Given QD 6 Pand TC = 3 + 2 * QS... a.) Is this firm a price searcher or a price taker? Why? b.) For Q = 0 to 6, calculate the seven values for P, TR, TC, profits, MR, and MC. c.) Should this firm remain open in the SR? Explain why. d.) Draw D, MR, MC, and equilibrium P&Q. Be careful to label everything well.
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- 1. Estimated Demand. You are the manager of a firm that sells packs of coffee pods for coffee makers. You typically sell the packs for $24 and sell an average of 2,470 packs per month. You decide to raise the price to $28 per pack. When you do this your monthly sales fall to 1,482 packs per month. a. Assuming that your firm’s demand function is linear (i.e., takes the form QP=a-bP), calculate the linear demand function for the packs 2. Markups and elasticities. The marginal cost (MC) of producing your product is $16 a. Using the estimated demand curve from the previous question, calculate the point price elasticities of demand at the two price from question 1 b. Use the markups and elasticities and indicate whether the two prices are higher or lower than the profit maximizing price. NOTE: YOU DO NOT NEED TO CALCULATE THE PROFIT MAXIMIZING PRICE YET.3. Technology for producing q gives rise to the cost function c(q) = aq+ bq². The market demand for q is p = a - Bq. (a) If a > 0, if b 0 and b 0 and b >0, what is the long run equilibrium market price and number of firms? Explain.Complete the following table. Note that the firm in question is profit-maximizing in a competitive market. Units of output Average Revenue 90 Average Total Cost $6 $6 Group of answer choices A.) x=$6,y=$3,z=$270 B.) x=$3,y=$6,z=$0 C.) x=$6,y=$3,z=$0 D.) x=$3,y=$6,z=$270 Fixed Marginal Cost Cost 270 X Average Variable Profit Cost y Z
- 4.5 Show that the long-run equilibrium number of firms is indeterminate when all firms in the industryshare the same constant returns-to-scale technology and face the same factor prices.4.7 Technology for producing q gives rise to the cost function c(q) = aq + bg. The market demand forqisp =a - Bq.(a) If a>0, if b < 0, and if there are J firms in the industry, what is the short-run equilibriummarket price and the output of a representative firm?b) Ifa> 0 and b <0, what is the long-run equilibrium market price and number of firms? Explain.() Ifa>0and b > 0, what is the long-un equilibrium market price and number of firms? Explain.Hello! I just want to ask for help whether the answers in the given pictures are correct. If it's not, please help me correct and resolve it. Please refer to the given pictures below for the questions and answers. | After verifying the given answers shown in the subsequent picture, PLEASE ANSWER LETTER D. | D. At this equilibrium market price, calculate the level of output and profit that each firm produces in the short- run. With this information, comment on the potential entry/exit of firms in this industry in the long-run. | NOTE: Type only your answers. Please do not handwritten your answers.4. Assume that a firm acts as a price taker. Regardless of the demand, it sells each unit of its product for $5. a) Assume that the firmd marginal cost is given by MC = 0:2q + 3. What is the level of output q that maximizes profit? b) Assume the total cost is given by T C = 0.1q^2 + 3q + 10. Calculate the firms profit. c) Graph these results and label firms supply curve.
- Identification. Answer the following questions below. QUESTIONS: 1.) What are the ways to cut firm's production costs? 2.) What determines the firm's market power or competitive advantage? 3.) Graphically, in a purely competitive market, demand is equal to what? 4.) Using curves, graphically, a firm will shutdown if what? 5.) What is an output at which the firm makes a normal profit but noteconomic profit?Help me pleaseMondi Company produces party boxes that are sold in bundles of 1000 boxes. The market is highly competitive, with boxes currently selling for R100 per thousand. The company has a total and marginal cost curve given by: TC = 3,000,000 + 0.001Q2 MC = 0.002Q Q is measured in thousand box bundles per year. [5] a. Determine Mondi's profit maximizing quantity. b. Calculate if the firm is earning a profit or a loss? c. Based on the analysis above, should Mondi Company operate or shut down in the shortrun?
- 1. There is an industry consisting of 12 firms, each with total cost function given by TC(q) 3q² - 2q +867, where the fixed costs are non-sunk. The demand for the industry's product is given by Q¹ (p) = 448 - p per month. Firms are price takers. (a) Find the short-term equilibrium price, demand, the quantity produced by each firm, as well as firm's profit. What is the consumer surplus? What about the producer's surplus? (b) The government urgently needs to collect some extra tax revenues in the next four months to meet debt payments. This implies that it needs to collect the amount of T = 1000 per month from the industry. Calculate the tax level needed to raise this revenue depending on the type of tax. Which tax type is the better from a welfare perspective? i. An output tax of t per unit sold imposed on the firms. ii. 7-percent tax on firms' profits.d) What are the profit-maximizing quantity, price, and profit for this market? e) If there are two firms Atlas and Bowden in this market with the same earlier total cost function and they engage in Cournot competition, what is each firm's equilibrium quantity, price, and profit? [NB: round quantities to nearest integer to find equilibrium quantity, price, and profit] f) Is this a long run equilibrium? Why or why not?2. Consider a market with 90 firms, each firm has a short-run total cost function as follows: TC(q) = 5q2, and a marginal cost function: MC(q) = 10q. Market demand is given by equation Qd(p) = 200 - p. a. Solve for the short-run equilibrium outcome: P*, Q* and q*. b. What is one firm's economic profit in this market? c. Consider a different market structure, where there is only one firm, interpreted as a monopolist, and then critically discuss the impact on equilibrium price and quantity. Discuss total surplus for these two types of market structures.