Consider a perfectly-competitive industry where each firm has the following long run cost function C(q) = q3 − 12q2 + 105q, where q is the firm’s output. What is the long-run equilibrium price in this market?
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Consider a
C(q) = q3 − 12q2 + 105q,
where q is the firm’s output. What is the long-run
(Round your final answer to two decimal places, if necessary.)
Step by step
Solved in 2 steps
- Suppose the short-run cost function of a perfectly competitive firm isC(q) = 10q-q^2+(1/3)q^3+100Solve for the firm’s short-run supply function q(p).Multiplying one firm’s short-run supply function to the number of firms in a specified industry will give you the short-run market supply function. True or false.To maximize profit in the short-run, a perfectly competitive firm will search for that output at which of the following? marginal revenue equals firm demand. price equals marginal revenue. average revenue equals marginal cost. average total cost equals marginal cost. firm demand equals price.
- Consider the following short-run cost curves for a perfectly competitive firm. Picture is attched If the current market price is $6, the profit-maximizing output for this firm is ____________ If the price is $6 and the firm is producing at its profit-maximizing output, then total costs for the firm are ______________ If the market price is $1, the firm will produce ______________units of output in the short run. If the price is $3 and the firm is producing at its profit-maximizing output, then the firm would make _________ profit.On a graph for a representative firm in a perfectly competitive industry, depict the three cost curves AVC, ATC, and MC (assume typical U-shaped cost curves). Now assume the market price, P, is such that it intersects the upward-sloping portion of MC above ATC. Graphically depict the short-run equilibrium q (representative firm's output) and π (representative firm's profit) under this price scenario.For a perfectly competitive firm to operate and produce an output level in the short-run, the firm's Price must be greater than, or equal to, what cost for the firm?
- draw marginal cost, marginal revenue, and average total cost curves for a typical perfectly competitive firm in long-run equilibrium and indicate the profit maximizing level of output and total profit for that firm.A perfectly competitive firm will choose to shut down when the average total cost intersects the marginal cost curve below the average variable cost curveA company in a perfectly competitive market produces an output level Q = 100 where marginal revenue is equal to marginal cost and has the following revenue and cost levels: Marginal cost curve intersects the average variable cost curve at $150. Marginal cost curve intersects the average total cost curve at $200. Marginal cost curve intersects the marginal revenue curve at $170. At Q = 100, ATC = $210 and AVC = $155 Is this firm making a profit or a loss at Q = 100? What would you suggest this firm should do in the short run? Explain.
- A firm produces a product in a competitive industry and has a total cost function C = 80 + 4q + 2q2 and a marginal cost function MC = 4 + 4q. At the given market price of $28, the firm is producing 7 units of output. Is the firm maximizing its profit? What quantity of output should the firm produce in the long run?Suppose there are 8 firms in this industry, each of which has the cost curves previously shown. On the following graph, use the orange points (square symbol) to plot points along the portion of the industry’s short-run supply curve that corresponds to prices where there is positive output. At the current short-run market price, firms will ___________________ in the short run. In the long run, _______________If a perfectly competitive firm is producing an output level where average variable cost is equal to the marginal cost but the price is less than average variable cost, then in the short run the firm should Group of answer choices a) increase its price. b) decrease its price. c) increase its output. d) decrease its output. e) shut down. f) maintain its current level of output.
