If supply curve of firms in competitive market is P = 120 - 60Q1. Obtain supply curve of market, for a total of: (a) 250 producers (b) 170 producers
Q: -WHAT AMOUNT SHOULD I INVEST TODAY, SO THAT AFTER 3YEARS, THE FACE VALUE OF MY INVESTMENT WILL BE AT…
A: Investment is the process of capital formation and people, or firm invest only when they get…
Q: On may 1,2015 the yen/dollar and euro/dollar exchange rates were ¥120.15 and €0.8929, respectively.…
A: The exchange rate is the rate at which one currency is exchanged for another currency. yen/dollar =…
Q: In Wicksell’s system the theory of capital in which the natural rate of interest on ‘real capital’…
A: Monetary policy is a macroeconomic policy that has been formulated by the central bank to control…
Q: If a firm is currently producing zero output, total costs equals A. average variable costs. B.…
A: Total cost is the sum of total fixed cost and total variable cost. Fixed costs are the cost that…
Q: 2. Given below are data for 2018 and 2010. Answer based only on the information given. a. Are…
A: CPI is the consumer price index. This shows the change in price level as compared with the base…
Q: Some business and governmental units impose financial penalties on employees who refuse to…
A: Preventive care, which is regarded as the first stage of healthcare, is crucial to improving health.…
Q: 4. A decision at the margin Suppose that Bella is a diligent first-year college student. One Sunday,…
A:
Q: BASKETS 30 25 20 15 O 10 5 0 0 + 1 2 3 4 TEA TOWELS 5 6 7 8 o Initial PPF A New PPF Suppose Crystal…
A: Opportunity cost is the cost of producing good in terms of other good. Opportunity cost shows the…
Q: Assume that good Z is an inferior good for a consumer. If the consumer's income increases, then A.…
A: Normal goods are the goods in which the increase in price of good decreases the demand of good and…
Q: Suppose that you observe that when the price of a particular vaccine falls by 4%, the quantity…
A: Price elasticity of demand (PED) is a key notion in demand theory. It quantifies the impact of price…
Q: he price of a new car is $20,000. Assume that an individual makes a down payment of 25% toward the…
A: Amortization refers to the repayment of a loan over a given time period at equal intervals. The…
Q: A regression model to predict Y, the state burglary rate per 100,000 people, used the following four…
A: In a hypothesis test, critical values (CV) mark the transition from nonsignificant to significant…
Q: An efficient market for risk, such as an insurance market, is MOST likely to exist: a. when the…
A: The expected returns from an investment is consistent with the risk of that investment in an…
Q: Suppose you have t = 5 hours in total to spend on some projects to make some money. The table below…
A: Marginal revenue will be computed as change in total revenue divided with change in total quantity
Q: When refering 'simple specie currency' one is refering to: Select one: a) The same currency in…
A: Currency is a medium of exchange, such as paper money or coins, used to purchase goods and services.…
Q: Suppose we are considering a Ricardian model setting, where countries have not yet opened up to…
A: Total labor pool =35 for each country A foreign country can produce 12 coffee by using 1 labor or 9…
Q: Using the SLM of Depreciation, what is the book value of equipment bought at P80,000 after 3 years…
A: Introduction Depreciation is the term used to describe how fixed assets lose value over time owing…
Q: The Asian financial crisis which began in July 1997 wreaked havoc throughout the currency markets of…
A: A currency depreciates when its value in exchange for the other currency falls. For example, if the…
Q: When the term "price" is used in the law of demand, price is referring to OA. the nominal price of…
A: Introduction: The number of consumers who are able and willing to purchase goods at various prices…
Q: 1. Discuss the information function of the price in general. 2. Define the price elasticity of…
A: The link between the quantity required of an item or service and its price is represented…
Q: The Solow model describes: how saving rates are determined the static relationship between capital…
A: Solow model gave his growth model after WWII where Germany and Japan was growing so fast even from…
Q: Which of the following types of change represents the paradigm dimension? A. Changes in the…
A: Innovation is known as the process of creating new or fusing new thing. In an organisation's…
Q: Determine the difference between the capitalized cost of the timber and steel penstock for a…
A: Following is the given information: The first cost of the Timber = Php 50,000 The first cost of the…
Q: In an effort to save money for early retirement, an environmental engineering colleague plans to…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Assume two firms with the same constant average and marginal cost, AC = MC = , facing the market…
A: DISCLAIMER “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Lots of Little Screens Inexpensive broadband access has created a generation of television producers…
A: The Production Possibilities Frontier (PPF) is a graph that illustrates every viable production…
Q: Coffee and Cheese Exchange in a POW Camp. Suppose that in the British compound of a prisoner of war…
A: In British Compound Price of Cheese = 12cigarettes per cheese ration Price of Coffee beans =…
