Homework Answers
P = 120 - 10Q
TR = P * Q
TR = (120 - 10Q) * Q
TR = 120Q - 10Q2
MR = 
= 120 - 20Q
Profit maximising level of output is produced at a point where the marginal revenue equals the marginal cost.
120 - 20Q = 20
120 - 20 = 20Q
100 = 20Q
Q = 100/20 = 5 units.
P = 120 - 10 * 5
P = $70.
Area of yellow shaded triangle = 1/2 * base * height
DWL = 1/2 * (10 - 5) * (70 - 20)
DWL = $125.
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Font El Paragraph Paragraph Font cal styles 6. Given the following, find the DWL. P = 120 - 10Q MC = 20 FC = 0
A 20 A Given the following, find PS and CS. P 500-50 5. FC 0 MC...
A 20 A Given the following, find PS and CS. P 500-50 5. FC 0 MC 300 D A Des M
3. Given the following, find Q'. P = 200 - 3Q MC = 3Q FC = 0
3. Given the following, find Q'. P = 200 - 3Q MC = 3Q FC = 0
Given the below table: Q FC VC TC AFC AVC ATC MC 0 120 1 180...
Given the below table: Q FC VC TC AFC AVC ATC MC 0 120 1 180 2 220 3 270 4 360 5 470 6 600 Complete the table. Draw the diagram with the curves of TC, VC and FC. Draw the diagram of the curves of ATC, AVC and AFC.
Styles Paragraph Font 21. If a fim under perfect competition decreases its output a) The market...
Styles Paragraph Font 21. If a fim under perfect competition decreases its output a) The market price will decrease b) The market price will remain unaffected c) The market price will increase d) All of the above 22. By producing the quantity of output where marginal revenue (MR) equals marginal cost MC), a fim will a) Maximize total revenues b) Maximize economic profits e) Minimize costs d) Minimize revenues 23. The demand curve faced by the monopoly firm a) Is...
Font Styles Paragraph Definition 1: Given La linear transformation from a vector space V into itself,...
Font Styles Paragraph Definition 1: Given La linear transformation from a vector space V into itself, we say that is diagonalizable iff there exists a basis S relevant to which can be represented by a diagonal matrix D. Definition 2: If the matrix A represents the linear transformation L with respect to the basis S, then the eigenvalues of L are the eigenvalues of the matrix A. I Definition 3: If the matrix A represents the linear transformation L with...
Solve both the problems Styles Clipboard Font Paragraph 11.2 3 14-15:-6 8. ו, 9 -ו10' ,י...
Solve both the problems
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Please Solve Number 6 if you can only solve one problem Font Paragraph .3 . Styles...
Please Solve Number 6 if you can only solve one problem
Font Paragraph .3 . Styles ...2 ..1 5. Assume an economy has not produced a single good or service so that Y=0. The economy however is characterized by the following expenditures parameters C-2, 1 = 2,6-2, T-2, G(T)=2, c=0.5. Which statement is true? a. The economy is bound to grow. b. The economy is bound to shrink. C. The economy is in equilibrium. d. There is no economy. 6....
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital a...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
6(20 pts) You are a monopolist facing inverse demand for your product given by P-120-20 and...
6(20 pts) You are a monopolist facing inverse demand for your product given by P-120-20 and you have constant marginal cost given by MC-30 (a) (10 pts) Assume you can charge 2 different prices based on quantity purchased. What are the producer's suplus-maximizing levels of these prices? (b) (10 pts) Show graphically how much more producer's surplus vou make by setting 2 prices instead of 1 in this market
VC Profit Qs P TR FC TC МС АТС MR $30 $0 $-6 6 0 0 $25 $25 $1 $7 5 1 $20 $40 $3 $9 4 2 $15 $45 $7 $10 $20 $-5 $13 2 4 $...
VC Profit Qs P TR FC TC МС АТС MR $30 $0 $-6 6 0 0 $25 $25 $1 $7 5 1 $20 $40 $3 $9 4 2 $15 $45 $7 $10 $20 $-5 $13 2 4 $5 $5 $22 $33 $11 $0 $0 6 Complete the table above, using the given information. 1. $6
A 20 A Given the following, find PS and CS. P 500-50 5. FC 0 MC 300 D A Des M
3. Given the following, find Q'. P = 200 - 3Q MC = 3Q FC = 0
Styles Paragraph Font 21. If a fim under perfect competition decreases its output a) The market price will decrease b) The market price will remain unaffected c) The market price will increase d) All of the above 22. By producing the quantity of output where marginal revenue (MR) equals marginal cost MC), a fim will a) Maximize total revenues b) Maximize economic profits e) Minimize costs d) Minimize revenues 23. The demand curve faced by the monopoly firm a) Is...
Font Styles Paragraph Definition 1: Given La linear transformation from a vector space V into itself, we say that is diagonalizable iff there exists a basis S relevant to which can be represented by a diagonal matrix D. Definition 2: If the matrix A represents the linear transformation L with respect to the basis S, then the eigenvalues of L are the eigenvalues of the matrix A. I Definition 3: If the matrix A represents the linear transformation L with...
Solve both the problems
Styles Clipboard Font Paragraph 11.2 3 14-15:-6 8. ו, 9 -ו10' ,י 11.- 12 13 14-1 15 16 17 Q2 Obtain the polar plot of the following transfer function: -jol 1jol Q3 Consider a closed-loop system whose open-loop transfer function is given by G(s)H(s) = (T1s+1)(Ty + 1) Examine the stability of the system. 04
Please Solve Number 6 if you can only solve one problem
Font Paragraph .3 . Styles ...2 ..1 5. Assume an economy has not produced a single good or service so that Y=0. The economy however is characterized by the following expenditures parameters C-2, 1 = 2,6-2, T-2, G(T)=2, c=0.5. Which statement is true? a. The economy is bound to grow. b. The economy is bound to shrink. C. The economy is in equilibrium. d. There is no economy. 6....
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
6(20 pts) You are a monopolist facing inverse demand for your product given by P-120-20 and you have constant marginal cost given by MC-30 (a) (10 pts) Assume you can charge 2 different prices based on quantity purchased. What are the producer's suplus-maximizing levels of these prices? (b) (10 pts) Show graphically how much more producer's surplus vou make by setting 2 prices instead of 1 in this market
VC Profit Qs P TR FC TC МС АТС MR $30 $0 $-6 6 0 0 $25 $25 $1 $7 5 1 $20 $40 $3 $9 4 2 $15 $45 $7 $10 $20 $-5 $13 2 4 $5 $5 $22 $33 $11 $0 $0 6 Complete the table above, using the given information. 1. $6
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