Question 3 A firm in a competitive price-searcher market faces O a horizontal demand curve at the market equilibrium price. O a horizontal demand curve at every price. O an upward-sloping demand curve. O a downward-sloping demand curve.
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- Question #1: Assume agricultural products are identical and there are many sellers and buyers of agriculture products:a. State the profit maximizing condition for each seller of agricultural products.b. Graphically, show the market equilibrium of the industry and a seller where economic profits equal zero. Please include marginalrevenues, demand curve, price and quantity at the equilibrium.c. From part b above, if the number of buyers increases, show the new short run equilibrium for a seller and the industry as awhole.a) What is the profit maximising condition in a market with perfect competition?b) Explain what is meant by abnormal profit? What is the adjustment process from short-run abnormal profit to long-run equilibrium in a perfectly competitive market?c) Please find below Pricing options for firm A and B, along with individual payoffs (Firm A’s payoff/Firm B’s payoff)Firm BFirm APrice £2 Price £1Price £2 £20,000/£20,000 £10,000/£24,000Price £1 £24,000/£10,000 £12,000/£12,000Assume you are the pricing manager at Firm A;i) What is your payoff for a ‘maximin’ strategy?ii) What is your payoff for a ‘maximax’ strategy?iii) Does a dominant strategy exist within this prisoners’ dilemma?Equilibrium Market in the Short Run A competitive industry currently consists of 20 producers, all ofwhom operate with the identical short-run total cost curve STC(Q)= 16 + Q2. The market demand curve for bolts is D(P) = 110 − P. Allof each firm’s $16 fixed cost is sunk. What is a firm’s short-run supply curve? What is the short-runmarket supply curve? What are the short-run equilibrium priceand quantity in this industry?
- 35) Refer to Figure 9.2. In which of the following price ranges will the firm continue to operate but at a loss?A) $5-$6 B) $6-$7 C) $7-$8 D) $8-$9 36) Refer to Figure 9.2. Suppose demand for wheat is initially D2. If the price of rice (a substitute for wheat) falls,then demand for wheat will shift to ________. This will ________ the equilibrium price of wheat, and individualprofit-maximizing firms will produce ________ bushels of wheat.A) D1; increase; 13 B) D3; decrease; 10 C) D3; increase; 15 D) D1; decrease; 0 37) Refer to Figure 9.2. If demand for wheat is D3, then a profit-maximizing firm will produce ________ units andearn ________.A) 12; negative profits B) 15; positive profitsC) 9; positive profits D) 13; exactly a normal return 38) Refer to Figure 9.2. If demand for wheat is D1, then in the long runA) firms will increase their output so that their average fixed cost per unit falls.B) the firm will increase its price and output.C) the firm will exit the industry.D) new firms…Refer to the table. For a firm operating in a competitive market, the price is Quantity Total Revenue 0 $0 1 $15 2 $30 3 $45 4 $60 5 $75 Question 3 options: a) $45 b) $30 c) $15 d) $01) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue: 2) A firm that is motivated by self interest should 3) If price is above the equilibrium level, competition among sellers to reduce the resulting 4) Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and Julia's to 5) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement 6) In a market economy the distribution of output will be determined primarily by 7) In a competitive market economy firms will select the least-cost production technique because 8) Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut…
- 1. A firm in a perfectly competitive industry has fixed costs of FC = 15, marginal costsof MC = 5 + 14q, and average variable costs of AVC = 5 + 7q.(a) If the price is $75, how much does the firm supply? (b) Does the firm continue to supply this quantity in the short-run? (c) Suppose there exists a standard market demand function from consumers(downward slopping). Please provide a logical discussion about how the marketachieves short-run equilibrium.The Android phone market is highly competitive since there is a large number ofcompanies and potential entrants. For simplicity, assume each firm has an identical coststructure, and the cost does not change with new firms’ entry. Each firm’s long-run average costis minimized at 300 and the minimum average cost is $150 per unit. Total market demand isgiven byQ = 15,000 − 50P.a. What is the Android phone market’s long-run supply curve? b. What is the long-run equilibrium price (P∗) and total industry output (Q∗)? Howmany companies are competing in this market?c. The short-run total cost curve for each firm is given by STC = 0.5q^2 − 150q +20000, where q is the firm’s production quantity. Find the short-run marginal cost(SMC) for each firm. What is the market short-run supply curve?d. Suppose Android phone has become more popular and the market demandcurve shifts outward to Q = 20,000 − 50P. In the *short-run*, find the new equilibriumprice. What is the new equilibrium price in…M/c question - Micro 31) Refer to Figure 14-13. When a firm in a competitive market, like the one depicted in panel (a), observes market price rising from P1 to P2, what is most likely the cause? A. the exit of existing firms in the market B. an increase in market supply from Supply0 to Supply1 C. the entrance of new firms into the market D. an increase in market demand from Demand0 to Demand1 30) A profit-maximizing firm in a competitive market discovers that, at its current level of production, price is greater than marginal cost. What should it do? A. It should increase its output. B. It should reduce its output but continue operating. C. It should shut down. D. It should keep output the same.
- A market in perfect competition is in long-run equilibrium. What happens to the market if labor unions are able to increase wages for workers?1- Refer to Figure 9-1. If the price a perfectly competitive firm is facing in the market is P2, then theprofit-maximizing firm in the short run should produce outputA) B. B) C. C) D. D) E. E) F 2- Suppose a perfectly competitive firm is producing where its average revenue is less than its lowestaverage variable cost. The firm shouldA) shut down.B) increase the market price.C) reduce its output.D) expand its output.E) not change its output.
