Demand for Fries QD(P) = 10,000 - 10P N number of firms follow: TC(Q) = 20,000 +0.5Q^2 Plot the long run equilibrium in the fry market, labelling curves, axes and intercept values?
Q: The profit maximizing condition for a purely competitive firm is when... Group of answer choices…
A: A perfect competition is a structure of a market in which there are many sellers and buyers. The…
Q: A publisher faces the following demand schedule for the next novel from one of its popular authors:…
A: The objective of a rational producer is the maximization of profits, which is achieved at a level…
Q: Knitting Mills sells a line of women’s knit underwear. The firm now sells about 20,000 pairs a year…
A: We have, Q = 20,000 pairs a year, P = $10, FC = $60,000, VC = $120,000. 10 % increase in output…
Q: THIS IS A MULTIPLE ANSWER QUESTION. IT MAY HAVE MORE THAN ONE CORRECT ANSWER. Consider a homogeneous…
A: Given information P=100-Q For firm 1 TC1=20q For firm 2 TC2=100+20q
Q: TRUE of FALSE Cost- plus pricing is circular for the manufacturing industry in that demand must be…
A: Cost-plus is a pricing method which uses to secure margin by fixing mark-up. The manufacturing firm…
Q: Hardware, a small family-owned store in Middletown, sells a 100-pack of garnet sandpaper for $35.…
A: The rivalry between firms that offer related goods and services to gain growth in sales, benefits,…
Q: perfectly competitive market, one of the following answers is correct with respect to the demand…
A: Perfect competition is identify by the presence of huge number of firms who are well-known about the…
Q: Film producer S costs c=20 to produce one film. B, a movie distributor, earns v=120 if the movie is…
A:
Q: None of the other statements is true.
A: Long Run supply curve for increasing industry upward slope curve. Because cost of production of…
Q: A limit pricing strategy is most likely to be successful when: A market demand is rising B there are…
A: Limit Price is a pricing tactic used by monopolists to deter competition. When a monopolist sets its…
Q: MA Training (MAT) is a national organisation which provides private tuition courses in accounting.…
A: Performance measures for MAT MAT provides tution courses in the subject of accounting.For the…
Q: Industry demand is given by : P = 100-2Q The total cost for the individual firm of which there are…
A: cartel is the one of the characteristics in the oligopoly market , where they form cartel or cartel…
Q: A nightclub owner has both students and other adults as customers. The demand for drinks by typical…
A: First degree price discrimination refers to when the seller maximizes profits by charging every…
Q: A firm produces two goods in pure competition and has the following total revenue and total cost…
A: Given: The total revenue function is TR = P1Q1 + P2Q2 The total cost function is TC = 2Q12 + Q1Q2…
Q: When Mazda developed a marketing strategy to change the image of their cars from low end to slick…
A: Marketing strategy are the strategies that are used by the companies to attract more customers and…
Q: If entry restrictions are coupled with rules prohibiting price competition, monopoly-level prices…
A: Entry restrictions are imposed on new producers in the form of patents, copyrights, licensing, and…
Q: The first step/stage of the market segmentation/ target marketing process is to: develop new…
A: The correct answer is C ‘segment the overall market into the identifiable market segment.
