Suppose that , firm under perfectly competition market produce two commodities X1 and X2 with corresponding prices birr 10 and birr 15 . If cost function of the firm is C= 2x12 +x1x2+2x22 where x1 and x2 denote the level of output, then, determine the following questions. i. Profit maximizing level of output x1 and x2.

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A firm sells its product in a perfectly competitive market. Its total cost function is: TC = 900 - 20Q + Q2where TC is total cost and Q is output level.a. Find the firm’s average total cost function. b. Find the firm’s average variable cost function. c. Find the firm’s marginal cost function. d. Given the price is $100, what is the profit-maximizing output level? e. Given the price is $100, what is the profit level? f. Over time, is there going to be entry or exit in this competitive market? Why?

What is the long-run market supply curve for hibiscus plants? Graph it.

There are 80 firms of type A and 60 firms of type B in a perfectly competitive market. On one hand, type A firm faces a fixed cost (all sunk) of $12 and average variable cost is 2q. On the other hand type B firm faces a fixed cost (all sunk) of $10 and the variable cost is 3q. Market demand function is given by Q = 1200 - 70P Find the equilibrium price in the market . 8 12 10 7 There are 80 firms of type A and 60 firms of type B in a perfectly competitive market. On one hand, type A firm faces a fixed cost (all sunk) of $12 and average variable cost is 2q. On the other hand type B firm faces a fixed cost (all sunk) of $10 and the variable cost is 3q. Market demand function is given by Q = 1200 - 70P Find the equilibrium price in the market . 8 12 10 7

If a firm operates at a loss, the loss is equal to TC - TR. If the firm shuts down instead, its loss is equal to FC. Given this, show that price must exceed AVC for the firm to operate at a loss and not shut down