A firm sells its output in a PCM. The firm’s short-run cost function is given by SC = Q3/300 - 0.2Q2 + 4Q + 10 1. Derive the short-run supply function of a typical firm in this industry. 2. Assuming that there are 100 identical firms in this industry, derive the short-run market supply function. 3. If currently the market demand for these firm’s product is Q = 8,000 – 200P1⁄2 , determine the short- run equilibrium market price.

Q: at, if anything, will happen to the supply curve, market price, the optimal output of an individual…

A: A perfect market, sometimes known as an atomistic market, is defined by various idealising…

Q: Questions 21-25 relate to the following information. Suppose a firm faces demand function…

A: Given, Demand function P(q)=200-q Cost function C(q)=100+3q2

Q: Consider the equilibrium depicted as your final short-run equilibrium (SRE). Is your price depicted…

A: A perfect market, sometimes known as an atomistic market, is defined by various idealising…

Q: Suppose the market for corn is a purely competitive, constant-cost industry that is in long-run…

A: An industry is called constant cost industry when price of input remains same even when market…

Q: For a company with (inverse) demand function P = 4,510 - 55Q and cost function C = 88,000 + 660Q,…

A: P=4510-55Q C=88000+660Q Total Revenue=PQ TR=(4510-55Q)Q TR=4510Q-55Q2 Maximizing TR  :…

Q: Assume a competitive industry is initially at its long-run equilibrium, given the inverse market…

A: a) New equilibrium 35000 - 0.2Q = 5000 + 0.3Q 0.5Q = 30000 units Number of firms =  New firms…

Q: Consider a perfectly-competitive industry where each firm has the following long run cost function…

A: In perfectly competitive market, price is constant so it is equal to marginal revenue. Profit is…

Q: Assume that marginal revenue equals rising marginal cost at 100 units of output. At this output…

A: The profit-maximizing level of output is obtained at the point where the marginal cost equals the…

Q: A firm's short-run cost function is given by: C (q) = 50 + 10q – 6q² + q³ |3D What is the lowest the…

A: Cost function: The production function model is used by management to run numerous production…

Q: Suppose that price is below the minimum average total cost (ATC) but above the minimum average…

A: In perfect competition, every seller in the market would be a price taker. A perfectly competitive…

Q: re is a competitive industry with an infinite number of potential firms. All firms have the same…

A: Flexibility in production decisions occurs for a manufacturer or producer throughout the long run.…

Q: A typical firm in long-run equilibrium in an industry with identical firms has a cost function given…

A: In the long run, firms produce at minimum efficient scale where production takes place at minimum…

Q: C = 250,000 + 40Q + 0.01Q2, and market demand function: P = 940 – 0.02Q            (a) Determine…

A: Total cost function represents the total cost as the sum of the fixed costs and the variable costs…

Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything,…

A: TC=712+q2Now,AC=TCqAC=712q+q

Q: A firm's short-run cost function is given by: C (q) = 50 + 10g – 6q² +q? What is the lowest the…

A: Given: Cost function: =50+10q-6q2+q3 To find: lowest price

Q: The total Revenue curve of a firm is R(q) = 40q -12q^2 and its average cost A(q) = 1/30q^2 – 12.85q…

A: Given  Total Revenue (TR) = 40q - 12q2 Average Cost (AC) = (1/30)q2 - 12.85q + 20 + 400/q

Q: A perfectly competitive firm is producing the profit-maximizing output level when their variable…

A: Variable cost refers to the cost incurred by the firm on the basis of output. This implies it varies…

Q: Consider a perfectly competitive market, where the current number of firms is 50. Each firm has one…

A:

Q: What is the value of the firm's average fixed cost (AFC)of producing 10 units of output?   What is…

A: The average fixed cost refers to the output’s per unit fixed cost. The average variable cost refers…

Q: A competitive industry consists of 100 identical firms. The short run cost function of each firm is…

A: Competitive industry A competitive industry refers to a type of industry in which there is a large…

Q: In a perfectly competitive market with a constant cost industry, there are currently 100 identical…

