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- Consider a firm with the following cost function: C (q) = 4q^2 + 100 Find the long-run supply and the short-run supply of the firm, under the assumptions that the total cost function is the same in the long and in the short run, but the xed cost is sunk in the short run.The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including firms, is possible. We have identical firms, each with a Total Cost curve of TC=257+g^2 and Marginal Cost curve MC=2q. Market demand is Q=797-2P. If the Fixed Cost increases by $10, what is the short-run market price?a perfect competitive firms has the following total cost function: total output : 0 1 2 3 4 5 6 7 total cost : 20 30 42 55 69 84 100 117 how much will the firm produce if the price of the production the market is RS. 14 per unit? how will it change its output if price rises to RS. 16 per unit?
- A9. A firm in a perfectly competitive market has a short-run total cost function equal to SRTC=4+20q, where q is the number of units the firm produces. The firm faces a market price of $10. Enter the optimal number of units should this firm produce to profit maximize?If a retail clothing shop has to pay monthly rental of A$10,000 and has variable costs of A$20,000 for 200 units of sales per month, what minimum price must it sell its goods in the market in the short-run and the long-run for the shop to continue operating?Exercise 3 A firm has a long-run cost function Cl(y) = y 3 − 10y 2 + 30y. (1) Derive the firm’s long-run average cost function. (2) Derive the firm’s long-run marginal cost function. (3) Find the level of production with the lowest average cost. (4) What is the long-run supply function for this firm? (5) If the market price is p = $18, how much would the firm decide to produce?
- Question 2: ‘A company has a Total Cost function where TC = 20Q^2 + 2Q. What is the short run supply curve for the company?’The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including firms, is possible. We have identical firms, each with a Total Cost curve of TC=712+q^2 and Marginal Cost curve MC=2q. Market demand is Q=895-2P. What is the long-run equilibrium market price? Enter a number only, drop the $ sign.A perfectly competitive firm has cost function: AVC = 2Q + 4 (P: $, Q: kg). When the market price is 24$, the firm incurred a loss of 150$. 41. Supply function of this firm in short-run is 42. Fixed cost of this firm is
- A perfectly competitive firm has the following total cost function: 05 Total output Total Cost 0 20 1 30 2 42 3 55 4 69 5 84 6 100 7 117 How much will the firm produce if the price of the production the market is Rs. 14 per unit? How will it change its output if price rises to Rs. 16 per unit?You are the manager of a firm that sells its product in a competitive market at a price of $60. Your firm's cost function is C = 50 + 3Q2. What are your firm's maximum profits?The total cost function of a perfectly competitive firm is TC=100+10*Q+5*0^2 For what time period does the function apply? What is the equation of the marginal cost function? If the market price is 50, what is the optimal production quantity of the firm? What is the value of total revenue at the profit maximum? What is the value of total cost at the profit maximum? Will be negative or positive value of the profit at the profit maximum? In the short run, does the company decide to produce (at profit max level)? Which minimum value indicates the shutdown point? Use the following set of options to answer the above questions: long run 100 short run AVCmin ACmin maybe 4 220 positive yes MCmin no 100 years 10+5*Q 200 10+10*Q Qmin
