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- Consider the market for ice cream. Suppose that this market is perfectly competitive. The cost structure of the typical ice cream producer is as follows. Average total cost is equal to 50 ATC(Q) +;Q, average variable cost is equal to AVC(Q) Q, and marginal cost is equal to = - 2 2 MC(Q) = Q. What is the long-run market equilibrium price for ice cream?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.Lasguns are produced by identical firms in a perfectly competitive market.Each firm's Total Cost function is TC=504+14q+q^2 and Marginal Costfunction is MC=14+2q. Market demand is P=236-2Q. What is the long-run equilibrium market price?
- The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including number of firms, is possible. We have identical firms, each with a Total Cost curve of TC=862+q^2 and Marginal Cost curve MC=2q. Market demand is Q=856-2P. What is the number of firms in the market in the long run equilibrium?Glowglobes are produced by identical firms in a perfectly competitive market. There are 22 firms in the market. Each firm's Total Cost function is TC=284+3q+q^2 and Marginal Cost function is MC=3+2q. Market demand is Q=326-P. What is the short-run equilibrium market price?A perfectly competitive firm produces the level of output at which MR=MC on the rising portion of the firm’s marginal cost curve. At that output level, it has the following costs and revenues: TC = $830,000 VC = $525,000 TR = $428,000 At that optimal level of output, what profit (loss) does the firm earn?
- Lasguns are produced by identical firms in a perfectly competitive market. Each firm's Total Cost function is TC = 437+16q+q^2 and Marginal Cost function is MC = 16+2q. Market demand is P = 260-2Q. What is the long-run equilibrium market price?A firm in a perfectly competitive market has a total cost given by TC = 50 + 10q + 2q2. The market price is $50. Which statement is true? A) The firm supplies q = 5 units in the short run, making a loss. B) The firm supplies q = 10 units and makes zero economic profit. C) The firm supplies q = 10 and makes an economic profit. D) The firm supplies q = 5 units in the short run and makes an economic profit. E) The firm supplies q = 15 units in the short run and maximises the revenue.In a competitive market, the current equilibrium price is $110 per unit. A firm that produces Q units ofoutput in this market has a short-run Total Cost (TC) given by TC = 300 + 10Q + 5Q2. What is the marginal cost for this firm? How many units should the firm produce per day?
- Consider the market for ice cream. Suppose that this market is perfectly competitive. The cost structure of the typical ice cream producer is as follows. Average total cost is equal to 50 ATC(Q) = +;Q, average variable cost is equal to AVC(Q) Q, and marginal cost is equal to MC(Q) = Q. How many ice cream cones will each producer sell in a long-run equilibrium in the market for ice cream?A gizmo producer operates in a perfectly competitive market with a price of $100 for a can of gizmos. The gizmo producer has a marginal cost curve equal to 0.52q, where q is the number of cans of gizmos produced. The gizmo producer currently produces 192 cans of gizmos. Should the gizmo producer produce 193 cans of gizmos instead? No, the marginal cost of the 192nd box is above marginal revenue, so production is already too high. No, while the marginal cost of the 192nd box is below marginal revenue, the marginal cost of 3rd box is above it, so profit is already maximized. None of these answers. Yes, the marginal cost of the 192nd box is below marginal revenue, so production is too low, and profits are not maximized. 20 MacBook esc 20 F3 OOD F1 F2 F4 2$ W R tab 6 5 %A4 %# 3You are given the following information for a producer of organic grommets in a perfectly competitive market. TFC = $8 Market price = $13 Quantity MC ($) 1 10 2 8 3 9 4 11 5 14 6 18 The marginal cost of production appears in the table above. What is the profit-maximizing output? Is the firm making a profit or loss? How much?