Q: Which of the following is TRUE in long-run competitive equilibrium ("market saturation")? Group of…
A: The long run competitive market is the one where there is free entry and exit of firms, large number…
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A: We have been given TC = 50 + q2 Qd = 200 - 5P
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A: We have given cost function and a firm produces output where P=Mc
Q: Consider a competitive industry with a market demand curve of P= 120 - Q. where Pis market price and…
A: Market demand: P = 120-Q TC = 144 + q2 After licence: P1 = 150 -Q License price is fixed.
Q: Suppose you are given the following information about a particular industry Q(d) = 6500 - 100P…
A: According to our policies first 3 answers have been given.
Q: perfectly competitive market where other firms charge a price of $110 per unit. The firm estimates…
A: Given, Price = $110 TC = 70 + 14Q + 2Q2 MC = 14 + 4Q
Q: Assume a competitive industry is initially at its long-run equilibrium, given the inverse market…
A: a) New equilibrium 35000 - 0.2Q = 5000 + 0.3Q 0.5Q = 30000 units Number of firms = New firms…
Q: Consider a perfectly-competitive industry where each firm has the following long run cost function…
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A: The equilibrium price = $270 Average variable costs = $300
Q: The cost function for a firm in perfect competition is given as C(Q) =Q³-8q²+5 . Find the profit…
A:
Q: Suppose you are given the following information about a particular industry: QD = 3600 – 200P Market…
A: QD= 3600-200P QS=1000P
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A: TC=712+q2Now,AC=TCqAC=712q+q
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A: Given Total Revenue (TR) = 40q - 12q2 Average Cost (AC) = (1/30)q2 - 12.85q + 20 + 400/q
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Q: a perfectly competitive industry, Price and marginal revenue are unrelated P = MR P > MR P < MR…
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Q: The wood-pallet market contains many identical firms, each with the short-run total cost function…
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Q: If the market quantity demanded and quantity supplied functions are: QD = 187 - 4P Qs = 49 + 9P and…
A: Given:Qd = 187 - 4PQs = 49 + 9PMC = 2 + 3q
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A: Given Price $22TC = 0.1q^2 + 120. MC = 0.2q Profit Maximization is when the MC = MR
Q: A firm's short-run cost function is given by: C(q) = 50+10q-6q2+q3
A: Answer: Given that: A firm's short-run cost function is given by: C(q) = 50+10q-6q2+q3…
Q: Can you help with parts d,e and f please? A perfectly competitive firm has the following total cost…
A: TC = 4,500 + 2q + .0005q2 We know that ATC = TC / q ATC = (4,500 + 2q + .0005q2) / q TC = 4,500 +…
Q: Suppose you are given the following information about a particular industry: Market…
A: Given information-
Q: A perfectly competitive industry has a large number of potential entrants. Each firm has an…
A: The short run supply function for each firm is p= MC = q -10 => q = p+10
Q: Suppose the total cost to produce quantity q is TC(q) = 10 + q^2/10, and hence, marginal cost is…
A: Given : TC(q) = 10 + q^2/10 MC(q) = q/5 p = 10
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Q: Suppose a competitive firm has the short-run total cost function: STC = 4q2 + 20q + 100 Find the…
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Q: marginal cost is
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Q: what is dC and dQ here??? and why dC/dQ = 2Q?? please assist
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Q: There are 300 identical firms in a perfectly competitive market, the price of the output is p, the…
A: C = q3 - 2q2 + 2q + 10 Number of firms = 300
Q: A perfectly competitive firm has the following total cost function: Total output Total Cost 0…
A: Answer: A perfectly competitive firm produces that level of output where marginal revenue is equal…
The wood-pallet market contains many identical firms, each with the short-run total cost function STC(Q) = 400 + 5Q + Q2, where Q is the firm’s annual output (and all of the firm’s $400 fixed cost is sunk). The corresponding marginal cost function is SMC(Q) = 5 + 2Q. The market
