Imagine a firm in a perfectly competitive market has the short run cost function SRTC=200+10q+0.5q2, where q is the number of units they produce. What is the shut-down price for this firm?
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- Consider a perfectly-competitive industry where each firm has the following long run cost function C(q) = q3 − 12q2 + 105q, where q is the firm’s output. What is the long-run equilibrium price in this market? (Round your final answer to two decimal places, if necessary.)A firm operates in a perfectly competitive market. The firm’s total cost of production is given by the following equation: TC(q) = 100 + 48q2 + 5q, where q is the quantity supplied. What is the shutdown point for this firm in the short run, or in other words, what is the market price below which a firm is better off not supplying any units in the short run? [Advice: draw AVC and MC]Suppose the short-run cost function of a perfectly competitive firm is C(q) = 10q − q2 + 1/3q3 + 100. Solve for the firm’s short-run supply function q(p).
- In a perfectly competitive market with a constant cost industry, there are currently 100 identical firms, each with the total cost function TC(Q) = Q2 + 4Q + 36. The market demand is Q = 1800 – 50p. What is the price at the short-run equilibrium? What is the net profit/loss of each firm at this price?If a firm's total cost function is c(q) = 100 + 10 q – q2 +0.1 q3, then (a). what is the firm's shut down price? (b). If the firm is operating under perfect competitive market, derive the firm’s short run supply function.A company in a perfectly competitive market produces an output level Q = 100 where marginal revenue is equal to marginal cost and has the following revenue and cost levels: Marginal cost curve intersects the average variable cost curve at $150. Marginal cost curve intersects the average total cost curve at $200. Marginal cost curve intersects the marginal revenue curve at $170. At Q = 100, ATC = $210 and AVC = $155 Is this firm making a profit or a loss at Q = 100? What would you suggest this firm should do in the short run? Explain.
- A firm that behaves in a perfectly competitive fashion has the following cost function: C(Q)=Q² +20 +25. For the current market price, the firm is producing where the total average cost is minimum. What is the market price? Select one: a. 25 b. 5 c. 12 d. 60Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC=579+12q+q^2 and Marginal Cost function is MC=12+2q. What quantity does each firm produce in the long-run equilibrium?A perfectly competitive industry consists of 700 identical firms, each with a short-run supply curve given by Qs = –20 + 15P. What is the equation for the industry's short-run supply curve?
- 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=712+q^2 and Marginal Cost curve MC=2q. Market demand is Q=895-2P. What is the long-run equilibrium market price? Enter a number only, drop the $ sign.Suppose that the current price per unit of the good is 10 pounds. A perfectly competitive firm faces the cost function, C = 100 + (1/5)Q2, with marginal cost, MC, equal to (2/5)Q, where Q denotes the quantity produced. Find the profit-maximizing output for this firm in the short-run. Calculate profits. At the profit-maximizing output, is the firm covering its variable costs?A perfectly competitive firm has the cost function TC = 1000 + 2Q + 0.1 Q2. What is the lowest price at which this firm can break even?