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- A firm in a competitive market has the following market price P = 5000, and the following marginal cost curve MC(Q) = 13Q3 and a fixed cost of FC = 100. What is the profit maximizing quantity of production for this firm?The market for paperback detective novels is perfectly competitive. Market Demand is given by Q=305-2P Suppose we have identical book publishers, and each individual book publisher's Supply curve is given by P=4+2Q. We have 13 book publishers in the market. What is the market PRICE?. Enter a number only.The market for paperback detective novels is perfectly competitive. Market Demand is given by Q=393-7P. Market Supply is given by Q=3P-9. Suppose 55 units are bought to the market. Consider the Marginal Cost of production for these 55 units. What is the maximum Marginal Cost of production of these 55 units? Enter a number only, do not include the $ sign. Hint: 55 doesn't have to be the market quantity.
- A firm sells a product in a purely competitive market . The marginal cost of the product at the current output is $5.25 and the market is$5.90 . What should the firm do?If the market price of a good is $10 in a perfectly competitive market, the marginal revenue from selling the fifth unit is? a.$2 b.$30 c.$10 d.$25Each 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
- Instructions: Answer to the best of your ability. Show all of your work, the details, excel tab. The Market for Good X is perfectly competitive, with market supply and own-price demand curves given as q_s=-25000 + 3000p q_d=135000-5000p a. Determine the equilibrium price and quantity in the market for good x. (Note: You are not anlayzing an individual firm here. You are analyzing the entire market). Suppose the individual firm's average total costs are dfined by TC=1/3q^3-3q^2+28q+2 b. What is the firm's demand curve (don't give me back the industry demand curve. The firm's demand curve is what I want.) c. find the profit maximizing level of output for the firm (I've given the marginal cost curve below). MC=q^2-6q+28 d. If this firm is making a profit (loss) how much is the profit (loss)?In a competitive market, the current equilibrium price is $110 per unit. A firm that produces Q units ofoutput in this market has a short-run Total Cost (TC) given by TC = 300 + 10Q + 5Q2. What is the marginal cost for this firm? How many units should the firm produce per day?There are currently 200 perfectly competitive firms producing output q. The cost function of each firm is C(q)=196+4q2 . The demand in this market is QD = 3,920-10P. Compute the equilibrium price and market quantity. Compute the profit of each firm. Compute the producer surplus in this market. Please show all work. (Mainly confused about how to find profit) Answers: p=112, Q=2,800, profit=588, PS=156,800
- A firm sells its product in a perfectly competitive market where other firms charge a price of $110 per unit. The firm estimates its total costs as C(Q) = 70 + 14Q + 2Q2 How much output should the firm produce in the short run? What price should the firm charge in the short run? What are the firm’s short-run profits? What adjustments should be anticipated in the long run? Calculate the new optimal quantity and price.True or false: In a constant-cost industry, a tax of a constant, fixed amount on each unit of output sold will not affect the amount of output sold by a perfectly competitive firm in the long run. Explain.Bitcom, a manufacturer of electronics, estimates the following relation between marginal cost of production and monthly output: MC= $150+ 0.005Q Assume Bitcom operates as a price taker in a competitive market. What is this firm’s profit-maximizing level of output if the market price is $175? Can it be done in Excel?