Q2 P= 100-2Q TC = 1200 + g2 Formulate the profit function for firm "i" given the information above. Note that market output "Q" is the sum of a two firm market firms i & j Full explain this and text typing work only thanks
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Q2
P= 100-2Q
TC = 1200 + g2
Formulate the profit function for firm "i" given the information above. Note that market output "Q" is the sum of a two firm market firms i & j
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- Given - Answers for question #1 A-D (A)πA=780QA−145(QA+QB)QA−400QAπA=780QA-145QA+QBQA-400QA is the firm profit function of firm A . (B)QA=8550−QB2QA=8550-QB2is the best response function of firm A (C)πB=780QB−145(QA+QB)QB−260QBπB=780QB-145QA+QBQB-260QB is the firm profit function of firm B . (D)QB=11700−QA2QB=11700-QA2is the best response function of firm B Please answer questions #2 A-DPindyck & Rubinfeld, 8e. Ch 8 #10. Suppose that you are given the following information about a particular industry: Q D = 6500 − 100P Q S = 1200P C(q) = 722 + q 2 200 MC(q) = 2q 200 Assume that all rms are identical and that the market is characterized by perfect competition. (c) What is the lowest price at which each rm would sell its output in the long run? Is pro t positive, negative, or zero at this price? Explain. (d) What is the lowest price at which each rm would sell its output in the short run? Is pro t positive, negative, or zero at this price? Explain.Pindyck & Rubinfeld, 8e. Ch 8 #10. Suppose that you are given the following information about a particular industry: Q D = 6500 − 100P Q S = 1200P C(q) = 722 + q 2 200 MC(q) = 2q 200 Assume that all rms are identical and that the market is characterized by perfect competition. (a) Find the equilibrium price, the equilibrium quantity, the output supplied by the rm, and the pro t of each rm. (b) Would you expect to see entry into or exit from the industry in the long run? Explain. What eect will entry or exit have on market equilibrium?
- How can I describe the equilibrium situation of the firm operating in the perfectly competitive market and the firm operating in the monopoly market by drawing graphics, and at the same time, how can I explain the cost, revenue and demand structures with graphics? b210801021@subu.edu.tr You can send a reply to this address. If it can be in Turkish, I would be happy, but if it is not, it is not a problem.PakMonoG’s inverse demand function is P = 100 – 2Q and cost function is TC = 10 + 2Q, where Q is quantity in units and P price in PKR. Determine the profit-maximizing price, quantity and profit (or loss) of PakMonoG. Given your calculations in (a), illustrate the demand, marginal revenue and marginal cost curves of the firm in a graph. If we were to compare PakMonoG with a perfect competitive firm in the market, are there differences in characteristics of the two structures? What are welfare implications? Is total societal welfare of the firm higher or lower than that of a competitive firm? Support your answer using the graph in (b) above.PakMonoG’s inverse demand function is P = 100 – 2Q and cost function is TC = 10 + 2Q, where Q is quantity in units and P price in PKR. Determine the profit-maximizing price, quantity and profit (or loss) of PakMonoG. Given your calculations in (a), illustrate the demand, marginal revenue and marginal cost curves of the firm in a graph. If we were to compare PakMonoG with a perfect competitive firm in the market, are there differences in characteristics of the two structures? (Maximum 150 words) What are welfare implications? Is total societal welfare of the firm higher or lower than that of a competitive firm? Support your answer using the graph in (b) above. (Maximum 150 words)
- Q23 Suppose a perfectly competitive firm is currently operating with the following information: Output = 1500 tonnesAverage total cost = $627 per tonneAverage variable cost = $614 per tonneMarginal revenue = $620 per tonneMarginal cost = $620 per tonneAt the current level of output, this firm is _____ profit and is an earning economic profit of _____. a. Maximising; -$10500. b. Not maximising; -$10500. c. Maximising; $10500. d. Maximising; $9000. e. Not maximising; -$9000.The following table shows the output and total cost for a firm in a purely competitive industry Output TC AC MC 0 40 1 95 2 115 3 130 4 150 5 175 6 210 7 260 8 330 If the price of the product is RM50, what will be the equilibrium output of the firm? Calculate the profits or losses.Assuming the market equilibrium price for tomatoes is $1.75 per kilo in perfect competition market. Draw the total revenue and marginal revenue curves for the typical tomato grower on the same graph. Explain how marginal revenue and price are related to the total revenue.
- Suppose Malik is one of the many sellers of milk in Karachi who owns his business with the title Malik Milk Firm. The customers of milk have perfect knowledge about the milk and are indifferent between the milk sold by Malik, Shabbir, and other producers. If following is the total cost of producing milk. Answer the given questions. Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much milk will Malik as an individual firm would supply in the market at the price of Rs. 14 per liter? How will the supply of milk be affected if the price rises to Rs 16 per liter? please provide a complete solution with all the steps including formulas and proper workingAssume that a purely competitive firm has the schedule of costs given in the table below. output TFC TVC TC 0 $500 $0 $500 1 500 150 650 2 500 200 700 3 500 260 760 4 500 340 840 5 500 450 950 6 500 590 1090 7 500 770 1270 8 500 1000 1500 9 500 1290 1790 10 500 1650 2150 Complete the table below to show the total revenue and total profit of the firm at each level of output the firm might produce. Assume market prices of $50, $150, and $250. Market price = $50 Market price = $150 Market price = $250 Output Total revenue Profit (+) or loss (−) Total revenue Profit (+) or loss (−) Total revenue Profit (+) or loss (−) 0 $_____ $_____ $_____ $_____ $_____ $_____ 1 _____ _____ _____ _____ _____ _____ 2 _____ _____ _____ _____ _____ _____ 3 _____ _____ _____ _____ _____ _____ 4 _____ _____ _____ _____…Suppose Glen’s Grinders, LLC is a retail outlet that sells meat grinders for household use and operates in a perfectly competitive market where there is a total of 10 firms in this market including Glen’s Grinders. Basically, all the firms in this competitive market have technologies (production and cost conditions) that are the same as Glen’s. Suppose Glen’s total cost function is given by: C(q) =100 + 25q + q^2 a. Calculate Glen’s optimal output level and profits if the monthly market inverse demand for units of the product is stable and given by: P= 250 - Q b. If Glen is typical of the firms in this industry (same as the other 9), calculate the long-run equilibrium output, price, and profit level that will ultimately prevail in this industry.
