1) There are 1000 pear producers that have identical cost functions, where q is the number of crates of pear produced. The producers operate in a perfectly competitive market. The supply curve of each producer is _______ The total supply curve for the market is _______ At a price of 100, the elasticity of supply for the market is _______ , meaning that supply is _______. (see image for answer options) 2) A firm can sell its output at the price p=10 per unit. The firm’s cost function is C=16+q2 To maximize its profit, the firm chooses to produce q=___________. The profit of this firm is $_____________
1) There are 1000 pear producers that have identical cost functions, where q is the number of crates of pear produced. The producers operate in a perfectly competitive market. The supply curve of each producer is _______ The total supply curve for the market is _______ At a price of 100, the elasticity of supply for the market is _______ , meaning that supply is _______. (see image for answer options) 2) A firm can sell its output at the price p=10 per unit. The firm’s cost function is C=16+q2 To maximize its profit, the firm chooses to produce q=___________. The profit of this firm is $_____________
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
1) There are 1000 pear producers that have identical cost functions, where q is the number of crates of pear produced. The producers operate in a
The supply curve of each producer is _______
The total supply curve for the market is _______
At a price of 100, the elasticity of supply for the market is _______ , meaning that supply is _______.
(see image for answer options)
2) A firm can sell its output at the price p=10 per unit. The firm’s cost function is C=16+q2
To maximize its profit, the firm chooses to produce q=___________. The profit of this firm is $_____________
![q=0
q=10P
q=20p
Q(P) = 0
Q(P) = 10,000P
Q(P) = 20,000P
0
1
infinite
unit elastic
inelastic
elastic](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdb717bea-8edd-4bc4-942b-70e18de46e11%2Fe8954973-1b81-4d15-8e36-9f7f32d44db3%2Fdo6trxw_processed.png&w=3840&q=75)
Transcribed Image Text:q=0
q=10P
q=20p
Q(P) = 0
Q(P) = 10,000P
Q(P) = 20,000P
0
1
infinite
unit elastic
inelastic
elastic
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