the industry Tool Tip: Place the mouse cursor over orange square points on the MC curve to see coordinates. COST PER UNIT IDollars per pound) 10 MC ATC AVC 0 5...
1. Suppose firms in a perfectly competitive, constant cost (i.e., flat LR supply curve), industry face monthly demand given by Qp = 1000 - P and have access to a production technology that yields a cost function TC(Q:) = 40? + 100Qi + 100 where Q denotes units produced per month. Assume the only difference between short-run and long-run costs is T C(0) = 100 in the short run and TC(O) = 0 in the long run (which is consistent...
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