Demand function for service is P = -0.5Q + 94 The marginal cost and also the average cost of providing this service is 11. What is the price of this service if there is perfect competition in this market?
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Demand function for service is P = -0.5Q + 94
The marginal cost and also the average cost of providing this service is 11.
What is the price of this service if there is
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- Consider a market with demand given by Q=100-P. The market is perfectly competitive with 60 firms and all have same cost structure. They all have no fixed costs and a constant variable cost of USD 40. How do we get the market supply curve for this situation.Demand for microprocessors is given by P = 35 – 5Q , where Q is the quantity of microchips (in millions). The typical firm’s total cost of producing a chip is Ci = 5qi, where qi is the output of firm i. a) Under perfect competition, what are the equilibrium price and quantity?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 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 demand equation of a product is p=100/q+10. Find the marginal revenue when q=10.Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette (his only product) is $3. If Yann's marginal cost function is given by MC=0.1q: (i) Yann's profit-maximizing level of output is _____ (ii) Yann's variable profit is ____ (iii) The producer surplus is ____
- Suppose the marginal revenue of a perfectly competitive firm is $10 and its marginal cost is $18 for the production of the first quantity of a good or service, then the firm should Question 7 options: a) increase output b) decrease output c) not enter the market d) none of the aboveIn the US cotton market, each farm having the cost function c(q)=0.5q^(2)+ 10 q+162 where q is the quantity of cotton in tons produced by each farm. The market demand curve is given by Q^(d)=10,400-50 p. Suppose the government gives each farm a subsidy of $8 per ton. Calculate the long-run market price assume the market is perfect competition. $20 $25 $30 $35 With all steps clearlyThere 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
- Suppose a perfectly competitive market with 5 firms in the market. Each firm has supply characterized by P(q)=MC(q)=2+q/2. If 140 units were transacted in total, what was the market price?A typical firm in a competative market has a marginal cost of MC = 10 + 0.5q, The current market equilibrium prices is P = $55.5. What is the firm's profit maximizing quantity?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.