Assume a competitive firm faces a market price of $60, a cost curve of: and a marginal cost of: This firm will MC = 0.012q² + 50. The firm's profit maximizing output level is units (enter your response rounded to two decimal places), and the per unit profit at this output level is $(enter your response rou two decimal places-include the minus sign if necessary). in the short-run. The firm will realize C=0.004q³+50q In the long-run, if circumstances do not change, this firm will + 750,

The graph presents the costs and revenue for a purely Cost and revenue competitive firm, where the market price is equal to $400 per unit of output. Use this information to determine the profit-maximizing output and profit for this firm. $800 (13,800) 750 700 Marginal cost 650 What is the profit-maximizing output of this purely 600 Average total cost (12,600) competitive firm? Round the answer to the nearest 550 whole number. 500 (4,500) (6,450) (12,450), 450 (10,400) 400 Marginal revenue (9,350) 350 profit maximizing output = units of output 300 (6,250) 250 Average variable cost (4,200) 200 What is the profit for the purely competitive firm that 150 |(1,150) produces at the output level in the first question. Round the 100 answer to the nearest whole number. 50 1 2 3 4 7 8 9 10 11 12 13 14 15 Units of output profit = $|

Consider an industry with identical firms. Suppose the cost function of firm i, i=1,...,n, is given by Ci(q) = 6 q² +91 It follows that the slope of firm's marginal cost curve is equal to ... (As usual, you must enter a number below, not a ratio, not an expression with symbols..., just a number. Don't round, even if rounding makes sense...)

A typical firm in long-run equilibrium in an industry with identical firms has a cost function given by C(q) = 10,000+ 2q² What is the equilibrium price? The equilibrium price is $ (Enter your response rounded to two decimal places.) A

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Consider an industry in a competitive market that consists of 100 firms with identical short run cost functions C(q) = 50 + 0.5q², where q is the quantity of the output that a firm produces. Denote the output price by p. Which of the following statements are true, which are false? The firms' short run average variable costs are minimized at q O True False = 0. At a price p > 10, there will be a positive output in the industry in the long run. True False The market short run supply curve O True False is given by S(p) = 100p.

Assume that a competitive firm has the total cost function: TC=1q3−40q2+820q+1900TC=1q3-40q2+820q+1900   Suppose the price of the firm's output (sold in integer units) is $650 per unit. Using tables (but not calculus) to find a solution, what is the total profit at the optimal output level? Please specify your answer as an integer.

Consider a perfectly competitive market with similar firms. Assume the total demand in the market is MWTP  = 93 - 3Q. Each firm's total cost is TC = q^3 - 2q^2 +4q and its marginal cost is MC = 4 - 4q +3q^2. What is the long-run number of firms in the market?  Decimals are possible. Answer to the second decimal place, and do not round until your final answer!

Assume a competitive firm faces a market price of $150, a cost curve of: C + 6q + 1,500, and a marginal cost of: MC = q² + 6. What is the firm's profit maximizing output level? units. (round your answer to two decimal places)

Glowglobes are produced by identical firms in a perfectly competitive market. There are 19 firms in the market. Each firm's Total Cost function is TC=396+2q+q^2 and Marginal Cost function is MC=2+2q. Market demand is Q=484-P.  What is the profit earned by each firm in the short-run?