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- Microsoft is the only business that sells Computer Operation System in the world. Assuming that Microsoft is maximizing its profit, which of the following statements is true? Select one : O a. Microsoft prices will be less than marginal cost. O b. Microsott prices will equal marginal cost. O c. Microsoft prices wil be a function of supply and demand and will therefore oscillate around marginal costs. O d. Microsoft prices will be higher than marginal cost.4 The market for Blu-ray movies is perfectly competitive, with the market supply curve given by O = 15P and the market demand curve given by Q = 400 - 10P. The resulting market equilibrium is P* = 16, Q*=240. (a) Calculate the price elasticity of demand at the market equilibrium. Is demand elastic or inelastic at this point, and what does this mean? (b) Suppose that supply increases so that producers are willing to sell 10 more Blu-rays at any price, and at the same time demand decreases so that consumers are willing to purchase 40 fewer Blu-rays at any price. Find the new equilibrium price and quantity.a) What is the firm's marginal cost when it is producing y units of output? b) Imagine that the price of input 1 is $16 per unit, the price of input 2 is $25 per unit, and the firm has fixed costs of $60. The firm is in a competitive market where the market price is $240 per unit of output. How much should the firm produce? How much profit does the firm make?
- We expect that firms in perfectly competitive markets can earn higher economic profits in the short run but will only earn normal profit in the long run. 1. Business owners would prefer to earn higher economy profits. Why do economists consider it inefficient when firms earn above normal profit? 2. Why do economists consider it inefficient when firms earn less than normal profit?Return to Figure 9.2. Suppose P0 is 10 and P1 is 11. Suppose a new firm with the same LRAC curve as the incumbent tries to bleak into the market by selling 4,000 units of output. Estimate from the graph what the new firms average cost of producing output would be. If the incumbent continues. to produce 6,000 units, how much output would the two films supply to the market? Estimate what would happen to the market price as a result of the supply of both the incumbent firm and the new entrant. Approximately how much profit would each firm earn? Figure 9.2 Economics of Scale and Natural MonoployA firms marginal cost curve above the average variable cost curve is equal to the films individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the films individual supply curve if marginal costs increase?
- Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + q2 Marginal cost: MC = q where q is an individual firms quantity produced. The market demand curve for this product is Demand:QD = 120 P where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market. a. What is each firms fixed cost? What is its variable cost? Give the equation for average total cost. b. Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity? c Give the equation for each firms supply curve. d. Give the equation for the market supply curve for the short run in which the number of firms is fixed. e. What is the equilibrium price and quantity for this market in the short run? f. In this equilibrium, how much does each firm produce? Calculate each firms profit or loss. Is there incentive for firms to enter or exit? g. In the long run with free entry and exit, what is the equilibrium price and quantity in this market? h. In this long-run equilibrium, how much does each firm produce? How many firms are in the market?5:23 The amount that a firm pays for all of the inputs that go into producing goods and services is the: O average cost. O total revenue. O total price. O total cost.2) According to the Law of Supply; what is the most important incentive for the Company. OA) Maximization of Profit? B) Charity? OC) Minimization of the Profit? OD) None of the Above...
- Consider any market where the Supply Curve is given by O = 25 + 0.2P and the Demand curve is given by 500-0.3P Ask: a) Calculate prices and equilibrium quantity of this market b) Consider that this market operates with prices equal to 900.00. What's happening? c) Regarding the result found in (b), consider the impacts of a change in the supply curve to O = 50+0.2P. Discuss the results and plot the fit graphs on the supply curves.Assumed that the demand (D) for potato given by demand: Q = 1500 − 15P, where Q isquantity per month measured in kilos and P is price per kilo. 1. Supply is equals to 900 kilos one day, what will the price be?2. Supply were to fall to 300 kilos, what would the price be?3. The D for Potato shifts outward to Q = 2100 − 15P, what will be answer in part 1 and 2 change?4. Graph the resultsThe production of plastic bags characterized by high fixed costs and low marginal costs. As a result, we would expect (relatively) O Few small firms in this market O Many large firms in this market O Many small firms in this market O Few large firms in this market