Please solve the above sum (B) Q = 50k E (d) A firm in a perfectly competitive industry has the following long run cost function C(q) q-60q+1500q O) If the firm can sell its output at p Rs. 975, h...
i) The long run cost function for each firm in a perfectly competitive market is c(q) = 2^1.5+16q^0.5, LMC = 1.59^0.5+ 8q^-0.5, market demand curve is Q=1600-2p. Find price (p) of output and the level of output (q) produced by the firm in a long run equilibrium. Find the long run average cost curve for the firm. ii) what happens in the long run if the market demand curve shifts to Q=160-20p?/ -A competitive industry is in long run equilibrium....
2. (1.5 p) Consider perfectly competitive industry with identical firms. The long run average cots function of a typical firm is given by AC(q)- 24 - 49 + q. Market demand is given by c p)=100-2p. (a) Find the long run supply curve of the typical firm. (b) Find the number of firms in the industry in the long run equilibrium.
All firms in a competitive industry have the following (firm-level) long-run total cost curve: C(q) = q3–10q2 + 36q where q is the output of the firm. a. Compute the long run equilibrium price. What does the long-run supply curve look like if this is a constant cost industry? Explain. b. Suppose the market demand is given by Q = 111–p. Determine the long-run equilibrium number of firms in the industry.
Question: These diagrams, pertain to a perfectly competitive firm producing output q and the industry in which it operates. What should we expect in the long run on the number of firms, market supply and equilibrium price? MC ATC AVC MR P
Each firm in a perfectly competitive market has long run average cost represented as AC(q) = 100q- 10+100/q. Long run marginal cost is MC=200q-10. The market demand is Qd = 2150-5P. Find the long run equilibrium output per firm, q*, the long run equilibrium price, P*, and the number of firms in the industry, n*. P = 190; Q = 1200; q =1 , n = 1200
The long-run industry supply curve in a decreasing-cost, perfectly competitive industry is o perfectly inelastic. o negatively sloped. O perfectly elastic. O positively sloped.
1. Suppose that a firm operating in perfectly competitive industry has short-run cost function given by C(q) = 5+2q+9. The market price is $10. (a) What is the profit-maximizing output level for this firm? (b) What is the firm's total revenue and profits at the profit-maximizing output? (c) What is the minimum price at which the firm will produce a positive level of output in the short run?
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is Ce50+ o a) Determine the firm's profit-maximizing level of output. Compute its proft. b) The industry demand curve is Q-200-5P. What is the total market demand at the current $16 price? If all firms in the industry have cost structures identical to that of firm Z, how many...
2. Suppose that a perfectly competitive firm’s total cost of producing output q is T C(q) = 5 + 5q 6q2 + 4q3. (a) Find the short-run supply curve of a firm in this industry. Be sure to identify the point at which the firm shuts down. (b) How much will the firm produce at p⇤ = 5?
1. All (identical) firms in a competitive industry have the following long-run total cost curve: C(q) = q3 – 10q2 + 369 where q is the output of the firm. a. Compute the long run equilibrium price. What does the long-run supply curve look like? b. Suppose the market demand is given by Q=111 - p. Determine the long-run equilibrium number of firms in the industry.