Perfect Competition Firm cost equation: TC = 98 + 4Q + 2Q² Market demand: Q = 548 - 4P Solve for how many firms serve the market. Enter as a value.
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- Short-run supply and long-run equilibrium Consider the competitive market for titanium. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. 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.Glowglobes are produced by identical firms in a perfectly competitivemarket. There are 17 firms in the market. Each firm's Total Cost functionis TC=171+4q+q^2 and Marginal Cost function is MC=4+2q. Marketdemand is Q=428-P. What is the short-run equilibrium market price?The total cost function of one of the firms is expressed by C(Q) = 100 + 4Q2, and demand is P = 80 – 4Q Find the equilibrium price and total quantity that the industry produces. Suppose that Jollibee successfully acquired McDonalds through a hostile takeover. What would be the new equilibrium price and quantity if MR = 80 – 4Q? Is this hostile takeover beneficial?
- Discuss to what extent you agree with the following statements. Firms facing loss in short run may continue to produce in a competitive market structure.Suppose you are given the following information about a particular industry Q(d) = 6500 - 100P Market Demand Q(s) = 1200P Market Supply C(q) = 722 + q^2/200 Firm total cost function MC(q) = 2q/200 Firm marginal cost function Assume that all firms in this industry are identical and that the market is characterized as perfect competition. Find the equilibrium price, the equilibrium quantity, the output supplied by the firm, and the profit of each firm. Would you expect to see entry into or exit from the industry in the long run? What effect would this entry or exit have on market equilibrium? What is the lowest price at which each firm would stay and sell its output in the long run? Is profit positive, negative or zero at this price? What is the lowest price at which each firm would sell its output in the short run? Is profit positive, negative, or zero at this price?Consider a market with demand given by Q=100-P. The market is perfectly competitive with 60 firms and all have same cost structure. They all have no fixed costs and a constant variable cost of USD 40. How do we get the market supply curve for this situation.
- Glowglobes are produced by identical firms in a perfectly competitivemarket. There are 17 firms in the market. Each firm's Total Cost functionis TC=335+2q+q^2 and Marginal Cost function is MC=2+2q. Marketdemand is Q=415-P. What is the profit earned by each firm in the short-run?In a competitive market, the long-run demand is given by P = 20 - (0.01)*q Firms in the industry have as their cost structure the expression C = q3 - 5q2 + 10q. Determine: (a) equilibrium price b) Quantity produced-sold of the firm. c) What quantity is traded in the market? d) Over what time period does this market work? (short or long term?) e) What is the profit of the individual firm? f) What will be the behavior of the individual firm, will it exit or stay in the market?In perfect competition, each company generates a fraction of the total production so small that increasing or decreasing its production will have a perceptible influence on the total supply and the price of the product. True or false
- Suppose that the current price per unit of the good is 10 pounds. A perfectly competitive firm faces the cost function, C = 100 + (1/5)Q2, with marginal cost, MC, equal to (2/5)Q, where Q denotes the quantity produced. Find the profit-maximizing output for this firm in the short-run. Calculate profits. At the profit-maximizing output, is the firm covering its variable costs?It can be argued that ‘a sustained increase in the prices of a product and profitability of businesses producing that product, in an industry where entry of new firms is possible, causes that industry to expand and eventually brings an end to high prices and above average returns’. Explain this phenomenon.Perfect CompetitionFirm cost equation: TC = 64 - 4Q + Q2Market demand: Q = 648 - 4PSolve for how many firms serve the market. Enter as a value.