1- Suppose that the total cost function of a firm is given as follows; TC = 500 + 2Q2 And the price of the firm’s product is determined by the market equilibrium at $100. a- Set the profit maximizing condition . Find the profit maximizing output level for this firm . b- What is the total revenue ? c- What is the total cost ?

Q: 31) What is total fixed cost at the profit-maximizing quantity? 32) When the process of entry and…

A: 31. Fixed cost: The cost that is incurred on the fixed factors of production is known as the fixed…

Q: A firm in a perfectly competitive industry has fixed costs of FC = 15, marginal costs of MC = 5 +…

A: (a) A perfectly competitive firm produces at P = MC => P = MC => 75 = 5 + 14q => (75 -5) =…

Q: Suppose that a firm in a competitive market faces the following revenues and costs. The firm should…

A: Quantity Total Revenue($) Total Cost ($) Profit = TR - TC ($) 0 0 2 -2 1 6 5 -1 2 12 9 3 3…

Q: Q: Consider the market for solar power. Assume the market is perfectly competitive and initially in…

A: Hi! You have asked for parts B and C. So, I am answering parts B and C only.

Q: Q4. A perfectly competitive firm has a marginal cost given by MC(q) 0.25q and a total cost function…

A: TC=2+0.125q2 TR=12q MC=0.25q

Q: In a price-taker market, if a business produces efficiently (i.e., that is, where marginal revenues…

A: A perfectly competitive market is also known as a price taker market because perfect competitive…

Q: Suppose the market demand is Qp = and the market supply is Qs = 2NP, where N is the number of firms…

A: Equilibrium occurs when market demand = market supply

Q: irm A works in a competitive market and earns 0 profit for the profit-maximizing quantity level.…

A: In the perfectly competitive market, firm produces where the P =MC. Zero economic profit implies…

Q: The long-run cost function of the representative firm in an industry is C(q)=q3/3-2q2 +10q and the…

A: * SOLUTION :-

Q: Assume that the above cost data is for a perfectly competitive firm. Using this data answer the…

A: Answer to the question is as follows :

Q: 1. The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a…

A: Profit can be calculated by subtracting the total cost from total revenue. This can be written as…

Q: The equilibrium price in a perfectly competitive market is $75. The marginal cost function is given…

A: profit maximization is the short run or long run process by which a firm may determine the price,…

Q: QUESTION 2 The long-run total cost function for producers of mineral water is LRTC (Q) = rQ, where Q…

A: Answer - Part a Answer - Need to find- Long run equilibrium price and quantity  Given in the…

Q: Suppose that the firm operates in a perfectly competitive market. The market price of his product is…

A: The perfectly competitive market is a market type which is characterized by a large number of buyers…

Q: Consider a competitive firm with a short-run cost function C(q) = 100q−q2 + 1/5q3 +450. (a)…

A: Answer to the three sub parts are as follows :

Q: 1. In a perfectly competitive and constant cost industry, all firms are identical. If the market…

A: TC = q3 - 20q2 + 120qQd = 600 - P

Q: ANSWER THESE QUESTIONS WITH NUMERALS (e.g. 10, not "ten"). DO NOT INCLUDE UNITS (Like $). DO NOT…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 1. Consider a perfectly competitive market with a price of $12, where each firm has a cost function…

A: Part (a) Given = P = 12 Equilibrium in perfect competition is given when P = MC. C(q) = 50 + 2 q +…

Q: A firm in a competitive industry has the following short-run cost function: c(y) = y3/3 - 20y2…

A: Cost : TC= y3/3-20y2+310y   Average Cost : AC=TC/y AC=y2/3-20y+310 Optimal output for a single firm…

Q: 1. In a perfectly competitive and constant cost industry, all firms are identical. If the market…

A: We are going to find the long run equilibrium to answer this question.

