A feature that is not characteristic of a perfectly competitive market is firms as price takers. firms facing a perfectly elastic demand curve. O a homogenous product. barriers to entry.
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Q: Inverse Demand Equation: P = 170 - 4Qd Marginal Costs=\$10; MR = 170 - 8Qd A perfectly -competitive…
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Q: Each firm in a perfectly competitive industry has total costs c = q2 – n + 16. Market demand is Q =…
A: Given:- C=q2-n+16 Q=24-2p Tax, t=1 Please find the images attached below for detailed solution.
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Q: perfect competition
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- Inverse Demand Equation: P = 170 - 4Qd Marginal Costs=\$10; MR = 170 - 8Qd A perfectly -competitive firm would charge a price of: a . $ 20 b. $10 . c.$100 d. 0Perfect CompetitionFirm cost equation: TC = 64 - 4Q + Q2Market demand: Q = 648 - 4PSolve for how many firms serve the market. Enter as a value.Each firm in a perfectly competitive industry has total costs c = q2 – n + 16. Market demand is Q = 24 – 2p. Government introduces a tax of t = 1 dollar per unit. After entry/exit there will be n2 = _________ firms in this industry. Typed and correct answer please. I ll rate
- A juice producing company operates in a perfectly competitive market and is therefore a price taker. The prevailing market price is $20.00 per juice.The costs are given by: Total Cost= 0.2Q2+8Q+40 Marginal Cost= 0.4Q+10 a) Calculate how many juices the company should sell to maximize its profits CMg=P b) Calculate the maximum daily benefits. Total income= P*Q Total costs= 0.2Q2+8Q+40 Maximum benefits= Total income Total costGiven P = 300 + 200Qs (demand equation), P = 6300 − 50Qd (supply equation), and TC = 500 + 10Q + 0.8Q2 (cost function) in a perfectly competitive market, a profit-maximizing firm will produce an output equal to ________. Show complete solution pls help meA competitive industry is in long run equilibrium. Each firm has C=q^2+4 and MC = 2q. Market demand is Q =160-20p. The price of a substitute in consumption decreases and demand shift Q = 100-20p. After exit has occurred, how many firms n2 will operate in this industry?
- A publisher faces the following demand schedule for the next novel from one of itspopular authors:Price Quantity Demanded$ 100 0 novels90 100,00080 200,00070 300,00060 400,00050 500,00040 600,00030 700,00020 800,00010 900,0000 1,000,000The author is paid $2 million to write the book, and the marginal cost of publishingthe book is a constant $10 per book.a. Compute total revenue, total cost, and profit at each quantity. What quantity woulda profit-maximizing publisher choose? What price would it charge?b. Compute marginal revenue. (Recall that MR = ΔTR/ΔQ.) How does marginal revenuecompare to the price? Explain.C. Graph the marginal-revenue, marginal-cost, and demand curves. At what quantitydo the marginal-revenue and marginal-cost curves cross? What does this signify?d. In your graph, shade in the deadweight loss. Explain in words what this means e. If the author were paid $3 million instead of $2 million to write the book, how wouldthis affect the publisher’s decision regarding what…Given P = 300 + 200Qs (demand equation), P = 6300 − 50Qd (supply equation), and TC = 500 + 10Q + 0.8Q2 (cost function) in a perfectly competitive market, a profit-maximizing firm will produce an output equal to ________. Round your final answer to the nearest 2 decimal placesIn a perfectly competitive market,a. every seller tries to distinguish itself by offering abetter product than its rivals.b. every seller takes the price of its product as setby market conditions.c. every seller tries to undercut the prices chargedby its rivals.d. one seller has successfully outcompeted its rivalsso no other sellers remain
- . In competitive markets, there are many small firms with each firm unable to influence the market price. Suppose company ABX operates in the wheat market. The company produces and markets wheats at a Price = $20 per container. The firm’s total costs are given as: TC = 50 +2Q + 3Q2 What price should the firm charge? Why?Q5. Demand equation of fiction tiles is estimated as P = 8000-24Q. Find I) the marginal revenue when Q=100.Pindyck & Rubinfeld, 8e. Ch 8 #10. Suppose that you are given the following information about a particular industry: Q D = 6500 − 100P Q S = 1200P C(q) = 722 + q 2 200 MC(q) = 2q 200 Assume that all rms are identical and that the market is characterized by perfect competition. (a) Find the equilibrium price, the equilibrium quantity, the output supplied by the rm, and the pro t of each rm. (b) Would you expect to see entry into or exit from the industry in the long run? Explain. What eect will entry or exit have on market equilibrium?
