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A
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- A perfectly competitive firm has total revenue and total cost curves given by: TR = 100Q TC = 5,000 + 2Q + 0.2 Q2 Find the profit-maximizing output for this firm. What profit does the firm make?Suppose a perfectly competitive firm has a total cost function of TC = 0.75q² + 4q + 300. Therefore, the firm's marginal cost function is MC = 1.5q + 4. What is the break-even price for this firm?Suppose there are 100 identical firms in the perfectly competitive notecard industry. Each firm has a short- 9.3. run total cost curve of the form: 1 STC =9 + 0.2q² + 4q + 10 300 and marginal cost is given by SMC = .01q² + .4q+ 4 a. Calculate the firm's short-run supply curve with q (the number of crates of notecards) as a function of market price (P). b. Calculate the industry supply curve for the 100 firms in this industry. c. Suppose Q = -200P + 8,000. What will be the shortrun equilibrium price-quantity combination? d. Suppose everyone starts writing more research papers and the new market demand is given by Q = -200P + 11,200. What is the new short-run price-quantity equilibrium? How much profit does each firm make? market demand is given by
- A firm that behaves in a perfectly competitive fashion has the following cost function: C(Q)=Q² +20 +25. For the current market price, the firm is producing where the total average cost is minimum. What is the market price? Select one: a. 25 b. 5 c. 12 d. 60Suppose that each firm in a perfectly competitive market has a cost of TC = 75 + 500Q - 5Q2 + 0.5Q3 Calculate the output that minimizes the firm's AVC.Consider a firm in a Perfectly Competitive industry. Suppose the price in this industry is $26. The total cost (TC) function for each firm is TC = 0.05q^2 + 1,080. If the marginal cost (MC) function for the firm is MC = 0.1q, a)what is the profit maximizing quantity for the firm to produce? b)what is the profit for the firm at the profit maximizing point?
- Consider the following cost curve for a firm in a competitive industry where the market price equals $150. C =-9 + 6q + 1,500. What is the firm's marginal cost (MC)? MC =- (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) At what level of output does the firm maximize profits (minimize losses)? Profit is maximized at units of output. (Round your answer to two decimal places.) What is the firm's profit maximizing price? The profit-maximizing price is $. (Round your response to the nearest dollar.) What is the firm's profit? The firm earns a profit of $. (Round your response to the nearest penny.) In the short-run, this firm should DEC 20 étv MacBook Air 80 DII F2 F3 F4 F7 FB F9 @ %23 $ & 3 4 5 6 7 8 9 W E Y P S D F H J K ? C V N M command option nd .. .- リ * 00 RCOnsider the following firm in a competitive market: total cost= 50+.5Q Q= Quantity What is its fixed cost? what is its variable cost?Consider a firm in a Perfectly Competitive industry. Suppose the price in this industry is $22. The total cost (TC) function for each firm is TC = 0.1q^2 + 120. If the marginal cost (MC) function for the firm is MC = 0.2q, what is the profit maximizing quantity for the firm to produce? 0 22 110 120
- Suppose an industry consists of 100 competitive firms, each operating with cost function c(q) = 18 +5q + 2q². Calculate the long run equilibrium price for this industry.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 1 1 ATC(Q) +÷Q, average variable cost is equal to AVC(Q) Q, and marginal cost is equal to 2 2 MC(Q) = Q. 40 Suppose that demand for ice cream cones is given by PD = x QD. 3 300 How many firms will operate in the market for ice cream in a long run equilibrium?If demand function is given by P = 25 - Q and Total cost function TC = 3Q. Calculate firms price and quantity under perfect competition.
