A (typical) firm in a perfectly competitive constant cost industry has total costs in the short run given by: TC=588 +8q+3q², FC 396 9>2 where q is output per day and TC is the total cost per day in dollars. The firm has fixed costs of $396 (already included in the TC equation above). The TC equation generates minimum average costs of $92 (per unit) at q = 14. Questions 19 through 22 concern this firm and this industry. 19. You are told that in the short run there are 400 firms, including this one, in the industry, all with the same cost curves described above. Suppose that the demand curve facing the industry is given by the equation P=908-135Q where P is the price per unit and Q is the number of The equilibrium price in this industry in the short run is: units demanded per day. F) $105 A) $86 G) $108 B) $92 H) $110 C) $95 I) $111 D) $98 J) none of the above 20. This profit earned by each firm in this industry in this E) $101 1'1

A firm’s long-run total cost curve is given by: C(q) = 40q − 10q2 + q3 . Over what range of output does this technology exhibit decreasing returns to scale?   Group of answer choices q>8 q<5 None of the above are correct. q>10 q>5 Note: don't use chat bot

Given the total cost equation: TC = 144 +2Q+Q² what is the average cost when the firm produces at the level of Q that yields the minimum average cost?

At an output level of 100 units a firm has average total costs of $80 and average variable costs of $50. Its total fixed costs are:

Demand function is given by Q=84-2P and cost function is C(q)=25+2q+q2 1) What are the qualitative features of the costs of this cost function? i.e. average, marginal, variable, properties, and what are the key prices – shut price, breakeven price, revenue maximizing and profit maximizing price? 2) Using this cost structure and demand - how many firms are likely to operate in the long run (note: that in the long run firms tend to operate close to minimum average cost)?

Hey need correct answer

1a) A firm’s estimated long-run total cost function is LRTC = 160Q - .6Q2 + .002Q3.  Suppose the firm is producing 100 units of output.  The cost elasticity is ____ You can use Excel spreadsheet or otherwise to answer this question. b) A research study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function in the Netherlands: Q = 5*Staff.34*Beds.64*Drugs.04*Specialists.02, where Q is a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff =20, Beds = 120, Drugs = 60, Specialists =10.  Use a spreadsheet to find the following or otherwise. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: c) A study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function: Q =…