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- . Suppose a firm operating in a perfectly competitive industry has costs in the short run given by: SRTC = 8 + ½q2 and therefore MC = q. Assuming that the firm is a price-taker operating in a competitive market, derive an expression for the firm’s supply curve, (the profit maximizing output for the firm as a function of the market price, i.e., q S = f(p). Assuming the firm is one of 100 identical firms in the industry, what is the short-run supply curve for the industry, i.e., Q S = f(p)? If demand is given by Q D = 1000 – 100p, what are the short-run equilibrium price, market quantity, and firm quantity? Is this a long-run equilibrium? [Hint: Calculate firm profit in the equilibrium.]Suppose a firm operating in a perfectly competitive industry has costs in the short run given by: SRTC = 8 + ½q^2 and therefore MC = q. Assuming that the firm is a price-taker operating in a competitive market, derive an expression for the firm’s supply curve, (the profit maximizing output for the firm as a function of the market price, i.e., q^s = f(p). Assuming the firm is one of 100 identical firms in the industry, what is the short-run supply curve for the industry, i.e., Q^s = f(p)? If demand is given by Q^D = 1000 – 100p, what are the short-run equilibrium price, market quantity, and firm quantity? Is this a long-run equilibrium? [Hint: Calculate firm profit in the equilibrium.]Multiplying one firm’s short-run supply function to the number of firms in a specified industry will give you the short-run market supply function. True or false.
- Bitcom, a manufacturer of electronics, estimates the following relation between marginal cost of production and monthly output: MC= $150+ 0.005Q What does this function imply about the effect of the law of diminishing returns on Bitcom’s short-run cost function? Calculate the marginal cost of production at 1,500, 2,000, and 3,500 units of output. Assume Bitcom operates as a price taker in a competitive market. What is this firm’s profit-maximizing level of output if the market price is $175? Compute Bitcom’s short-run supply curve for its product. Provide a 100 word summary of how this can be applied to the current economy. Show Calculations and can it be done in Excel?Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.Consider a competitive industry with a market demand curve of P = 120 - Q, where P is market price and Q is the quantity demanded in the market. In the short run there are 4 firms in the industry, and each firm has a total cost function of TC = 144 + q^2, where q is output of the individual firm. The short-run industry supply curve Qs is?
- Given the cost information in the previous question and an industry demand function of Q = 2400 - 5p, how many firms are in this industry in the long-run equilibrium?Suppose you are given the following information about a particular industry: Market demand: Q = 1600 - 150P Short run market Supply: Q = 250P The Firm total cost function consists of a Fixed Cost of 45 and a Variable Cost of q2/5. Assume that all firms are identical in a market that is perfectly competitive. Correctly write the Firm total cost function Using the demand and supply curves for this industry, find the short run equilibrium price and quantity in the industry. Using the total cost function from part (1), derive the marginal cost function for firms in the industry. Using your answers to parts (2) and (3), find the quantity produced by each firm in a short run competitive equilibrium. Find the profit or loss of each firm in the short run equilibrium. Using your answers to parts (2) and (4), find the total number of firms in a short run equilibrium. In the long run, would you expect to see firms enter or exit the industry? Explain your…Which of the following is TRUE in long-run competitive equilibrium ("market saturation")? Group of answer choices Firms earn zero economic profit Price is equal to minimum average total cost All of the above are true Firms in the market earn just enough revenue to cover their explicit (accounting) costs and opportunity costs. None of the above are true New firms have no incentive to enter the market
- A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (qi) =20. The minimum average cost is $10 per unit. Total market demand is given by ? = 1,500 − 50? Calculate the short-run supply function for each firm and the industry short-run supply function.Suppose a farmer is a price taker for soybean sales with cost functions given by the following: TC=0.1q2 +2q+30 MC = 0.2q + 21. Refer to Scenario 9-3. If P = 6, the profit-maximizing level of output is (a) 10. (b) 20. (c) 40. (d) 80. 2. Refer to Scenario 9-3. If P = 10, the profit-maximizing level of output is (a) 0. (b) 30. (c) 40. (d) 50.A competitive industry consists of 100 identical firms. The short run cost function of each firm is given by C(q)=200q+15q^2 What is the market supply function?