Q: If a firm wants to maximise total revenue it must: Group of answer choices Produce where the demand…
A: Upper half of the demand curve is elastic, lower half of the demand curve is inelastic and the…
Q: The structure of competition in the market for product A follows the dominant firm model with…
A: A firm that is dominant is different from a monopolist in 1 major aspect. The behavior of the…
Q: Determine the type of market structure and state your reasons. Perfect Picture Cameras: Perfect…
A: In an economy, different types of products are offered and exchanged in different markets based kn…
Q: The simple case of pricing with market power assumes (a) all consumers are charged the same price,…
A: Price discrimination may be a promoting approach within which a merchant charges varied costs for…
Q: There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of…
A: The market is defined as an area where both buyer and sellers interact with each other for the…
Q: Q.Many firms depend on the opinions and experiences of others in evaluating a new business proposal…
A: Opinions / views of customers and other companies help the new companies to stay ready with their…
Q: Line A in the figure below shows the total revenue for a perfectly competitive firm. It is a…
A: Total revenue refers to the value of the goods sold in the market. It is the income generated for…
Q: Based on the best available econometric estimates, the market elasticity of demand for your firm's…
A: Elasticity of demand = -3.0 Marginal cost = $150 Average total cost = $215
Q: Pretend that you are working for Del Monte in the area of canned vegetables and that Del Monte has a…
A: Answer -1 Types of decisions that would be taken with his system (1) Inventory Maintenance With…
Q: There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of…
A: a. There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size…
Q: Big Boss is a local pet shop, mainly selling cat food. It has a constant marginal cost of $24. She…
A: The level with which the quantity demanded of a good changes with a change in its price is referred…
Q: "A profit maximizing firm seeks to produce at an output where its marginal revenue is equal to its…
A: Profit maximization: Profit maximizing firms produces and sells the goods at the point where the…
Q: Suppose 4Sisters is a patented vaccine. Her producer is facing a linear demand function for…
A: Competitive market is where a large number of firms and consumers make up the market. Each firm and…
Q: Use drag and drop to match each of the following with its definition. Total revenue Marginal revenue…
A: Revenue- The income received by the company or government on regular basis.
Q: There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of…
A: a. In the case of the ABC firm, the firm has 38 identical stores in a close radius and this allows…
Q: Alibaba is a Chinese e-commerce firm similar to Amazon.com in the United States. It has increased…
A: Sales refer to the process of exchanging goods or services for money. The producer or seller of the…
Q: Wyandotte Chemical Company sells various chemicals to the automobile industry. Wyandotte currently…
A: Given, Quantity of polyol sold per year = $30,000 Price per gallon…
Q: A firm is jointly producing two products with variable proportions. If the price of one of the…
A: Profit maximization is the short run or long run process through which a firm might tend to…
Q: A firm that has as its objective the maximization of revenues rather than profits would produce an…
A: Revenue maximization is the hypothesis that assuming that you sell your products at a sufficiently…
Q: The industry demand function for bulk plastics is represented by the following equation:P = 800 -…
A: Note- Since, you've asked question with multiple subparts, we'll only solve the first three subparts…
Q: Management has at its disposal the following information: Demand (price) function: P =423– 4.5Q…
A: Given Information: Demand function: P=423-4.5Q Total cost function: C(Q)=220+90Q
Q: Happy Go Lucky Electric Company is the only company providing electric service to the city of Go…
A: When there is single firm in the market, the market is monopoly which maximizes profit by producing…
Q: An existing firm offers to supply one unit of a good to a potential buyer by writing a contract in…
A: Bertrand Model- According to this model competition is held between firms by setting prices…
Q: Blue Skies Aviation is a manufacturer of small single-engine airplanes. The company is relatively…
A: Given, the demand function is: The total revenue is the product of the quantity sold and price per…
Demand for Fries
QD(P) = 10,000 - 10P
N number of firms follow:
TC(Q) = 20,000 +0.5Q^2
Plot the long run equilibrium in the fry market, labelling
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- A dominant or price setting firm and several smaller price takers serve a market where total market demand is Qd = 560 – 2P and the combined supply from all the smaller firms is Qs = - 60 + 2P. State the demand (Qdf=) and inverse demand (Pdf=) function for the dominant firm (df).The marketing research department for a company that manufacturers and sells gaming systems established the following price-demand function p(x)=240-30x Where p(x) is the wholesale price in dollars at which x thousand gaming systems can be sold, Find the revenue function when x thousand units are demanded Find the value of x that will produce maximum revenue. What is maximum revenue to the nearest thousand dollars? What is the price per gaming system that produces the maximum revenue?Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is -1.5. The marginal cost of producing the product is constant at $125, while average total cost at current production levels is $190.Determine your optimal per unit price if:Instruction: Enter your responses rounded to two decimal places.a. You are a monopolist.$ b. You compete against one other firm in a Cournot oligopoly.$ c. You compete against 19 other firms in a Cournot oligopoly.$
- Suppose 4Sisters is a patented vaccine. Her producer is facing a linear demand function for 4Sisters. She manufactures at a constant marginal cost of $20. Reports indicate that she produces 12,000 units of vaccine. She charges a unit price of $400. She is making a positive economic profit of $1,500,000. Draw a well-labelled diagram to indicate the output decision, pricing decision, economic profit, and the resultant deadweight loss in the market for 4Sisters. Indicate key figures with reference to the above given information.Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is –2. The marginal cost of producing the product is constant at $150, while average total cost at current production levels is $225.Determine your optimal per unit price if:Instructions: Enter your responses rounded to two decimal places.a. You are a monopolist.$ b. You compete against one other firm in a Cournot oligopoly.$ c. You compete against 19 other firms in a Cournot oligopoly.$Give only typing answer with explanation and conclusion The market demand for a monopoly firm is estimated to be: Qd = 100,000 - 500P + 2M + 500PR where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. The average variable cost function is estimated to be AVC = 520 - 0.03Q + 0.000001Q2 Total fixed cost in 2016 is expected to be $4 million. The profit-maximizing price for 2016 is $80. $100. $260. $520. $560.
