Required information Graph A shows the market demand and supply i... Graph A shows the market demand and supply in a perfectly competitive market Graph B shows the cost curves of a representative profit maximizing firm in that industry. TB 08-94 Refer to the above figure to answer this que... Refer to the above figure to answer this question Suppose that the industry demand was to increase by 3000 units. At the new equilibrium what quantity will the fim produce? Mutiple Choice 50 < Prev 10 11 JD E Next >

13 / 14 63.6% Question 4 from the book. If the market demand crve is Q=100 –p, what is the price elasticty of demand? If the supply curve of indrvidual firms is q-p and there are 50 identical firms. (perfect competition) Draw the residual demand facing any one firm. What is the residual demand elasticity facing one firm at the competitive equilibrium? 图

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Question 14 “Healthy Morning” is a firm that produces breakfast cereal and suppose breakfast cereal is a competitive market. The firm earned $10,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?     $10 and 500 units     $5 and 1000 units     $10 and 1000 units     $5 and 500 units

1. Suppose that inverse demand is given by P = 100 − 1/2 Q and each firm’s marginal cost is 10. Assume fixed costs are 0.(a) Solve for equilibrium price and quantity assuming this is a monopoly market. (i.e. Sup-posing there is only one firm, with no threat of entry, find the choice of quantity thatmaximizes profit, and then compute the corresponding market price.)(b) At this price and quantity, what is the monopolist’s profit?(c) What is consumer surplus?(d) What would be the perfectly competitive price, quantity, and consumer surplus?(e) How much is deadweight loss due to monopoly?

The information in the table shows the total demand for water service in Takoma. Assume that there are two companies operating in Takoma. Each company that provides these services incurs an annual fixed cost of $400 and that the marginal cost of providing the service to each customer is exactly $2.00. Figures listed are for an annual service contract. Quantity 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 Price 60 55 50 45 40 35 30 25 b. Refer to Table 17-36. Suppose these 2 firms are price competing with each other (as what happens in a perfectly competitive market). What would total output be? a. 0 21250 1200

The graph below depicts the cost curves faced by all firms in a particular industry. While the second graph show the total market demand (in thousands). Initially there are 500 firms. 10 B N 5 20 40 60 80 100 120 140 160 180 200 9 50 100 150 200 250 300 350 400 450 500 Demand in thousands What is the SR profit per firm? -80 240 0300 400

AVC, ATC,MC 110 80 76 " 50 40 30 29 18 MC ATC 1234567H0 11 12 13 14 Output per period O a Loss of $90 O b. Profit of $180 O c. 50 Od. Profit of $6300 The Competitive Industry and Firm Refer to the figure above to answer this question for a representative firm in a perfectly competitive market. Suppose that the market price is $70. What is the firm's maximum profit (or minimum loss)?

8. Short-run and long run effects of a shift in demand Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 350 million cans per year. Suppose that WebMD daims that a protein found in tuna will increase your expected lifespan by 2 years. WebMD's claim will cause consumers to demand more PRICE (Dollars per cani producing more tuna and earning positive profit Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of WebMD's claim. ? 0 tuna at every price. In the short run, firms will respond by Supply Demand 70 140 210 200 350 420 400 560 630 700 QUANTITY (Millions of cans) Demand -0 Supply

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