Question 3 (Equilibrium) 200 Suppose the market demand is Qp = firms in the market. Suppose N = 25. and the market supply is Qs = 2NP, where N is the number of (a) What are the short-run equilibrium price and the equilibrium quantity? (b) What is the output level for cach firm? (c) What is the profit for each firm? (d) Repeat part (a) through (c) for N = 400.

1.- A company that works in a perfectly competitive market has a total cost function: TC = Q3 - 36Q2 + 540Q + 600 The supply and demand functions in that market are: QS = 5P -500 Qd = 4,000 -10P b) Find what benefit you will get d) Represent graphically the market equilibrium and that of the company, including the closing point e) Locate the rectangle that represents profits on the company's equilibrium graph. Calculate your área considering the values ​​taken by the base and the height. Validate that it reaches the same result (or very close) to the one obtained in part b).

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$1200 $1000 $1000 D3 $600 D3 D1 D2 \D1 D2 0 300 500 650 500 Computers Per Week Computers Per Week A Refer to the graphs. Suppose a firm is currently producing 500 computers per week and charging a price of $1,000. What happens to the firm's inventory of computers if there is a negative demand shock and prices are inflexible? Multiple Choice The firm's inventory will increase by 200 computers per week. The firm's inventory will not change. The firm's inventory will decrease by 150 computers per week. The firm's inventory will increase by 350 computers per week. rch 99+ Price Price

Dollars P P₂ P₁ 0 ******** MC Q₁ Q₂ Q3 Q4 Q5 Quantity ATC AVC -MR₁ -MR₂ -MR₁ Refer to the above diagram. All data are for the short run. Which of the following sta correct? O The firm will produce an output of Q1 when price is P1. The firm will earn positive economic profits when price is at P2. O Average fixed cost is P3 - P1 at output Q1. O At price P1, the firm will close down.

3. Suppose each firm's long run average cost curve, for positive levels of output, is given by AC = 0.1 + 0.05y + 5. The marginal cost curve is given by MC = 0.1 + 0.1y. (a) Find the level of output, for which the average cost is minimized. (b) What is the firm's minimum average cost? (c) Suppose you have many identical firms in a long run competitive equilibrium. Demand is p = 13.1 – 0.04Q. What is the market quantity? How many firms are there?

f. Suppose the market demand data for the product are as follows: What is the equilibrium price? $ What is the equilibrium output for the industry? units For each fim?_units Instructions: Enter positive values for the reported profit or loss? What will profit or loss be per unit? per unit S Per firm? S Will this industry expand or contract in the long run? (Expand/Contract)

Graph TR and TC for the firm Graph TR and TC for the firm Q TFC TVC TC АС MC P TR MR Profit 3 1 5 2 6. 3 8 4 11 5 15 6. 21 7 30 8 42 9. 60 10 85 Complete all the cost columns. Assume price = $8. Complete the rest of the table. (c) Graph TR and TC on the graph up and to the right. (d) For the market graph below on the right, label demand, supply and the prevailing market price. Label the equilibrium market quantity with q*. (e) For the firm graph below to the left, label the axis. PLOT USING THE DATA IN THE TABLE the demand curve the firm faces, the marginal revenue curve, the average cost curve, the marginal cost curve, and the equilibrium price, quantity. Show the profit. Do all the plots give you the same answer? Graph the market Graph the market Graph the firm Graph the firm

(price per pound) $4.00 $1.50 $1.00 10,000. 2000. M 0 2 (thousands of pounds) Refer to diagram above. To maximize its profits the firm will sell how many pounds of fish? None of these answers are correct. 8000. 5000. MC 8 ATC 10 AR

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