The term that must take the prevailing market price for its product. refers to a firm operating in a perfectly competitive market price setter business entity price taker trend setter
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- Please no written by hand solutions 9. A firm produces a product in a perfectly competitive industry and has a short-run total cost function of SRTC= 50+ 4q+2q. In the short-run, the market equilibrium price is $20 and the firm's profit maximizing quantity is_ Assuming there is no change in cost structure, in the long-run the equilibrium price changes to a. 4; $24 b. 4:$15 c. 5; $24 d. 5:$15 10. The market for sugar consists of 3,500 identical firms, each with the following short-run total cost function: SRTC-1,500+ 35q. The market demand curve for sugar is Q=11,200- 30P. What is each firm's short-run profit? a. So b. $280 c. -$1,080 d. -$1,360 e. -$1,500(Figure: Price and Quantity of Output and Table I) For simplicity, assume that there are only three firms in a perfectly competitive industry; their short-run supply curves are depicted in the graph. At a market price of $40, the industry output is ____. A. 4 B. 1 C. 15 D. 9.5 Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.in the long-run, firms that operate in perfectly competitive markets should expect to earn exonomic profits a. greater than $0 b. equal to $0 ( no economic profits) c.less than $0
- Is the following statement true? "A firm that operates in a perfectly competitive market will earn long run economic profit by process innovation".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 mePQR Ltd operates in a perfectly competitive market. The following equations were developed for the company to assist in its analysis of demand and supply conditions in the market. Qd= 610-50p Qs= 400- 20p Where Qd is quantity demanded; Qs is quantity supplied; and p is price Required: (e) Calculate the price at which there is a shortage of 50 units. (f) Calculate the price at which there is a surplus of 40 units.
- How does an increase in market demand for a product in a perfectly competitive market affectthe short-run and long-run equilibrium? Show on a diagram and discuss the adjustments firms make in terms of price and quantity to reach the new equilibrium. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Problem 2: Suppose in a perfectly competitive industry that the market supply and demand forces combine to produce a short-run equilibrium price of$100. Suppose further that a single firm in this industry has a weekly total cost function expressed by the equation: \[ \mathrm{TC}=200+60 q-6 q^{2}+(1 / 3) q^{3} \] (a) Calculate the equations facing the firm: demand, MR, and AR. (b) Calculate the following cost equations of this firm: TFC, TVC, AFC, AVC, MC, and ATC. (c) What is this firm's profit maximizing level of output? What are its profits? (d) At what level of (q) will this firm shut down its operations?Assume perfect competition:Price: $58Cost: TC = 10Q + 0.03Q2Solve for the profit-maximizing Quantity produced by an individual firm in the short run. ROUND TO THE NEAREST WHOLE NUMBER.Enter as a value.
- Please no written by hand solution Question: What are the factors that determine the long-run equilibrium price and output levels in a perfectly competitive market? Explain in great detail, providing a comprehensive analysis of each factor's impact on the market equilibrium. Failure to provide a thorough explanation will result in DISLIKES. DO NO USE CHAT GPT, I WILL DEFINITELY GIVE DISLIKES.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 ________. Round your final answer to the nearest 2 decimal placesT/F There is a absence of selling cost in a perfectly competitive market.