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- c) Assume that the market price for bagel services is 42 and store produces 30 units of the bagel. Calculate theprofit level. Is the store profit maximizing? Explain your answer. d) Go back to part c) and assume that there are 100 identical bagel store in the market. Determine the market supply curve. (You will obtain total market quantity, Q, as a function of price,P). Are elasticities of individual firm supply and market supply curves different? e) Given the market supply curve you have calculated in part d), now assume that market demand forhairdressers are given by Q=2900-50P. Find the equilibrium price and quantity in the market. Does the marketequilibrium correspond to long-run equilibrium? ExplainPakMonoG’s inverse demand function is P = 100 – 2Q and cost function is TC = 10 + 2Q, where Q is quantity in units and P price in PKR. (need answers of 2 & 3) 1. Given your calculations in (a), illustrate the demand, marginal revenue and marginal cost curves of the firm in a graph. 2. If we were to compare PakMonoG with a perfect competitive firm in the market, are there differences in characteristics of the two structures? 3. What are welfare implications? Is total societal welfare of the firm higher or lower than that of a competitive firm? Support your answer using the graph in (b) above.Can the marginal revenue be negative??? True/False
- Amrita sells 100 boxed lunches per week at a price of $5 per lunch. If she charges $3 per lunch she can sell 150 per week. Based on this information, the Marginal Revenue from selling the additiona lunches is A. $0 per lunch B. $3 per lunch C. $1 per lunch D. $5 per lunchThe total revenue curve of a firm is R(q) = 40q − 12q2 and its average cost A(q) =1/30 q2 − 12.85q + 20 + 400/q, where q is the firm's output. i. Is the rate of change of profit increasing or decreasing when theouput level of the firm is 10 units?ii. Determine the level of output for which the firmᇱs profit is maximized.iii. What is the firm's maximum profit?The total revenue curve of a firm is R(q) = 40q − 12q2 and its average cost A(q) = 1/30 q2 − 12.85q + 20 +400/q, where q is the firm's output. i. Is the rate of change of profit increasing or decreasing when theouput level of the firm is 10 units?ii. Determine the level of output for which the firm's profit is maximized.iii. What is the firm's maximum profit?
- Faye is an entrepreneur considering whether to enter the market for providing websites to universities offering online learning. The market is currently perfectly competitive, and the market-clearing price is $10,000 per client. Her marginal cost is given by the equation MC = 200Q. a. In this market, what is Faye’s marginal revenue function? b. If Faye enters the market, how many website clients will she have, and what will her profit be? You can assume no fixed cost. Now imagine Faye asks you for advice. She knows you have just taken this course, and you learned about market power. c. Explain two ways Faye can achieve greater market power in this market. Faye takes your advice, and she is now the monopolist in a new market, where the demand curve is given by Q = 300,000 – 1,000P d. What is Faye’s new marginal revenue curve? e. In this new market, how clients will she have, and at what price will she sell her services? Now imagine you see all the profits Faye is making and you decide…Which of the following statements about the relationship between marginal revenue, price, and the price elasticity of demand, is true? a) At the midpoint of a linear demand curve, the value of price elasticity of demand is zero. b) With a perfectly elastic demand curve, whatever output the firm produces, the marginal revenue is always greater than the market price. c) If the price elasticity of demand PED = -1 at all points on a demand curve, then the firm can choose any level of output, and earn the same revenue. d) If a firm has inelastic demand, then the marginal revenue curve will be upward sloping.Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + 0.5Q^2The market demand curve for this product is: Qd= 120 −PThere are 9 firms in the market.a) What are each firm’s: fixed cost, variable cost, marginal cost, and average total cost? Graph the average-total-cost curve and the marginal-cost curve.b) Give the equation for each firm’s supply curve.the average-total-cost curve at its minimum? What is marginal cost and average totalc) Give the equation for the market supply curve for the short run in which the numbercost at that quantity?
- Now assume that firm T faces a downward-sloping (straight-line) demand Fill in the columns for TR and MR in the table (Note that the figures for MR are entered between 0 and 1, 1 and 2, 2 and 3, etc.) The demand curve for the product of firm T Price (AR) (£) Quantity (Units) Total Revenue (TR) (£) Marginal Revenue (MR) (£) 20 18 16 14 12 10 8 6 0 1 2 3 4 5 6 7 ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… ……… (b) What is the price elasticity of demand at P = £10?.................................................................... (c) Over what price range is demand price elastic?......................................................................... (d) Over what price range is demand price inelastic? ....................................................................................The economic profit of a perfectly competitive firm is less than its total revenue equals its total revenue is greater than its total revenue O is less than its total revenue if its supply curve is inelastic and is greater than its total revenue if its supply curve is elastic. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.Suppose that a perfectly competitive firm faces a market price of $7 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curveat an outpuut level of 1,400 units. If the firsm produces 1,400 units, it's average variable costs equal $6.50 per unit, and its average fixed costs equal $0.80 per unit. What is the firm's maximizing (or loss-minimizing output level? What is the amount of it's economic profits (or losses) at this output level?
