Two firms constitute the entire doghouse industry. One has a long run cost curve of 3 + (4y2/3) and the other has a long run cost curve of 10 + (y2/10). At what price will each firm enter? What is the industry supply curve (it will not be continuous)? Graph the industry supply curve. . Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line
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Two firms constitute the entire doghouse industry. One has a long run cost curve of 3 + (4y2/3) and the other has a long run cost curve of 10 + (y2/10). At what
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- 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…The following are the cost information of a typical ice tea company in an industry with 100 firms. Output (ice tea per hour) Marginal Cost ($ per ice tea) Average Variable Cost ($ per ice tea) Average Total Cost ($ per ice tea) 3 2.50 4.00 7.33 4 2.20 3.53 6.03 5 1.90 3.24 5.24 6 2.00 3.00 4.67 7 2.91 2.91 4.34 8 4.25 3.00 4.25 9 8.00 3.33 4.44 d) Is the price $8 a short-run or long-run equilibrium price for the industry? If the price is not a long run equilibrium price, what adjustments are likely to happen in the market for it to reach long run equilibrium. e) What price must prevail in the market for a typical firm to operate in the short run? At this price, how many ice tea will be supplied by all firms in the market?Pls help me with below homwork -) This is not assignment nor exam question, Marshall discussed various types of industries that had different sorts of properties in the long-run. In particular, he discussed a situation in which the long-run industry supply curve could actually slope downwards! Briefly discuss how Marshall felt this possibility might occur.
- Question 2 The market for hand-made bar soaps in Vancouver is perfectly competitive. The marginal cost function for each (identical) firm is given by MC = 2QS + 4. Also suppose the short run cost functions are the same as the long run cost functions. If the market price P is $10. What is the individual firm's MC? a) 8 b)14 c)10 d)12 Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this lineThe Trouser Company has fixed costs of 2,000 per week. In addition, we have some information about its marginal costs (MC) and total variable costs (TVC) Output 0 30 60 90 100 120 150 MC 140 59 32 59 80 140 275 TVC 0 2850 4080 5310 6000 8160 14,250 Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm’s short run supply curve.Suppose a perfectly competitive firm is operating in short run. The information of MR, Q, ATC and AVC are 25 taka, 60 unit, 35taka and 15taka respectively. Calculate firm’s profit/loss and total fixed cost. From these calculations and based on all the given information, can you conclude about the firm’s decision in short run? Explain your reasoning with the help of a suitable diagram. Show all the relevant information in your diagram.[Q=profit maximizing output and MR=marginal revenue]. Don,t copy from anywhere. Answer must be correct. Do step by step
- Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + 1/2q2 Marginal cost: MC = q Where q is an individual firm’s quantity produced. The market demand curve for the product is: Demand: QD = 120 – P Where P is the price and Q is the total quantity of the good. Currently there are 9 firms in the market. What is each firm’s fixed cost? What is its variable cost? Give the equation for average total cost. Graph the average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is the average-total-cost curve at its minimum? What is the marginal cost and average total cost at that quantity? Give the equation for each firm’s supply curve. Give the equation for the market supply curve for the short run in which the number of firms is fixed. What is the equilibrium price and quantity for the market in the short run? In this equilibrium, how much does each firm produce? Calculate the firm’s profit and loss. Do firms have…Cost figures for a hypothetical firm are given in the following table. Use them for the exercises below. The firm is selling in a perfectly competitive market. Output Fixed AFC Variable AVC Total ATC MC Cost Cost cost 1 $50 50/1=50 $30 30/1=30 30+50=80 80/1=80 NA 2 $50 50/2=25 $50 50/2=25 50+50=100 100/2=50 (100-80)/(2-1)=20 3 $50 50/3=16.67 $80 80/3=26.67 50+80=130 130/3=43.33 (130-100)/(3-2)=30 4 $50 50/4=12.50 $120 120/4=30 50+120=170 170/4=42.50 (170-130)/(4-3)=40 5 $50 50/5=10 $170 170/5=34 50+170=220 220/5=44 (220-170)/(5-4) =50 What can you expect from an industry in perfect competition in the long run? That is, what will the price be? What quantity will be produced? What will be the relation between marginal cost, average cost, and price?M/c question - Micro 19) Refer to Figure 14-3. When the price is P2 and the firm maximizes its profit or minimizes its losses, what will occur at the firm? A. It will experience a loss but continue to operate. B. It will experience a zero profit. C. It will experience a positive profit. D. It will shut down 18) Refer to Figure 13-7. When does the firm experience economies of scale? A. if it changes its level of output from Q1 to Q2 B. if it changes its level of output from Q3 to Q4 C. if it changes its level of output from Q4 to Q5 D. if it changes its level of output from Q2 to Q3
- A competitive firm has the short-run cost function C(y) = 12y3−8y2+30y+12. At what price will the firm agree to produce in the short run? What is the shutdown condition for this firm? Show all working and explanation.Q23 Suppose a perfectly competitive firm is currently operating with the following information: Output = 1500 tonnesAverage total cost = $627 per tonneAverage variable cost = $614 per tonneMarginal revenue = $620 per tonneMarginal cost = $620 per tonneAt the current level of output, this firm is _____ profit and is an earning economic profit of _____. a. Maximising; -$10500. b. Not maximising; -$10500. c. Maximising; $10500. d. Maximising; $9000. e. Not maximising; -$9000.Imagine that you are a price-taking firm with the following total cost schedule. Q 1 2 3 4 5 6 7 8 9 TC 12 20 24 28 34 42 52 64 78 Assume that if this firm produces zero they have a total cost of zero. (That is in italics because it's important..... Notice that this is a problem we have done before except for a little twist. Can you notice what it is?) Another way of saying that is that there is no fixed cost. Fill in the following supply schedule. (Enter only integers.) (If you don't know what I'm talking about, pleeeeeease go back and figure out what supply means before you try to answer!) P QS 4 ? 6 ? 8 ? 10 ? 12 ? 14 ?