Q: Suppose a US medical board is using marginal analysis to determine the optimal screening frequency…
A: The efficient quantity for a product will be the quantity that makes marginal benefit equal to…
Q: 2. Consider a Cournot duopoly with a demand function of p=10-Q (where Q=9₁ +9₂) and a constant…
A: In the Cournot Model, firms compete on the basis of output. A firm assumes that other firm will…
Q: (a) Find the time path of capital K(t) given the following rates of net investment flow functions…
A: K(t) = K(0) + dK(t) dK(t) is the change in the capital stock which is equivalent to the investment…
Q: Sending service jobs to low-cost nations, such as India, is good for America.” What are the…
A: US outsources its non-core activities to the low cost countries such as India and China. The india…
Q: The owners of a QPedix, a small manufacturing company, have hired a manager to run the company. The…
A: Given information Compensation of the new Vice President=Flat salary +share of the profit Flat…
Q: 2. Interest rates are 2% in Japan and 4% in the United States. The current exchange rate is 120 yen…
A: Given: The interest rate in J= 2% The interest rate in U= 4% Current exchange rate = 120 yen per…
Q: Gilbert works for a local food company, where he earns w for up to 40 hours of work each week, and…
A: Gilbert earns w for up to 40 hours of work each week and then 1.5w for any hours worked overtime.…
Q: The labor force participation rate is the percentage of the working-age population in the labor…
A: Labor force participation rate = Labor forceWorking age population×100
Q: Consider how health insurance affects the quantity of healthcare services performed. Suppose that…
A: Insurance: In economics, insurance is related to an arrangement through which a company or the…
Q: Assume that both the U.S. and Canadian demand curves for lumber are linear. The Canadian demand…
A:
Q: What best describes a base year? Select one: a) The year of comaprison b) The next year c) A…
A: The first year in a series for an economic or financial indicator is called the Base year. To keep…
Q: How to solve economic surplus table
A: Surplus is a term that is usually used to describe having more of something than is required or…
Q: A local bank advertises the following deal: "Pay us $100 at the end of each year for 10 years and…
A: Using a proper discount rate, a measure known as the present value (PV) can be used to determine…
Q: Imagine that you run the toll authority for a city bridge. You must charge all of your customers the…
A: Total revenue (TR) earned by a firm is the income generated by selling a product at a particular…
Q: Should There be a Market for Kidneys? People are born with two kidneys, but they usually need only…
A: A market is a place, virtual or physical, where buyers and sellers come together in order to…
Q: Which of the following monetray measures would be used to correct a surplus BOP disequilibrium?…
A: Balance of payments is the record of money coming into the country and flowing out of the country.…
Q: Assume that good Z is an inferior good for a consumer. If the consumer's income increases, then A.…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: 3. The accompanying graph (bottom of this page) summarizes the demand an costs for a firm that…
A: Monopolistic competition is the market where many firms and buyers are there and sell differentiated…
Q: Discuss the impact of the following factors on the optimal method of procur- ing an input. a.…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first three subparts for you.…
Q: Two numerically controlled drill presses are being considered by the production department of…
A:
Q: 4. A firm has $1 million in sales, a Lerner index of 0.65, and a marginal cost or $35, and competes…
A: 4) The Lerner index states or defines the markup of price over marginal cost i.e. it helps in…
Q: The monopoly firm pictured above will produce an output level of ______ units. A. 30 B. 40 C. 50 D.…
A: Monopolist: A monopolist is a single seller in the market and hence he faces the downward sloping…
Q: True or False? The key difference between the Solow and production/expenditure models of the economy…
A: The Solow growth model is basically an economic model that explains economic growth as a result of…
If supply curve of firms in competitive market is P = 120 - 60Q1. Obtain supply curve of market, for a total of:
(a) 250 producers
(b) 170 producers
Step by step
Solved in 2 steps
- It is an aspect of microeconomics that helps in analyzing the various types of demand which enables the manger to arrive at reasonable estimates of demand for a product or his company. * market structures theory of the firm demand analysis production functionYou are asked to employ the studied model of Perfect Competition to analyse the fishers in the Australian lobster market based on this article above. After justifying the use of this model for this market, explain how the changes in market price and production costs would impact a firm in the short run. Comment on changes in economic profits, and the (short run) shutdown decision.If the minimum efficient scale of a firm is small relative to the demand for the good, then__. Select one: a. firms have a minimum efficiency and could do better by producing more. b. many small firms can enter the market. c. there will be no economic profits for any small firms, so no new firms will enter. d. several large firms will enter the market thereby reducing competition.