- Knitting Mills sells a line of women’s knit underwear. The firm now sells about 20,000 pairs a year at an average price of $10 each. Fixed costs $60,000, and total variable costs equal $120,000. The production department has estimated that a 10 percent increase in output would not affect fixed costs but would reduce average variable cost by 40 cents. The marketing department advocates a price reduction of 5 percent to increase sales, total revenues, and profits. The arc elasticity of demand is estimated at -2. i. Evaluate the impact of the proposal to cut prices on (1) total revenue, (2) total cost, and (3) total profits. ii. If average variable costs are assumed to remain constant over a 10 percent increase in output, evaluate the effects of the proposed price cut on total profits.MA Training (MAT) is a national organisation which provides private tuition courses in accounting. The courses are generally attended by individuals who work as bookkeepers for other companies and who want to develop their practical skills. None of the attendees is aiming towards any professional qualification or examination. Courses are run on basic bookkeeping, value added tax, payroll, credit control, company administration and basic business management. Other bespoke courses, run on demand, are charged out at higher than normal rates. MAT has six branches nationwide with individual branch managers. Head office is situated at Nottingham and has responsibility for company accounting, payroll and inventory ordering activities. Individual branch managers have responsibility for all other areas of the business, such as pricing, product mix and staffing. Each branch rents its premises (a national company policy) and staff numbers range from 4 in Newcastle to 18 in Cardiff. Staff are…Which three of the following factors are associated with a perfect market? A high degree of mutual interdependency between competing firms B.Transparency of production methods and cost structures No barriers to entry into the market D Strong brand images amnong competing products in the market E The inability of buyers and sellers to influence the market price The following two statements have been made about the accounting and auditing professions (1) Only a member of a CCAB or IFAC body may refer to themselves as an accountant when dealing with clients and members of the public (2) The Financial Reporting Council has statutory powers in relation to the regulatory framework for the auditing profession which have been delegated by the government Are these statements accurate or inaccurate statement (1) Inaccurate; statement (2) Accurate statement (1) Accurate; statement (2) Accurate; statement (1) Inaccurate; statement (2) Inaccurate; statement (1) Accurate; statement (2)…
- A competitive firm sells its product at a price of $0.10 per unit. Its total and marginal cost functions are: TC = 5 - 0.5Q + 0.001Q2 where TC is total cost ($) and Q is output rate (units per time period). a] Determine the output rate that maximizes profit or minimizes losses in the short term.There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of these 38 stores allows ABC to offer large quantities at favorable prices. a. ABC gained market power through a.economies of scale b.government protection c.control of an important input . b. ABC’s market power a.does b.does not guarantee that the firm makes an economic profit.Dalahla Company Limited, focusing on producing tooth paste (in units) has a demand function4? = 35 − 0.5?. If total fixed cost is GH¢80 and average variable cost per unit function is 3? −51+325/Q, where Q is number of tooth paste produced and P is the price per tooth paste (in GH¢).What is the total profit at the profit maximizing level of output, and what is the best pricing policyoption?
