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Throughout this problem assume that for an industry aggregate demand...
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...
Let the industry demand be D(p) = 100−p, and the industry supply be S(p) = p....
Let the industry demand be D(p) = 100−p, and the industry supply be S(p) = p. (a) Find the equilibirum quantity and the equilibrium price (b) Draw the demand and supply on a graph. Show on this graph the equilibrium, the consumer surplus and the producer surplus. (c) Find the value of the producer surplus. (d) Find the value of the consumer surplus. Now let the government introduce a value tax of 50% paid by the producers. (e) Find the...
please please help me! one long problem and some vocab (For this question you have 20...
please please help me! one long problem and some vocab
(For this question you have 20 attempts) Throughout this problem assume that for an industry aggregate demand is given by: QP) - 900 - 50p Also, each firm in the industry has a production function of f(k)= Vik. Each firm has a short run capital stock of 100 units and r6. Initially, we 2. a. Find the firm's short run cost function in the first box put the variable costs...
can you answer question 3 only plz thank you i need it as soon as possible Home demand: D 100-20P Home supply: S 30+20P What is the import demand schedule in home country, what is the equilibrium...
can you answer question 3 only plz thank you i need it as soon
as possible
Home demand: D 100-20P Home supply: S 30+20P What is the import demand schedule in home country, what is the equilibrium price without trade? b Please draw the demand and supply curves at home, calculate and mark domestic consumer surplus and producer surplus without trade on the graph. 2 Foreign demand D 80-20P* Foreign supply: S 50 20P* What is the export supply schedule...
3. There are two types of firms in an industry. Type 1 firms have the costs...
3. There are two types of firms in an industry. Type 1 firms have the costs TC(n) = 625+ 0.25qi and type 2 firms have costs TC(2) 50000.52 The fixed costs for both types of firms are NOT sunk. (a) Derive each firm's ATC(g), AVC() and MC() functions and plot the curves on separate diagrams (b) Derive each firm's supply function q(p) and show the corresponding curves in the diagrams (c Suppose that there are 10 firms of each type....
1. Consider an industry with a supply function given by Q =−300 + 15P . The...
1. Consider an industry with a supply function given by Q =−300 + 15P . The market demand function is given by P = $25 (a) Draw a diagram that shows producer surplus and variable cost at the equilibrium point. (make sure to indicate euilibrium quantity). (b) Compute the producer surplus and variable cost of the industry at the equilibrium point. (c) What’s the consumer surplus at the equilibrium price? Why? (d) What effect on consumer and producer surplus (welfare)...
Consider a homogeneous product industry with inverse demand function p-35 -Q a) Assume that the industry...
Consider a homogeneous product industry with inverse demand function p-35 -Q a) Assume that the industry is initially monopolized by an incumbent firm (firm I) which has the exclusive right to use the state-of-the-art technology summarized by the total cost function C-10q. Find the initial monopoly equilibrium (price, quantity, industry profit, consumer surplus and total surplus) and the associated degrees of concentration (Herfindahl index) and market power (Lerner index) b) Assume now that a new firm (firm N) discovers and...
Consider a homogeneous product industry with inverse demand function p-35 -Q a) Assume that the industry...
Consider a homogeneous product industry with inverse demand function p-35 -Q a) Assume that the industry is initially monopolized by an incumbent firm (firm I) which has the exclusive right to use the state-of-the-art technology summarized by the total cost function C-10q. Find the initial monopoly equilibrium (price, quantity, industry profit, consumer surplus and total surplus) and the associated degrees of concentration (Herfindahl index) and market power (Lerner index) b) Assume now that a new firm (firm N) discovers and...
The handmade snuffbox industry is composed of 100 identical firms, each having short-run total costs given by 9.8. STC 0.5104 +5 and short-run marginal costs given by SMC q+10 where q is the output o...
The handmade snuffbox industry is composed of 100 identical firms, each having short-run total costs given by 9.8. STC 0.5104 +5 and short-run marginal costs given by SMC q+10 where q is the output of snuffboxes per day. a. What is the short-run supply curve for each snuff. box maker? What is the short-run supply curve for the market as a whole? b. Suppose the demand for total snuffbox production is given by Q 1,100-50P What is the equilibrium in...
The demand curve for a product is given by Q = 800 – 0.1P
The demand curve for a product is given by Q = 800 – 0.1P where P denotes price and Q denotes quantity of the product. The industry comprises large number of firms. Each firm's cost function is C(q) = 2000 + 500q+ 20q2(c) Assuming that there are 20 firms in the industry. Find the industry supply function. Using industry supply and demand function find price and aggregate output in the short-run equilibrium.
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...
please please help me! one long problem and some vocab
(For this question you have 20 attempts) Throughout this problem assume that for an industry aggregate demand is given by: QP) - 900 - 50p Also, each firm in the industry has a production function of f(k)= Vik. Each firm has a short run capital stock of 100 units and r6. Initially, we 2. a. Find the firm's short run cost function in the first box put the variable costs...
can you answer question 3 only plz thank you i need it as soon
as possible
Home demand: D 100-20P Home supply: S 30+20P What is the import demand schedule in home country, what is the equilibrium price without trade? b Please draw the demand and supply curves at home, calculate and mark domestic consumer surplus and producer surplus without trade on the graph. 2 Foreign demand D 80-20P* Foreign supply: S 50 20P* What is the export supply schedule...
3. There are two types of firms in an industry. Type 1 firms have the costs TC(n) = 625+ 0.25qi and type 2 firms have costs TC(2) 50000.52 The fixed costs for both types of firms are NOT sunk. (a) Derive each firm's ATC(g), AVC() and MC() functions and plot the curves on separate diagrams (b) Derive each firm's supply function q(p) and show the corresponding curves in the diagrams (c Suppose that there are 10 firms of each type....
Consider a homogeneous product industry with inverse demand function p-35 -Q a) Assume that the industry is initially monopolized by an incumbent firm (firm I) which has the exclusive right to use the state-of-the-art technology summarized by the total cost function C-10q. Find the initial monopoly equilibrium (price, quantity, industry profit, consumer surplus and total surplus) and the associated degrees of concentration (Herfindahl index) and market power (Lerner index) b) Assume now that a new firm (firm N) discovers and...
Consider a homogeneous product industry with inverse demand function p-35 -Q a) Assume that the industry is initially monopolized by an incumbent firm (firm I) which has the exclusive right to use the state-of-the-art technology summarized by the total cost function C-10q. Find the initial monopoly equilibrium (price, quantity, industry profit, consumer surplus and total surplus) and the associated degrees of concentration (Herfindahl index) and market power (Lerner index) b) Assume now that a new firm (firm N) discovers and...
The handmade snuffbox industry is composed of 100 identical firms, each having short-run total costs given by 9.8. STC 0.5104 +5 and short-run marginal costs given by SMC q+10 where q is the output of snuffboxes per day. a. What is the short-run supply curve for each snuff. box maker? What is the short-run supply curve for the market as a whole? b. Suppose the demand for total snuffbox production is given by Q 1,100-50P What is the equilibrium in...
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