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2. Assume that a monopolists sells a product in the short- run with a total cost function STC(Q)-...
Assume that a monopolists Sells a product In the short - run with a total cost...
Assume that a monopolists Sells a product In the short - run with a total cost function - ST. Hoztoat2q² Q70 7 96 Q=0 The market demand curve is given by the equation PCG) = 70-8Q a) Find the marginal cost for the firm b) Find the profit - Maximizing out put and price (PQ) C) what are the mono po lists Profits ? d) Does the monopolist want to stay in businessa
Suppose there are 100 firms each with a short run total cost of STC = q2...
Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10. If market demand is given by QD = 1050 − 50P, how much will be produced in the market? a. 300 b. 400 c. 500 d. 600 Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10. If market demand is given by QD = 1050 − 50P, how much...
A firm in a perfectly competitive market has a short-run total cost curve of ST C(Q)...
A firm in a perfectly competitive market has a short-run total cost curve of ST C(Q) = 20 + 10Q + Q2. The market price is $10. a) What is the profit-maximizing quantity? b) What are the maximum profits? c) Find the short-run supply curve if all fixed costs are sunk. d) Find the short-run supply curve if all fixed costs are non-sunk. e) Suppose there are 100 identical firms in this market. What is the market supply curve if...
Suppose Q=VKL in the short-run. The firm's short-run total cost curve is +rk C) STC =...
Suppose Q=VKL in the short-run. The firm's short-run total cost curve is +rk C) STC = +K +rk
2. A monopolist sells a product with a total cost function TC = 1200 +0.502. The...
2. A monopolist sells a product with a total cost function TC = 1200 +0.502. The market demand curve is given by the equation P= 300- a. Find the profit-maximizing output and price for this monopolist. Is the monopolist profitable? b. Calculate the price elasticity of demand at the monopolist's profit-maximizing price. Also calculate the marginal cost at the monopolist's profit-maximizing output. Verify that the IEPR holds.
Assume a firm's short-run total cost function is STC = (1/3)q3 – 4q2 + 22q...
Assume a firm's short-run total cost function is STC = (1/3)q3 – 4q2 + 22q + 100. a. Determine the output level at which it maximizes profits if p = 10. b. Is the firm earning a pure profit, normal profit or operating at a loss?
In a perfectly competitive market, a firm has the following short-run total cost function: C(q)=16+4q+q2 The...
In a perfectly competitive market, a firm has the following short-run total cost function: C(q)=16+4q+q2 The market demand is Q(p)=220-p a. Show that marginal cost curve passes through the minimum point of average cost curve. Draw a figure to show it. b. Find the firm’s individual short-run supply function. Draw it on the above figure. For the following questions, suppose that there are currently 10 identical firms in this market. c. What is the market supply curve? What are the...
The equation for a firm’s short-run total cost is STC = 10 + 5q + 0.1q^2....
The equation for a firm’s short-run total cost is STC = 10 + 5q + 0.1q^2. Its short-run marginal cost is SMC = 5 + 0.2q. The market price is $25 per unit. a. What is the firm’s maximum profit? b. If all of the firm’s fixed costs are sunk, what is the equation for the firm’s short-run supply curve? c. If all of the firm’s fixed costs are non-sunk, what is the equation for the firm’s short-run supply curve?
8. Consider the following Demand (Price and Marginal Revenue) and Cost (Total and Marginal) relationships expressed...
8. Consider the following Demand (Price and Marginal Revenue) and Cost (Total and Marginal) relationships expressed as functions of Q: Price = P(Q) = 310 – 2Q TC = TC(Q) = 3500 + 70Q + Q2 MR = MR(Q) = 310 – 4Q MC = MC(Q) = 70 + 2Q a. What is the profit-maximizing level of output? What is the price at that level? b. Should the firm continue operating in the short run? In the long run? c....
2 3 and 4 b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production f...
2 3 and 4
b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $25 per unit. Complete the following table, and answer the questions below; 2. 1 5 10 5 30 3 5 60...
Assume that a monopolists Sells a product In the short - run with a total cost function - ST. Hoztoat2q² Q70 7 96 Q=0 The market demand curve is given by the equation PCG) = 70-8Q a) Find the marginal cost for the firm b) Find the profit - Maximizing out put and price (PQ) C) what are the mono po lists Profits ? d) Does the monopolist want to stay in businessa
Suppose Q=VKL in the short-run. The firm's short-run total cost curve is +rk C) STC = +K +rk
2. A monopolist sells a product with a total cost function TC = 1200 +0.502. The market demand curve is given by the equation P= 300- a. Find the profit-maximizing output and price for this monopolist. Is the monopolist profitable? b. Calculate the price elasticity of demand at the monopolist's profit-maximizing price. Also calculate the marginal cost at the monopolist's profit-maximizing output. Verify that the IEPR holds.
2 3 and 4
b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $25 per unit. Complete the following table, and answer the questions below; 2. 1 5 10 5 30 3 5 60...
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