- Consider a competitive market, dispersed among hundreds of companies. The Total Cost Curve of these firms is given by: CT = 5,000+2q² -400q. Assuming the market price is $800.00 per unit of product, ask: a) What is the quantity capable of maximizing the profit of competitive companies? b) What can we say about this market, in terms of its long-term equilibrium? c) Graphically sketch the results of questions (a) and (b).In a perfectly competitive market, the price of the product is_____ Group of answer choices jointly set after a meeting of all firms in the market independently set by each competing firm set by market supply and demand set by the market leader and then copied by other firmsPlease no written by hand and no emage Two firms compete in a homogeneous product market where the inverse demand function is P = 20 −5Q (quantity is measured in millions). Firm 1 has been in business for one year, while Firm 2 just recently entered the market. Each firm has a legal obligation to pay one year’s rent of $1.6 million regardless of its production decision. Firm 1’s marginal cost is $2, and Firm 2’s marginal cost is $10. The current market price is $15 and was set optimally last year when Firm 1 was the only firm in the market. At present, each firm has a 50 percent share of the market.Determine the current profits of the two firms. Firm 1's profits: $Firm 2's profits: $What would each firm’s current profits be if Firm 1 reduced its price to $10 while Firm 2 continued to charge $15?Firm 1's profits: $Firm 2's profits: $Suppose that, by cutting its price to $10, Firm 1 is able to drive Firm 2 completely out of the market. After Firm 2 exits the market, does Firm 1 have an…
- Nicole wants to examine first if she wants to enter the market for Chanel bags and she assumes that the market is under perfect competition. She observed that all the firms that are producing Chanel bags have the same LR cost function and is given by C = 200 + 20q + 0.5q2. All firms present in the market has a fixed cost of $200 if it produces a positive output, otherwise the LR cost is zero if there is zero production. The market demand for Chanel bags is QD = 1000 - 2p, where p is the price of one umbrella. Currently, Nicole counted that there are 22 firms in the industry and that the market is a constant cost industry.(c) Suppose that the demand for the Chanel Bag shifts to QD = 1600 - 2p. Assuming that the industry is in the LR equilibrium, solve for the market clearing condition and the number of firms present.A firm in a perfectly competitive industry has patented a newprocess for making widgets. The new process lowers the firm’saverage cost, meaning that this firm alone (although still aprice taker) can earn real economic profits in the long run. a. If the market price is $20 per widget and the firm’s marginalcost is given by MC=0.4q , where q is the dailywidget production for the firm, how many widgets willthe firm produce? b. Suppose a government study has found that the firm’snew process is polluting the air and estimates the socialmarginal cost of widget production by this firm to be. If the market price is still $20, what is thesocially optimal level of production for the firm? Whatshould be the rate of a government-imposed excise tax tobring about this optimal level of production? c. Graph your results.There are 1000 pear producers that have identical cost functions, C= 200+0.025q2 where q is the number of crates of apples produced. The producers operate in a perfectly competitive market. The supply curve of each producer is ________ The total supply curve for the market is ________ At a price of 100, the elasticity of supply for the market is _________, meaning that supply is _________ For the answer options, refer to the attached image.
- Market Failures in Imperfect Competition Efficiency in exchange is satisfied with the equality between MRS and price ratios of the goods. Efficiency in production is satisfied with the equality between MRTS and the price ratios of factor markets (labor and capital; hence, wage and rent). Efficiency in product mix is normally not satisfied under imperfect competition because MRS is not equal to MRT. Answer the following: a. If there is an imperfect competition in both the goods market (X and Y), say that Px/Py is both under monopoly, is it possible for economic efficiency to be reached? How? Explain in words and mathematically. b. If there is an imperfect competition in both the two factor market (L and K), say that w/r or Pl/Pk is both under monopoly, is it possible for economic efficiency to be attained? How? Explain in words and mathematically.q 53 Suppose jumbo packs of notepads are sold in a perfectly competitive market for 60. To produce jumbo packs of notepads, an individual firm has a cost function of C = 2 + Q2. What is the firm’s profit? a. 798 b 698 c 898 d 998If the above graph is a typical firm in a perfectly competitive market, if the market price is 9, then in order to profit maximize it should produce 40 units. True or False
