Consider a firm with the following production function: f(x1,x2) = If the input prices are 2 and 4 for xj and x2 resp, write down the cost function of the firm. [Write in the format C(y) = function of y] Answer: Suppose the firm with the above-mentioned technology operates in a competitive output market where the inverse demand function is given by D-'v) = 16 – 2y. Solve for the equilibrium quantity. [Hint: the supply function of a competitive firm is the MC curve.] Answer: If the producer with the above-mentioned technology instead were a monopolist facing the same demand function, the equilibrium would be given by_. Şelect one: О а. (р, Ф) - (6, 2.5) b. (p, q) = (8, 4) с. (р, 9) - (11,2.5) d. (p, q) = (6, 5) e. (p, q) = (11, 5) Now suppose producing in the market requires paying a Fixed R&D cost of K= 7.5. Which of the following statement would be true? [Hint: look at the profit for each type of firm.] Select one: a. Only a competitive firm would operate b. neither would operate c. Both would operate d. Only monopolist would operate

Consider a firm with the following production function: f(x1,x2) = If the input prices are 2 and 4 for xj and x2 resp, write down the cost function of the firm. [Write in the format C(y) = function of y] Answer: Suppose the firm with the above-mentioned technology operates in a competitive output market where the inverse demand function is given by D-'v) = 16 – 2y. Solve for the equilibrium quantity. [Hint: the supply function of a competitive firm is the MC curve.] Answer: If the producer with the above-mentioned technology instead were a monopolist facing the same demand function, the equilibrium would be given by_. Şelect one: О а. (р, Ф) - (6, 2.5) b. (p, q) = (8, 4) с. (р, 9) - (11,2.5) d. (p, q) = (6, 5) e. (p, q) = (11, 5) Now suppose producing in the market requires paying a Fixed R&D cost of K= 7.5. Which of the following statement would be true? [Hint: look at the profit for each type of firm.] Select one: a. Only a competitive firm would operate b. neither would operate c. Both would operate d. Only monopolist would operate

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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