Question 9 Market Price 00 5 2 Supply 300 500 700 Demand Qty Individual Firm $ per unit 10 25 30 MC Qty ATC At the current market equilibrium in the market above, economic profit for an individual firm is: Enter your answer as a number.
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- Question 2 TR=90Q - Q2 TC=2Q2 + 30Q Determine the quantity level at which the firm maximizes its total profit.(hint:use marginal revenue=marginal cost rule)Consider the perfectly competitive market for steel. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MCMC), average total cost (ATCATC), and average variable cost (AVCAVC) curves shown on the following graph. The following diagram shows the market demand for steel. Use the orange points (square symbol) to plot the short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 15 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 20 firms. If there were 20 firms in this market, the short-run equilibrium price of steel would be per ton. At that price, firms in this…A firm operating in a perfectly competitive market has a total cost function: CT = Q3 - 24Q2 + 260Q + 350Supply and demand functions in this market are Qo = 10 P - 750 and Qd = 6,000 - 15 Pa. Calculate what quantity you will produce to maximize profits and find profit you will make.b. Graph tmarket equilibrium and firm's equilibrium and calculate minimum operating profit.
- A textile firm in a competitive industry employs a particularly efficient manager torun the operations at its production facility. In the textile industry, a plant managertypically makes a salary of $4,500 per month. The textile firm employing thesuperior manager faces the LAC and LMC curves shown in the figure below. Inlong-run competitive equilibrium, the price of the product is $9. a- . If the superior plant manager also owned the textile firm, she would earn$___________ of economic profit. Explain your answerRefer to the figure above. In the perfectly competitive market, the small business owner will have $____ of profits. A)0 B)32 C)80 D)80.5Given P = 300 + 200Qs (demand equation), P = 6300 − 50Qd (supply equation), and TC = 500 + 10Q + 0.8Q2 (cost function) in a perfectly competitive market, a profit-maximizing firm will produce an output equal to ________. Round your final answer to the nearest 2 decimal places
- he following problem traces the relationship between firm decisions, market supply, and market equilibrium in a perfectly competitive market. Complete the cost table below. (Round your responses to two decimal places.) q TFC TVC TC AVC ATC MC 0 $4040 $0 $4040 long dash— long dash— long dash— 1 4040 125125 165165 125125 165165 125125 2 4040 167167 207207 83.583.5 103.5103.5 4242 3 4040 195195 235235 6565 78.3378.33 2828 4 4040 209209 249249 52.2552.25 62.2562.25 1414 5 4040 237237 277277 47.447.4 55.455.4 2828 6 4040 279279 319319 46.546.5 53.1753.17 4242 7 4040 335335 375375 47.8647.86 53.5753.57 5656 8 4040 405405 445445 50.6350.63 55.6355.63 7070 9 4040 489489 529529 54.3354.33 58.7858.78 8484 10 4040 587587 627627 58.758.7 62.762.7 9898 Using the…Suppose that the total cost function of a firm is given as follows; TC = 500 + 2Q2 And the price of the firms product is determined by the market equilibrium at $100. a) set the profit maximizing condition. Find the profit maximizing output level for the firm. b) what is the total revenue c) what is the total cost? d) what is the profit earned by the firm e) illustrate your answer by using a well labeled graph.A textile firm in a competitive industry employs a particularly efficient manager torun the operations at its production facility. In the textile industry, a plant managertypically makes a salary of $4,500 per month. The textile firm employing thesuperior manager faces the LAC and LMC curves shown in the figure below. Inlong-run competitive equilibrium, the price of the product is $9. D-If the superior plant manager also owned the textile firm, she would earn$___________ of economic profit. Explain your answer.
- Given P = 300 + 200Qs (demand equation), P = 6300 − 50Qd (supply equation), and TC = 500 + 10Q + 0.8Q2 (cost function) in a perfectly competitive market, a profit-maximizing firm will produce an output equal to ________. Show complete solution pls help meSuppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + 0.5Q^2The market demand curve for this product is: Qd= 120 −PThere are 9 firms in the market.a) What are each firm’s: fixed cost, variable cost, marginal cost, and average total cost? Graph the average-total-cost curve and the marginal-cost curve.b) Give the equation for each firm’s supply curve.the average-total-cost curve at its minimum? What is marginal cost and average totalc) Give the equation for the market supply curve for the short run in which the numbercost at that quantity?I always rate! please give me detail answer A company that sells beef to consumers and producers of beef jerky. The firm's demand function D and marginal revenue function in market 1 (consumer market) and market 2 (factory market) are: Q1=40- P1 and MR1 = 40 - 20Q1 Q2= 50 - 2P2 and MR2= 25-Q2 . The total cost function of the company is: TC = 100 + 8Q a. Draw the figure to show: The firm's demand curve D, MR, MC. b. Output maximizes profit. How will the firm distribute output across markets to maximize profits with third-degree pseudo-discrimination?
