Q: In case of a competitive Piv m, where the Cost fuction is $C(9) =2K*r*9% 10 3. By MaXinizing the…
A: Given: C(q) = 2r11/2r21/2q3/2 TR = pq - c(q)
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- The blue curve on the fallowing graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the folowing questions. You will nor be graded on any changes you make to this graph. Note: Once you enter a value in a white fidd, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Goods 50 nguantity 25 Semanded (Linita) 40 Demand Price (Dolars per unt) 25.00 Damand 10 10 15 20 a5 0 35 40 QUANTITY (Unts) 45 50 On the graph input tool, change the number found in the Quantity Demanded feld to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and S0 units of output Calculate the total revenue for each of these production leveis. Then, on the fallowing graph, use the green points (triangie symbal) to plot the resuwts. Total Rrvenue S04 445 315 124 10 15 20 25 30 35 40 45 50 CUANTITY (Numbar of unta) TOTAL REVENUE (Dolan) an nd oa)6. What is the output that maximize revenue for ufe firm given the following demand function Q = 15 – 0.05 P 7. "What is the output that minimize ATC for a firm given the following total cost function TC = 31 Q + 24 Q² – 5.5 Q' + (1/3) Q* |Dari R es for Shipharah Zurbuchen x Math 148 weekend number 2.pdf x Course Home oweekend%20number%202.pdf 2 / 3 100% +| E O 13) Assume that the price, in dollars, of a sound system is given by 1000 + 1000 q² Where q represents the quantity demanded for the product a) Find the Revenue function R(q) and the marginal revenue function R'(q) b) Find an interpret (write a sentence explaining the meaning) of the marginal revenue when demand is 10 systems Suppose the cost of producing q sound systems is given by the equation C (q) = 0.4q² + 160q + 50 c) Find the profit function, P(q) and the marginal profit function P'(q) d) Find and interpret he marginal profit when the demand is 10 systems ar product are given .
- 7 We are in a position where a profit-maximizing firm facing a downward-sloping demand curve has a P = 2,000 - 4Q and a marginal cost of MC = 1,000. How many units will the firm produce?Assume perfect competition takes place in the market for hotel rooms. The current market equilibrium price for a standard room is RM300 per night. b. Assume a tax of RM50 per night is charged for hotel occupancy. Show how this tax will prevent the market from achieving efficient revenue.Hi hlo Expert Hand written solution is not allowed.
- 19 Market Representative Firm MC i of A $7 a MR = P АТС b $5 AVC $2 D1 18,000 70 100 115 Quantity (Q) Output (Q) The diagram above shows a Perfectly Competitive market on the left, and a representative firm supplying in that market on the right. If the entry of new firms into the market caused the equilibrium Price to decrease to $5, the representative firm would: Select one: а. earn a positive Economic Profit. b. earn a negative Economic Profit. c. shut down in the short-run. d. earn zero Economic Profit. Price $$$Suppose that there are exactly 1000 firms in the short-run in the market for widget production. The market is perfectly comp below: 100 6 75 50 25 10 20 MC 5 b. 3000 O c. zero d. 5000 ATC AVC 80 100 123 140 Market demand for widgets is given by the following equation: Q-140,000-400P What is the long-run equilibrium profit level per firm? O a. 1500 quartAt the marketplace $8 per bushel.....please answer
- 6. The long-run supply curve for a particular type of kitchen knife is a hori- zontal line at a price of $3 per knife. The demand curve for such a kitchen knife is Qp = 50 – 2P where Q, is the quantity of knives demanded (in millions per year) and P is the price per knife (in dollars). 253 CHAPTER 7: PERFECT COMPETITION a. What is the equilibrium output of such knives? b. If a tax of $1 is imposed on each knife, what is the equilibrium output of such knives? (Assume the tax is collected by the government from the suppliers of knives.)please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearlyMarket Representative Firm S1 MC A my a MR = P $3.50 - - АТС $2.50 b. AVC D1 50,000 350 400 Quantity (Q) Output (Q) The diagram above depicts overall market supply and demand on the left, and the cost curves for a representative firm supplying in that market on the right. At the price $3.50, the firm: should shutdown. O is earning a negative economic profit (loss). is making neither a profit nor a loss. It is breaking even. O is earning a positive economic profit.