npetitive market has a cost function of C=5+ q? e market demand function is Q=420-p. termine the equilibrium price, quantity per firm, and market quantity e equilibrium price is $ (Enter your response as a whole number) e quantity per firm is q=units (Enter your response as a whole number) e market quantity is Q= units. (Enter your response as a whole number)
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- Each of the 8 firms in a competitive market has a cost function of C=5+q?. The market demand function is Q = 120 - p. Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is $|: (Enter your response as a whole number.) The quantity per firm is q = units. (Enter your response as a whole number.) The market quantity is Q= units. (Enter your response as a whole number.) Enter your answer in each of the answer boxes.The figure below shows the supply and the demand for a good (left) and the cost curves of an individual firm in this market (right). Assume that all firms in this market, including the potential entrants, have identical cost curves. Initially, the market is in equilibrium at point A. Price Cost MC ATC A 4 2 1 D 2 4 6 8 10 12 Quantity Quantity Refer to the figure above. Suppose that the market has reached the long-run equilibrium. Then, due to news of the product's defects and recall, the demand falls by 4 units at each price. At the new equilibrium, each firm in the market earns and there will be a. zero economic profit; neither entry nor exit of firms b. positive economic profit; entries of new firms C. zero accounting profit; both entry and exit of firms d. negative economic profit; exit of existing firmsEach of the 8 firms in a competitive market has a cost function of C= 5+q?. The market demand function is Q = 120 - p. Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is $ (Enter your response as a whole number.) The quantity per firm is q= units. (Enter your response as a whole number.) The market quantity is Q = units. (Enter your response as a whole number.)
- Each firm in a competitive market has a cost function of C= 10g - 49² +g°. There are an unlimited number of potential firms in this market. The market demand function is Q= 34 -D. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The long-run equilibrium price is $ (Enter your response as a whole number.) DEC 13 O tv MacBook Air 80 DII esc F1 F2 F3 F4 F5 F6 F7 FB @ $ % & 1 2 3 4 7 8. Q W Y tab S J caps lock C M. control option command つ エ > *: レPS4.2 (a) What Optimal Level of Output (q*) will a Firm Produce given the following? MC(q) = 3 + 2q Price (P) = $9 MC → Marginal Cost q→ Quantity (b) What is a Firm's Producer Surplus assuming the following? Area of Triangle = 1/2* Base * Height (c) Will a Firm be Earning a Positive, Negative, or Zero Profit in the Short-Run given the following? AVC (q) =3+q FC = $3 AVC → Average Variable Cost FC Fixed CostA perfectly competitive industry is in long-run equilibrium. Each of the identical firms has a long- run cost function C = 100 + q². As a result, a firm's marginal cost function is MC = 2q. In the long-run competitive equilibrium, (a) How much does the firm produce? (b) What is the equilibrium price? (c) If the market quantity demanded at the equilibrium price is Q = 2500, how many firms are in the market?
- Suppose that the market for black sweaters is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. 50 45 Profit or Loss 40 35 ATC 20 15 AVC 10 MC 4 10 12 14 16 18 20 QUANTITY (Thousands of sweaters per day) In the short run, at a market price of $15 per sweater, this firm will choose to produce Sweaters per day. On the preceding graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $15 and the firm chooses to produce the quantity you already selected. Note: In the following question, enter a positive number, even if it represents a loss. The area of this rectangle indicates that the firm's v would be$ thousand per day in the short run. PRICE(Dollars per sweater)Suppose that the market for dress shirts is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. 50 45 Profit or Loss 40 35 30 ATC 25 20 15 AVC 10 MC 4 10 12 14 16 18 20 QUANTITY (Thousands of shirts per day) In the short run, at a market price of $15 per shirt, this firm will choose to produce shirts per day. On the preceding graph, use the blue rectangle (circle symbols) to shade the area representing the firm's profit or loss if the market price is $15 and the firm chooses to produce the quantity you already selected. Note: In the following question, enter a positive number, even if it represents a loss. The area of this rectangle indicates that the firm's would be $ thousand per day in the short run. PRICE (Dollars per shirt)There are 240 firms of type A and 180 firms of type B in a perfectly competitive market. On one hand, type A firm faces a fixed cost (all sunk) of $6 and average variable cost is 2q. On the other hand type B firm faces a fixed cost (all sunk) of $4 and the variable cost is 3q. Market demand function is given by Q=2400-10P. Find the equilibrium price in the market. $36 $12 O$24 $48
- In a perfectly competitive market demand function of a good is Q" = -30P+ 2250 and supply function is Q° = 20P. Firms that are active in this market have an identical cost function of 0* – 6Q² + 30Q Calculate the short run market price and short run profit of each firms. b. How many firms are active in market in short run? c. What will be the long run price in market? d. How many firms are active in market in long run? a.Each firm in a competitive market has a cost function of: C= 49 + q?. so its marginal cost function is MC = 2q. The market demand function is Q = 56 -p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is. (round your answer to the nearest integer) The long-run equilibrium number of firms is (round your answer to the nearest integer) The long-run equilibrium price is $. (round your answer to the nearest penny)Homework Consider the competitive market for steel. 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. COSTS (Dollars per ton) PRICE (Dollars per ton) 100 90 70 80 50 40 30 100 20 90 0 80 70 60 50 40 30 20 The following graph shows the market demand for steel. 0 Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 30 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 40 firms. D MC D ATC AVC D O 5 10 15 20 25 35 QUANTITY…