Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Question
Chapter 13, Problem 10QE
(a)
To determine
Calculate the
(b)
To determine
Calculate the
(c)
To determine
Calculate the total profit of each firm.
(d)
To determine
The price at which the firm will exit.
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Students have asked these similar questions
The handmade snuffbox industry is composed of 100 identical firms each having short-run total costs given by , where q is the output per day.20.5105STCqq=++(a) What is the short-run supply curve for each firm? What is the short-run supply curve for the market?(b) Suppose the demand is given by . What will be the equilibrium (both quantity and 110050QP=-price) in this marketplace? (c) What will each firm’s short-run profits be?
In graph A below shows the market demand and supply in a competitive market, and graph B shows the cost curves of a representative firm in that industry.
a. What are the market equilibrium price and quantity? Equilibrium price: $
Quantity traded:b. At equilibrium, what quantity is the firm producing? What is its total profit or loss? Leave no cells blank - be certain to enter "0" wherever required. Quantity:
Total profit or loss $
Instructions: Answer to the best of your ability. Show all of your work, the details, excel tab.
The Market for Good X is perfectly competitive, with market supply and own-price demand curves given as
q_s=-25000 + 3000p
q_d=135000-5000p
a. Determine the equilibrium price and quantity in the market for good x. (Note: You are not anlayzing an individual firm here. You are analyzing the entire market).
Suppose the individual firm's average total costs are dfined by
TC=1/3q^3-3q^2+28q+2
b. What is the firm's demand curve (don't give me back the industry demand curve. The firm's demand curve is what I want.)
c. find the profit maximizing level of output for the firm (I've given the marginal cost curve below).
MC=q^2-6q+28
d. If this firm is making a profit (loss) how much is the profit (loss)?
Chapter 13 Solutions
Microeconomics
Ch. 13.1 - Prob. 1QCh. 13.1 - Prob. 2QCh. 13.1 - Prob. 3QCh. 13.1 - Prob. 4QCh. 13.1 - Prob. 5QCh. 13.1 - Prob. 6QCh. 13.1 - Prob. 7QCh. 13.1 - Prob. 8QCh. 13.1 - Prob. 9QCh. 13.1 - Prob. 10Q
Ch. 13 - Prob. 1QECh. 13 - Prob. 2QECh. 13 - Prob. 3QECh. 13 - Prob. 4QECh. 13 - Prob. 5QECh. 13 - Prob. 6QECh. 13 - Prob. 7QECh. 13 - Prob. 8QECh. 13 - Prob. 9QECh. 13 - Prob. 10QECh. 13 - Prob. 11QECh. 13 - Prob. 12QECh. 13 - Prob. 13QECh. 13 - Prob. 14QECh. 13 - Prob. 15QECh. 13 - Prob. 16QECh. 13 - Prob. 17QECh. 13 - Prob. 18QECh. 13 - Prob. 19QECh. 13 - Prob. 20QECh. 13 - Prob. 1QAPCh. 13 - Prob. 2QAPCh. 13 - Prob. 3QAPCh. 13 - Prob. 4QAPCh. 13 - Prob. 5QAPCh. 13 - Prob. 1IPCh. 13 - Prob. 2IPCh. 13 - Prob. 3IPCh. 13 - Prob. 4IPCh. 13 - Prob. 5IP
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