Hand written plz 4. Suppose that a firm has a total cost function C(Q) 5000-40Q2 +4Q³. Find AVC, MC, min ATC. What market prices will lead to a long-run equilibrium? I
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- Fill in the blanks: Consider the following data: equilibrium price is 9.50, the quantity of output produced is1,000 units, the average total cost is 8, and the average variable cost is 6. Given this, the total revenue is Continue >A firm has a linear demand function for it's product.When the price of the product is sh.20,the quantity demanded is 40 units.When the price increases to sh.240 the quantity demanded becomes 30 units.In addition,the firm's marginal cost function is giving by: Mc = 40q- 2q^2+2 Fixed cost = 5 million Where q= quantity demanded,Mc = marginal cost(sh.million) Required 1.The level of output that maximises profits 2.The maximum profit 3.The price of the product at the maximum profitCarl is an apple farmer. Assume there is price taking in the market for apples. SRS is the short-run supply curve and LRS is the long-run supply curve. Suppose Carl creates a 100% organic apple juice drink. After initial tasting, the demand increases, to the delight of apple farmers everywhere. Please shift the appropriate curve or curves in the graph for the apple market in both the short and long run. Price per apple (3) 10 9 8- 1 0 D 1 SRS 2 3 4 5 6 Quantity of apples (hundreds) 7 8 LRS farmers will produce at MC ATC. D 9 10 10 Initially, the existing farmers increase production of apples to meet the increased demand. After new farmers have entered and the market is again in long run equilibrium,
- Suppose that the manager of a firm operating in a competitive market has estimated the firm’s average variable cost function to be AVC = 10 – 0.03Q + 0.00005Q2, TFC = 60. What is the MC function? What is the output where AVC is minimum? What is the optimum profit?Suppose an avocado farm has cost: C = 0.002q3 + 22q + 750 (where q is measured in bushels). Marginal cost is: MC = 0.006q2 + 22. The market price per bushel of avocados is $46. In the short-run, this firm's profit is In the short-run, this firm's profit is enter your response here. (Round your response to the nearest penny.)A company in a purely competitive market has a short run total cost function given by TC = 50 + 4Q + 1.5 Q2. The unit price of the company’s product is Br. 13. A economist working on the efficiency of the company suggested that it has better shut down the business. Do you agree? Explain.
- The relationship between the firm's average variable, average total, and marginal cost curves above: Marginal Reveue = Price = US $ 2.50 ; a) Use the graph to find the Firm's profit-maximizing output. b) If the firm maximizes its profit, how much profit does it make (about)? Should the firm stay in business? c) Will other firms with costs the same as Firms enter the market? Explain.a) Find the long run equilibrium price. Find the minimum efficient scale of the typical firm. Find the typical firm’s average cost when it operates at minimum efficient scale. In the long run, what price will prevail in this market? In words, clearly justify your answer. Suppose demand is QD = 3,200 – 100P. (b) Explain why you expect the number of firms in this market to be fifty-five. In this market, what is the short run supply function of the typical firm? What is the short run market supply function? Suppose the local government introduced a $90 licensing fee that raised the fixed cost from $160 to $250. c) Would the introduction of the licensing fee affect the short run equilibrium price or quantity? Justify your answer? Clearly explain why you expect that in the long run fewer larger firms will operate in this market. After the introduction of the licensing fee, what is the new long run equilibrium price? How many firms will survive in this market?A firm’s objective is to Maximize Profits and Minimize Costs. Demand is Q = 600 – 3*P. The firm’s production function is Q = 5*L.6*K.5. Total Cost is TC = PL*L + PK*K = $12*L + $6*K. The objective is to maximize Profit. Find the Profit-Maximizing output. At the profit-maximizing solution, K =?
- For each of the following events identify which of the determinates of demand or supply are affected. Also indicate whether demand or supply is increased or decreased. Why? A stock market crash lowers people’s wealth. Batelco increases the prices of mobile services. Diminishing returns mean rising costs while economies of scale mean falling costs. Therefore, a firm cannot be facing both diminishing returns and economies of scale. Do you agree? Why or why not?If a profit-maximizing firm finds that, at its current level of production, MR > MC, it will * a)decrease output. b)earn greater profits than if MR = MC. c)shut down. d)increase output.The market for smart thermostats has grown increasingly competitive. Producers of smart thermostats all rely on the same technology and face the same costs. The cost function for a smart thermostat producer is given by the following function: c(y)=-10y+2003 where y stands for the number of smart thermostats produced and sold in a month. 2nd attempt Suppose the market demand for smart thermostats in any month is given by QD = 305 - p. In the long-run equilibrium, we would expect to find firms in the industry. See Hint