2 Question 25Consider a market characterized as perfection competition is described by the equations below.Enter your answers in the boxes below. Show your work either in the text box immediately followingthis question OR you take a picture of your written work and submit that picture in the the questionafter the text box.Demand: P- 825 - 0.15QDSupply:P- 25 + 0.25Q5(5 points) Calculate the equilibrium price and equilibrium quantity in this market.Equilibrium Price isEquilibrium Quantity isAssume a representative's firm's production function results in a marginal cost curve as follows.Marginal Cost: MC = 25 + 200q(5 points) What is the firm's profit maximizing price and quantity (q)? (Hint: Use the profit maximizingrule and the properties of the market structure to solve for these.)Firm's profit maximizing price isFirm's profit maximizing quantity isQuestion 16According to the neoclassical theory of labor, the wages workers receiveO reflect the market prices of the goods those workers produce.O reflect the degree of market power held by the firms that pay those wages.O fail to reflect those workers' opportunity costs of leisure.O are unrelated to the forces of supply and demand.

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Answered: Demand: P- 825 - 0.15QD Supply: P- 25 +…

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Demand: P- 825 - 0.15QD Supply: P- 25 + 0.25Q5 (5 points) Calculate the equilibrium price and equilibrium quan

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 6PA

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