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- Q4) A perfectly competitive firm has the following total cost function: Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the production the market is Rs. 14 per unit? How will it change its output if price rises to Rs. 16 per unit?Problem 3 : Perfect competitionThe firm’s production function has the following form: Q = f(L) = √L, where L is the numberof employees. Fixed cost is $10, wage is $1, and the buyers pay the firm $10 for its product.a) For the levels of quantity of 0, 1, 2, 3, 4, 5, 6, and 7:• Calculate the fixed cost, the variable cost, the total cost, the total revenue, and theprofit.• If the firm wants to maximize profit, what level of output should it choose?b) For the change in quantity from 0 to 1, from 1 to 2, …, from 6 to 7:• Calculate the marginal product of labor, the marginal cost, and the marginalrevenue.• Is the marginal product of labor diminishing?• On a graph, show the marginal cost and the marginal revenue. Put the pointsbetween the whole numbers. Make sure you label the axes and the curves. Show thepoint where the two curves cross. c) Provide a brief explanation for the following questions:• Is the firm operating on a perfectly competitive market?• Is the market in the long-run…2. Suppose the marginal cost curve for a perfectly competitive firm is MC = 10q + 80, where q is production of the individual firm. The price of output is 300. If the firm maximizes profit, what level of output will the firm produce?
- Explain the average-marginal rule in cost curves? (f) What is the market price? (Assume the firm is operating in a pure competitive market.) (g) If the firm enjoys market power than the firm’s market price will be higher or lower than the competitive market price? Why?Q4) A perfectly competitive firm has the following total cost function: Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the product on the market is Rs. 14 per unit? How will it change its output if the price rises to Rs.16 per unit?Course: Microeconomics A given firm, which is part of a perfectly competitive market, would have following cost function: TCLR = 2X3 - 20X2 + 200XWhat will be its level of output (X) and long-run equilibrium price (P)? NOTE: TCLR is long run total cost function
- Does a competitive firm’s price equal its marginalcost in the short run, in the long run, or both?Explain.Does a competitive firm’s price equal the minimumof its average total cost in the short run, in the longrun, or both? Explain.Problem 2.5 The cost function for Acme Laundry is TC(q) = 10 + 10q + q^2 so its marginalprod cost function is MC(q) = 10 + 2q where q is tons of laundry cleaned. Derive the firm's average cost and average variable cost curves. What q should the firm choose so as to maximize its profit if the market price is p? How much does it produce if the competitive market price is p = 50?
- ***What would this look like in EXCEL, Graph and Table*** The cost function for Acme Laundry is: TC(q)=10+10q+q^2 so its marginal cost function is: MC(q)=10+2q where q is tons of laundry cleaned. Derive the firm's average cost and average variable cost curves. What q should the firm choose so as to maximize its profit if the market price is p? How much does it produce if the competitive market price is p = 50?Quantity of Output Total Cost 0 $12 1 $14 2 $18 3 $24 4 $32 5 $42 6 $54 7 $68 The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market price for hats is $9 per hat. (a) Calculate the average variable cost of the fifth unit. Show your work. (b) What is the firm’s profit-maximizing quantity of hats? Explain using marginal analysis. (c) Draw a correctly labeled graph showing the firm’s demand and marginal cost curves, and show the profit-maximizing quantity of hats determined in part (b). (d) If the rent of the building the firm occupies increases, what will happen to the firm’s profit-maximizing quantity of output in the short run? Explain.In a perfectly competitive market, each firm has the cost function: q 2+10q+100. The price in the market is $50. a. What is the Marginal Cost for the firm? b. What is the Profit Maximizing Output? c. What is the Total Profit the firm receives? d. Should this firm continue to produce in the short run? Please explain. e. If the price is $20, should the firm continue to produce? Please explain.