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A: The total production process of a firm is an amalgamation of various costs, the optimum quantity…

Q: A firm in a perfectly competitive industry has fixed costs of FC = 15, marginal costs of MC = 5 +…

A: Formulas of cost: 1. AVC  = TVC * q 2. TC = TVC + TFC where, AVC is Average Variable Cost TVC is…

Q: 2. Consider a market with 90 firms, each firm has a short-run total cost function as follows: TC(q)…

A: Fixed cost is that part of total cost that does not depend on quantity. It remains fixed even when…

Q: Suppose you are a perfectly competitive firm producing computer memory chips. Your production…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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A: In short run the firm will try to recover only Variable cost it means their price must equal to the…

Q: 7. Assume that the marginal cost curve is given by mc(q) = 100 + 2q. (a) If the price is $160, what…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The Market The equation for market demand is given by: 100- Q = 950 - 10p. 90- The equation for…

A: The Residual Demand occurs when the demand exceeds its supply in the market. It can be calculated as…

Q: A perfect competitive firm estimates her cost function as given below: C = 100 + 5Q^2 a. What is the…

A: A perfectly competitive market has large number of buyers and sellers. An individual seller has no…

Q: 13) Assume that the price, in dollars, of a sound system is given by 1000 + 1000 = d q? Where q…

A: We have given demand function of a firm who is selling a sound system in a market.

Q: Equilibrium in Competitive Market in the Long Run  The long-run average cost function of a…

A: Given that, The long run average cost function of a competitive firm is  AC(Q) = 40 -6Q + Q2/3

Q: Consider a market with 90 firms, each firm has a short-run total cost function as follows: TC(q) =…

A: Firms in perfect competition are takers because there exists large number of firms selling identical…

Q: 1. In a perfectly competitive and constant cost industry, all firms are identical. If the market…

A: Quantity demand function : Qd = 600 - P  Where , Qd = n(q)    ( as all the firms face same demand…

Q: - The assumption of profit maximization, where profit (t) is equal to the difference between total…

A: The total revenue refers to the amount received by selling the total quantity of output. It is equal…

Q: Suppose you are a perfectly competitive firm producing computer memory chips. Your production…

A: Answer a) The market price of the chip is $5, and the marginal cost of producing each chip is $10,…

Q: The long-run supply curve for a particular type of kitchen knife is a hori- zontal line at a price…

A: Demand curve for kitchen knife :- Q = 50 - 2p Q is the quantity demanded in million and the p is the…

Q: A firm sells its output in a perfectly competitive market. The firm's short-run total cost function…

A: Perfectly competitive markets are referred to the markets where all the firm sells an identical…

Q: 2. In the competitive mink oil industry, each fim has the same cost function: C = 10,000 100 +…

A: Given Information, Each firm has the same cost function (C) = 100 + 0.01q2 Demand for mink oil (Q) =…

Q: Consider a market with 90 firms, each firm has a short-run total cost function as follows: TC(q) =…

A: (a) TC = 5q2 Fixed cost is that part of TC which does not depends on quantity, hence constant part…

Q: 2. Consider a market with 90 firms, each firm has a short-run total cost function as follows: TC(q)…

A: Since you have posted multi subparts question. As per answering guideline we will solve first three…

Q: 1. There are 300 identical firms in a perfectly competitive market, the price of the output is p,…

A: In the mentioned question,  We are given that we have 300 identical firms in the market. Also, cost…

Q: Suppose that a firm in a competitive market has the following cost curves: Price 13 + 12 11 10 MC…

A: In a competitive market structure there are a large number of buyers and sellers in the market…

Q: Question Suppose that the prevailing price is $6 a pound in the perfectly competitive market for…

A: When talking about perfectly competitive market, it is the place where a large number of sellers…

Q: 1. There are 300 identical firms in a perfectly competitive market, the price of the outpu p, the…

A: Cost function consists of both the fixed costs and the variable cost. Fixed costs of the firm are…

Q: 1. There are 300 identical firms in a perfectly competitive market, the price of the output is the…

A: The producer is in surplus when he gets abnormal profit, that is MR>MC. The benefit the producer…

Q: Consider a competitive market, dispersed among hundreds of companies. The Total Cost Curve of these…

A: Cost of a firm in a competitive market: TC= 5000+2q2-400q (differentiating the TC wrt q, we get the…

Q: 1. In a particular economy, there exists a number of firms with production function y = 1'/2k!/4 and…

A: * Hi there , as you have posted multiple question we will only solve the first one . Kindly repost…