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Refer to the table. For a firm operating in a competitive market, the
| Quantity | Total Revenue |
| 0 | $0 |
| 1 | $15 |
| 2 | $30 |
| 3 | $45 |
| 4 | $60 |
| 5 | $75 |
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- Please no written by hand solution Question 1: The wheat market is perfectly competitive, and the market supply and demand curves are given by the following equations: QD = 20,000,000 - 4,000,000P QS = 7,000,000 + 2,500,000P, where QD and QS are quantity demanded and quantity supplied measured in bushels, and P = price per bushel. a. Determine consumer surplus at the equilibrium price and quantity. Provide a fully labelled diagram to support your answer. Show all intercepts, equilibrium label axis and curves fully.1.- A company that works in a perfectly competitive market has a total cost function: TC = Q3 - 36Q2 + 540Q + 600 The supply and demand functions in that market are: QS = 5P -500 Qd = 4,000 -10P b) Find what benefit you will get d) Represent graphically the market equilibrium and that of the company, including the closing point e) Locate the rectangle that represents profits on the company's equilibrium graph. Calculate your área considering the values taken by the base and the height. Validate that it reaches the same result (or very close) to the one obtained in part b).Question 3 A profit maximizing firm in a competitive market is currently producing 150 units of output at a price of $20. Average total cost is $8 and fixed cost is $200. What is this firm’s profit? $1,800 $2,000 $800 $1,600
- 6. When new entrants into a competitive market have higher costs than existing firms, Group of answer choices accounting profits will be the primary determinant of entry into the market. sunk costs become an important determinant of the short-run entry strategy. market price will rise. long-run supply is constant.A firm in a competitive market receives $880 in total revenue and has marginal revenue of $20. The firm's average revenue is $_____________ , and ___________units were sold.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.
- Demand and Supply equations of a particular market are as follows.Qd = 2100 – 7PQs = – 1200 + 5PWhere, Qd is the quantity demanded, Qs is the quantity supplied and P is the market price. By all means, this market is considered as a perfectly competitive market. The average cost information of a selected firm in this market is given below.AFC = 450/QAVC = (155Q + 2Q2)/Q a) Calculate the profit maximizing output level of the firm based on Marginal approach.b) Calculate the profit (in Rupees) at the profit maximizing output level.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…Please answer all 1. Coldwater Bicycle Company operates its factories at capacity and holds a dominant market position in its home country. When it receives a premium priced order from a new customer in another country, it must decide whether to fill that order or continue to supply the full demand in its home market. When it decided not to completely fill the new order, it incurred Group of answer choices a. Sunk costs b. Average costs c. Opportunity costs d. Marginal costs 2. What might happen if a car dealership is awarded a bonus by the manufacturer for selling a certain number of its cars monthly, but the dealership is just short of that quota near the end of the month? Group of answer choices a. Potential buyers will lose buying power at the dealer b. It may sell the remaining cars at huge discounts to hit the quota c. It creates an incentive to sell cars from different manufacturers d. It would ruin the relationship between dealer and manufacturer…
- For problems 1 – 4: The Dolan Corporation, a maker of small engines, determines that in 2019 the demand curve for its product is P = 2,000 - 50Q where P is the price (in dollars) of an engine and Q is the number of engines sold per month. If managers set a price of $750, how many engines will Dolan sell per month? a.30 b.35 c. 20 d.25A juice producing company operates in a perfectly competitive market and is therefore a price taker. The prevailing market price is $20.00 per juice.The costs are given by: Total Cost= 0.2Q2+8Q+40 Marginal Cost= 0.4Q+10 a) Calculate how many juices the company should sell to maximize its profits CMg=P b) Calculate the maximum daily benefits. Total income= P*Q Total costs= 0.2Q2+8Q+40 Maximum benefits= Total income Total costPerfect CompetitionFirm cost equation: TC = 64 - 4Q + Q2Market demand: Q = 648 - 4PSolve for how many firms serve the market. Enter as a value.
