TC, = 20 + 50 TC, = 25 + 3Q; %3D %3D TC, = 15+ 40 %3! TC, = 20 +60 TC is in hundreds of dollars, and Q is in cartons per month picked and shipped. a. Tabulate total, average, and marginal costs for each firm for output levels between 1 and 5
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- 3. A cartel of copper producers has three plants, their cost functions are as follows:CT1 = 25 + 5Q 2/6CT2 = 38 + 2Q 5/10CT3 = 40 + 3Q ¼Q is expressed in tons per month. a) Tabulate the TC, CMe of each company for production levels between 1 and 10 tons per month.b) If the cartel decided to send 14 tons per month and set a price of $ 10,000 per ton, how should production be allocated among the companies?c) At this level of commercialization, which company has the greatest incentive to cheat? Does any company not?KidzPoses Inc., a profit-maximizing business, is the only photography business in town that specializes in portraits of small children. James, who owns and runs KidzPoses, expects to encounter an average of eight customers per day, each with a reservation price (shown in the following table). Assume James has no fixed costs, and his cost of producing each portrait is $12. Customer Reservation Price ($ per photo) 1 50 2 46 3 42 4 38 5 34 6 30 7…Two ready-to-eat breakfast cereal manufacturers, Lots of Sugar and Buckets of Goo, face combined demand for their products given by Q = 75 - P. Their total costs are given by TCLots of Sugar = 0.1Q2Lots of Sugar and TCBuckets of Goo = 5QBuckets of Goo. If they successfully collude, their total profits will be: a. $62.50 b. $1,250.00 c. $125.00 d. $287.50 e. $1,287.50
- 1. If a firm is currently producing zero output, then total costs equal A. average variable costs. B. marginal costs. C. zero. D. total variable costs. E. total fixed costs. 2. Cartels have a difficult time maintaining their output agreements because an individual firm has an incentive to deviate (increase their output) from the arrangement. A. True B. FalseIn the mobile phone market, Samsung and Apple constitute a duopoly in the production of devices.The American firm has the following demand q_a = 10 - p_a + 0.25p_s, and the Korean firm, q_s = 20 -p_s+ 0.5p_a. Because both firms assembly their devices in China, their cost structure is the same andequal to ?(q) = 10q, answer the following questions.a) What would be the equilibrium (quantity, price, and profit) in this market, and interpret youranswer.b) If they decide to form a cartel, what are the new quantities, prices, and profits?(b) Consider two firms, 1 and 2 , operating in a monopolistic competitive market. The cost functions of the firms are: TC_(1)=20+20 Q and TC_(2)=80+80Q, respectively. Would it be rational for both firms to compete in the world market, given the market demand curve of Q=100-P, and they have to bear a trade cost of $30 per unit? Explain with the help of a diagram. please give answer with compleete steps and diagram.
- Suppose two food trucks face the following market demand curve and have the same marginal revenue and marginal cost curves. This means they both face the same costs, $1 per meal. Demand: P = 21 - 0.1QD Marginal Revenue (MR): P = 21 - 0.2QD Marginal Cost (MC): $1.00 Suppose that one of the food trucks decides to break the agreement and produce 60 meals per day. What will be the price charged per meal? Suppose that one of the food trucks decides to break the agreement and produce 60 meals per day. What will profit be for this food truck (the one that is now producing 60 meals)? What happened to the profits for the food truck that kept to the agreement and produced 50 meals? In retaliation for not keeping to the agreement, the other food truck has increased its production to 60 meals as well! Now, 120 total meals are being produced each day. What price will be charged per meal? With 120 total meals being produced each day, what will each firm earn in profits? After…Q21 Answer the question on the basis of the provided demand and cost data for Aphria, a monopolist producing marijuana. Demand Data for Marijuana Cost Data for Marijuana Price Quantity Demanded Output Total Cost $6.25 3 3 $5.00 6.00 4 4 6.00 5.75 5 5 6.50 5.25 6 6 7.50 4.50 7 7 9.00 4.00 8 8 11.00 3.50 9 9 14.00 The profit-maximizing level of output for Aphria will be Multiple Choice 4 units. 7 units. 5 units. $10. 6 units.There are only two driveway paving companies in a small town, Asphalt, Inc. and Blacktop Bros. The inverse demand curve for the services is ? = 2040 − 20?where quantity is measured in pave jobs per month and price, in dollars per job. The firms have an identical marginal cost of $200 per driveway. If the two firms collude, splitting the work and profits evenly, how many driveways will each firm pave, and at what price? How much profit will each firm make? Does Asphalt have an incentive to cheat by paving one more driveway each month? Show it numerically.
- Happy Bubble Tea, Inc., which has been given a limited license, runs a network of bubble tea shops in Country A. Under the current business model, Happy Bubble Tea, Inc.'s marginal cost and average total cost per cup are both $16. This company's inverse demand function is P = 40 - 0.004Q. 1(a) With the aid of a diagram, calculate the profit-maximising level of output and price and profit. 1(b) What procurement method will you suggest Happy Bubble Tea to purchase the tea bags it used for making its bubble tea from its suppliers? Explain.Suppose that Pretzel stands in NY are a competitive industry and De Beers Diamonds is a monopoly. Which of the following is correct? Group of answer choices 1. For Pretzel stands, price equals marginal cost; for De Beers, price exceeds marginal cost. 2. For Pretzel stands, price exceeds marginal cost; for De Beers, price equals marginal cost. 3. For Pretzel stands, price equals marginal cost; for De Beers, price equals marginal cost. 4. For Pretzel stands, price exceeds marginal cost; for De Beers, price exceeds marginal cost.Refer to Figure 13.1. Suppose demand is Q = 10000 - 1000P and marginal cost is constant at MC=6. From the given demand curve, one can compute the following marginal revenue curve: MR = 10 - Q/500 a. Graph the demand, marginal cost, and marginal revenue curves. b. Calculate the price and quantity associated with point C, the perfectly competitive outcome. Compute industry profit, consumer surplus, and social welfare. c. Calculate the price and quantity associated with point M, the monopoly/perfect cartel outcome. Compute industry profit, consumer surplus, social welfare, and deadweight loss. d. Calculate the price and quantity associated with point A, a hypothetical imperfectly competitive outcome, assuming that it lies at a price halfway between C and M.Compute industry profit, consumer surplus, social welfare, and deadweight loss.
