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1)Suppose Demand for Apples (in bushels) is given by Q = 90-P and Supply is given by Q = P. The market for apples is dominated by a single, monopolistic firm "NYC Apples". Suppose you could regulate the market for Apples and impose a price ceiling. What price would maximize social welfare (combined producer and consumer surplus)? 2)Suppose Demand for Apples (in bushels) is given by Q = 90-P and Supply is given by Q = P. The market for...
11.3 A single firm monopolizes the entire market for Batman masks and can produce at constant average and marginal costs of AC=MC=10: Originally, the firm faces a market demand curve given by Q=60-P a. Calculate the profit-maximizing price-quantity combination for the firm. What are the firm’s profits? b. Now assume that the market demand curve becomes steeper and is given by Q=45-0.5P with the marginal revenue function given by MR=90-4Q: What is the firm’s profit-maximizing price quantity combination now? What...
In a market operated by a cartel, if price is $30 which of the following must be true? Marginal revenue is 30 and marginal cost must be less than $30. Marginal revenue must be zero ATC must be under $30 Marginal Revenue and marginal cost must be under $30 Which of the following is the best example of oligopoly? paper towels Ogreen beans auto repair Apples If a oligpolist is experiencing profits in the short-run, then in the long-run Firms...
*2.2 If a monopoly faces an inverse demand function of p = 90 − Q , p=90−Q, has a constant marginal and average cost of 30, and can perfectly price discriminate, what is its profit? What are the consumer surplus, total surplus, and deadweight loss? How would these results change if the firm were a single-price monopoly?
A single firm monopolizes the entire market for single-lever, ball-type faucets, which it can produce at a cost of 20Q. Originally the firm faces an inverse market demand curve given by P=80-Q. Calculate the profit-maximizing price and quantity for the firm. Suppose that the market demand curve shifts outward and becomes steeper. Market demand is now described as P=100-2Q. What is the firm’s profit maximizing price and quantity now? What is the firm’s profit? Assume now that the market demand...
Firm A and Firm B are the only producers of Coffee in the market. The total cost functions for each firm are given as follow: TCF = QF^2 TCA = 120QA + 0.5QA^2 The market demand function of Coffee is given as follow: Q = 600 − P i. Calculate the profit for each firm under Cournot equilibrium. (8 marks) ii. After Christmas the demand for Coffee decreased sharply that the market demand function becomes: Q* = 450 − 1.5P...
9.1. DanielArcher's Midland farm produces com. His cost function (where total cost is measured in cents) is calculated to be + 100g + 1000 c(4) 480 where q is the output level (measured in bushels). The market price of com is 220 cents per bushel which Midland farm, as a competitive pro- ducer, takes as given. How many bushels will Daniel produce? What is Midland farm's shutdown price? 9.2. In Takeout Town, there are 45 identical pizza delivery firms, each...
7. Suppose you are given the following market supply function for apples: QS = QS(P, w, m) where P is the price per unit of apples, w is the hourly wage rate the firm pays to workers and m is the price of materials used to grow apples. From basic economics, how are QS and m related? A. If the price of materials increases, the market-level quantity supply of apples increases. Thus, they are positively related. B. If the price...
Suppose that in the market for apples, demand and supply are given by the following functions: LaTeX: D: Q^{D}=65-5P D : Q D = 65 − 5 P S: Q^{S}=(-8)+5P S : Q S = ( − 8 ) + 5 P 1.) The equilibrium price in the market is $ . 2.) The equilibrium quantity in this market apples. 3.) At P=9.5 P = 9.5 , there is a surplus of apples.