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Triple C Ranch (TCR) grows corn. The market supply for corn is Qs = -9 +4P Market demand is Qd = 40 – 3P. TCR’s cost fu...
Triple C Ranch (TCR) grows corn. The market supply for corn is Qs = -9 +4P Market demand is Qd = 40 – 3P. TCR’s cost function is 26 + 2q + 0.1q2, where q is the output of corn in ears. Derive the average cost function, the marginal cost function, and the average fixed cost function, and graph them on a single graph. What is the market price of corn? What is TCR’s profit-maximizing output of corn? (Use calculus.)...
1. Given the demand function Qd = -3P +40 and the supply function Qs = 4P, mathematically determine the amount of total revenue this firm will make when it sells it’s good at market price.
Market demand is given as QD = 220 – 4P. Market supply is given as QS = 2P + 40. Each identical firm has MC = 0.5Q and ATC = 0.25Q. What is a firm’s average total cost? 2. Describe what happens to output, price, and economic profit in the short run and in the long run in a competitive market following: a) An increase in demand. b) A decrease in demand. c) The adoption of a new technology that...
Suppose market demand and supply are given by Qd-300 - 4P and QS 50 3P. The equilibrium price is: Multiple Choice $35 $40 $50 $60.
Deadweight Loss Given the following information: Qs = 2P P = Qs/2 QD= 180 - 4P P = (QD -180)/-4 AR = P = 45-.25Q TR = 45 - .25Q2 Hint: MC – supply curve MR = 45 - 5Q Qs = supply Qd = demand Using the above information, Graph and calculate the price-output solution under competitive market assumptions. How much is the consumer surplus producer surplus and total surplus? Calculate the price and the...
Suppose market demand andmarket supply are given by Qd = 15 –4P and Qs = -3+2P What are the equilibrium quantity and price in this market? Show your work!!!
Consider a perfectly competitive firm selling hats qd(p) = 200-P market supply qs(p) = 50+ 4P. What is the equilibrium price for these hats? If a hat company has a cost function of c(q) =20 + 1/3q2 what would their profit maximizing number of hats be that they should produce. Please show all steps.
Problem 1 Deadweight Loss Given the following information: Qs = 2P P = Qs/2 QD= 180 - 4P P = (QD -180)/-4 AR = P = 45-.25Q TR = 45 - .25Q2 MR = 45 - .5Q Hint: MC – supply curve MR = 45 - 5Q Qs = supply Qd = demand A) Using the above information, 1) Graph and calculate the price-output solution under competitive market assumptions. 2) How much is the consumer surplus producer surplus and...
The market demand curve of a local pizza is QD= 100 − 4P. The total cost curve of Pat’s Pizza Kitchen is TC = 0.5Q2 + Q+5. Assuming Pat’s Pizza is doing business in a competitive industry and the price of the pizza is $10 for all firms. Using Excel to calculate the firm’s total revenue, total cost, and profit for q = 1 to q = 25 in increments of 1. (Note: your answers should be rounding decimals to...
The market demand and supply is described by the following equations QD = 250 - 2P QS 3P 1) Find the market equilibrium. 2) What is the CS, PS, and W in this market? 3) Assume that the government introduces a equilibrium? price ceiling of p = 15. What is the new 4) Find the change in CS, PS, and W. Is there Dead Weight Loss? if so, of how much? 5) What does this tell you about the welfare...