A: A perfectly competitive firm produces at P = MC in short run. TC = Q2 + 4Q + 36 Differentiate TC…

Q: A firm sells its output in a PCM. The firm’s short-run cost function is given by SC = Q3/300 - 0.2Q2…

A: The firm’s short-run cost function is given by SC = Q3/300 - 0.2Q2 + 4Q + 10. Q = 8,000 – 200P1⁄2 ,…

Q: Consider the competitive market for copper. Assume that, regardless of how many firms are in the…

A: The perfectly competitively can be referred to as the market where a large number of sellers sell…

Q: is currently earning zero economic profit. How many firms are in this industry, and what is the…

A: Given : Short run cost function : Marginal Cost function : Demand function of industry : Average…

Q: Suppose you are given the following information about a particular industry:                Market…

A: Given information-

Q: A perfectly competitive industry has a large number of potential entrants. Each firm has an…

A: The short run supply function for each firm is p= MC = q -10 => q = p+10

Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything,…

A: Perfectly competitive market is a market structure where all seller sell identical products, firm…

Q: The Hamilton Company is a member of a perfectly competitive industry. Like all members of the…

A: Perfectly competitive firm: It has the greatest level of competition.

Q: Consider a perfectly competitive firm with a short-run total cost function given by     TC = q2 +…

A: Answer to the question is as follows :

Q: The following relations describe monthly demand and supply for a wheat Qp = 32 - 4 Qs = ÷P- 16 where…

A: (a) A perfectly competitive market produces at the intersection point of market demand and market…

Q: Assume that an entrepreneur’s short-run total cost function is C = 10q^2 + 17q + 66. Determine the…

A: Total cost function.C=10q2+17q+66Price.P=5

Q: A competitive firm produces its output, y according to the production function: Y = F(K,L), where K…

A: We have the following information:Y = F(K, L) is the production function and exhibits constant…

Q: If a firm's total cost function is c(q) = 100 + 10 q – q2 +0.1 q3, then (a). what is the…

A: (a) C(q)=100+10q – q2 +0.1q3 Shut down price is that price at which price is equal to the minimum of…

Q: Assume a firm's short-run cost function is given by the following expression: C (q) = 10 +q+ If the…

A: The cost function represents the relation between the cost incurred and the quantity of goods…

Q: Assume the market for chips is perfectly competitive.  The market supply and demand curves for chips…

A: A requirement curve depicts the link between the amount requested and the value during a specific…

Q: firm's profit function is z(q) = R(q) – C(q) = 140q - (410 + 20q + 10q). What is the positive output…

A: Profit is the difference between total revenue and total cost. Total cost is the sum of Fixed and…

Q: Consider a firm whose total cost function is 2q 3 – 6q2 + 13q. a. If the price of a unit of output…

A: a.

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

A: TC(total cost) has 2 parts- TVC(variable cost) and TFC(fixed cost). Variable cost varies with the…

Q: A perfectly competitive firm has the following total cost function:    Total output Total Cost 0…

A: Answer: A perfectly competitive firm produces that level of output where marginal revenue is equal…

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

A: Given Information Market demand : QD = 600−PFirm cost: TC = q3 − 20q2 + 120q

Q: Refer to Figure 12-11. Suppose the prevailing price is $20 and the firm is currently producing 1,350…

A: Answer: Given that:           Suppose the prevailing price is $20 and the firm is currently…

Q: Demand function is D(p) = 65-p. There are unknown number of firms with a total cost function C(q)=…

A: The relationship between the quantity demanded for a commodity and its price is represented by the…

Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything,…

A: In perfect competition, when the price increases then the firm is willing to produce more. This…

Q: Total cost function in competitive firm is TC = 27+ 3Q2. If firm gets normal profit please find the…

A: Given Total cost function of competitive firm TC= 27+3Q2.                    ........(1) We have to…

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

A: Given  Total cost function in short run: C(q)=q3-2q2+2q+10             .........(1)

Q: A firm's short-run production function is q = 3L0.2, while its cost function is C = 2L. Furthermore,…

A: Given: q=3L0.2 C=2L p=40 L=50