Berries are produced in a perfectly competitive market. Hack’s Berries faces a short-run total cost of...
Berries are produced in a perfectly competitive market. Hack’s Berries faces a short-run total cost of production given by TC = Q3 − 12Q2 + 100Q + 1000, where Q is the number of crates of berries produced per day. All fixed costs are sunk.
a) If the market price of berries is $127 per crate, how many crates of berries should Hack’s produce? How much profit will Hack’s make? Comment on whether Hack’s will continue to produce this amount in the short-run. Why or why not?
b) Calculate the market price below which Hack’s berries will not produce any output in the short-run (i.e. Hack’s Berries shut down price).
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Berries are produced in a perfectly competitive market. Hack’s
Berries faces a short-run total cost of...
cardboard boxes are produced in a perfectly competitive market. each identical firm has a short run...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
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cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
A perfectly competitive firm faces total cost of product as follows: TC = 0.1q2 + 10 + 50. a. If market price is $20/unit, find the output rate at which firm's profit is maximized. b. Find the firm's shut-down point. c. Find the firm's short-run supply function (express output q as a function of market price P). d. If there are 100 identical firms (have the same cost of production) in the market, determine market supply function.
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