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- Please answer the correct answer ASAP please calculation please Don't answer by pen paper please ASAP The market for bananas is also perfectly competitive. Each banana-growing firm has cost function C(Q)=145+ 20Q+0.75Q2. The aggregate demand for bananas is 1500-2P. Find the long-run aggregate quantity of bananas sold in this market.The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including firms, is possible. We have identical firms, each with a Total Cost curve of TC=257+g^2 and Marginal Cost curve MC=2q. Market demand is Q=797-2P. If the Fixed Cost increases by $10, what is the short-run market price?If a retail clothing shop has to pay monthly rental of A$10,000 and has variable costs of A$20,000 for 200 units of sales per month, what minimum price must it sell its goods in the market in the short-run and the long-run for the shop to continue operating?
- Bitcom, a manufacturer of electronics, estimates the following relation between marginal cost of production and monthly output: MC= $150+ 0.005Q Compute Bitcom’s short-run supply curve for its product. Show Calculations and can it be done in Excel?4 8. (Short-run vs long-run) Consider the following cost minimization problem min(L, K) rK + wL + F subject to q = K^(1/3) L ^(1/3) where F is unavoidable in the short run but avoidable in the long run. (a) Derive the cost functions for the short run and for the long run. (b) Derive the supply functions for the short run and for the long run.If a price-taking firm’s production function is given by q = √6l , its short-run supplyfunction is given by(a) q = 3Pw.(b) q = 3P/w.(c) q = P/(3w).(d) q = 3w/P. Please explain reason correctly.
- Suppose that the demand and supply elasticities of crude oil are -0.906 and 0.515, respectively. The equilibrium price is $30 per barrel and the equilibrium quantity is 16.88 billion barrels per year. Derive the linear long-run demand and supply equations.Construct a short-run supply schedule for the firm and indicate the profit or loss incurred at each output. Assume the following unit-cost data are for a purely competitive producer. ( See table below) REQUIRED: A. When the product price is set at $38, how many is the quantity supplied by the firm? B. When the product price is set at $66, how many is the quantity supplied by the firm? C. When the product price is set at $38, how much would be the economic profit that the firm will realize per unit of output? D. When the product price is set at $66, how much would be the economic profit that the firm will realize per unit of output?If the cost of plaster and labor were $13 per gnome and everything else is as in the problem (gnome molds cost $1,000, interest rate is 10%), what is the lowest price of gnomes at which there would be a positive supply in the long run?
- Then, plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output.The short-run market demand and supply for Kente cloth are expressed as follows: Demand:P=40-0.25Q Supply: P=5+0.05Q Marginal cost: -20+4Q a) Find short run level of output.We have a company in perfect competition that aims to maximize profits and produces according to the following work-quantity produced relationship: The labor cost is $ 50, the fixed cost is $ 100, and the market price is $ 3.80 a) Determine the PMg b) Determine the CMg c) Determine the number of workers to be hired d) Calculate profits
