The following relations describe demand and supply conditions in an industry. QD = 60,000 - 10,000P (Demand) QS = -10,000 + 10,000P (Supply) Find the equilibrium price and quantity for the underlined industry
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emand and Supply
QD = 60,000 - 10,000P (Demand)
QS = -10,000 + 10,000P (Supply)
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- Consider a perfectly competitive market. The industry demand curve is QD = 7-2P. The industry supply curve is QS = P. Suppose the government introduces a subsidy s=1 per unit sold. Which of the following is wrong? A. Consumers pay less per unit B. Deadweight loss increases C. Producers are paid more per unit D. More quantity is traded in the market E. None of the aboveA product wheat is produced under perfect competitive market structure. The market demand and supply are given by equations below QD = 170, 000, 000 – 10, 000, 000 P QS = 70, 000, 000 + 15, 000, 000 P Find the equilibrium price and quantity. Suppose one firm leaves the market with the supply equation QS = 1000 + 1000P. Then find new equilibrium price and quantity and interpret your results?There are 1000 pear producers that have identical cost functions, C= 200+0.025q2 where q is the number of crates of apples produced. The producers operate in a perfectly competitive market. The supply curve of each producer is ________ The total supply curve for the market is ________ At a price of 100, the elasticity of supply for the market is _________, meaning that supply is _________ For the answer options, refer to the attached image.
- Which of the following is not true according to Figure 1? Figure 1: Cost and Price AC : Average Cost, AVC: Average Variable Cost, and MC: Marginal Cost A) The firm earn a zero economic profit when it produces 40 unit at the price of $5.7 per unit. B) The minimum acceptable price (the shut-down point) is $4.3 per unit. C) The firm's supply curve is its MC curve above minimum of AVC. D) The firm earns an economic profit when the price exceeds $4.3 per unit.Question 1a A firm faces the following average revenue (demand) curve: P(Q) = 240 - 0.04 Q where Q is the weekly production and P(Q) is the price, measured in cents per unit. The firm's cost function is given by TC(Q)=120Q+50000. Assume that the firm maximises profit. i) What is the profit maximization quantity and price. ii) What is the total profit per week?In a market there is a single firm whose total cost curve is CT = 40q. The market demand is Q = 1000 - P. What is the equilibrium price and quantity at this market? What is the profit of the firm in the short term? Which is the deadweight loss associated with lack of competition?
- The market position of Easy-Freeze Dinners shows that competition is heavy, though marginal competitors are dropping out of the market. Retail prices for Easy-Freeze Dinners have been falling. The firm employs an intensive distribution program. You advise Easy-Freeze Dinners to _______________. A. withdraw from the market B. increase brand awareness through an intensive advertising campaign C. reduce the amount of advertising to maintain profit margins D. find a niche market that can be profitably exploited E. increase the price of the Easy-Freeze DinnersPotato prices at the farm level often fluctuate widely in price. Discuss why these prices are so volatile given the elasticity of demand and supply and the characteristics of pure competition.A competitive industry is in long run equilibrium. Each firm has C=q^2+4 and MC = 2q. Market demand is Q =160-20p. The price of a substitute in consumption decreases and demand shift Q = 100-20p. After exit has occurred, how many firms n2 will operate in this industry?
- Assume the market for oil is perfectly competitive, with the following market demand and supply curves (price in S and quantities in millions of barrels per day): Qd=95-P Qs= 15 + 3P Find the equilibrium price and quantity exchanged in this market.It can be argued that ‘a sustained increase in the prices of a product and profitability of businesses producing that product, in an industry where entry of new firms is possible, causes that industry to expand and eventually brings an end to high prices and above average returns’. Explain this phenomenon.To maximize profits in the short run, a perfectly competitive firm should charge a price Question 6 options: a) average total cost is always minimized b) marginal cost exceeds marginal revenue c) that the market (industry) determines d) the lowest price it could sell to undermine all competitors