Sub : EconomicsPls answer Fast .Dnt CHATGPT.I ll upvote. Thank You 41. Consider the situation of two firms in the same industry and operating in the same mar-5 ket. Firm A controls over 70% of the annual sales in the market. Firm B shares the remainingroughly 30% of annual sales with three other firms which also compete in this market. Firm7 B's share of annual sales averages about 7%. Both firms seek to maximize profit.689 Firm A's monthly demand function and total cost function are as follows:1011 Demand Q = 20,000 - 100P1213 Firm B's total cost function is1419 (1) Perfect competition20Cost151617 a. What is the market structure in which these firms are competing (select one with "x")?1821 (2) Monopolistic competition2223 (3) Oligopoly--dominant price leadership24TC = 30,000 + 80Q+0.02Q^225 (4) Oligolopoly--barometric price leadership2627 b. What will be the amount of Firm A's monthly profit?2829 c. What will be the amount of Firm B's monthly profit?30 e. At the profit maximizing level of output and sales (Q), what is the degree of operatingleverage of each firm?Firm AFirm B

Firm A controls 70% of the market share Firm B controls 7% of the market share Other 3 firms share…

1. Consider the situation of two firms in the same industry and operating in the same mar- ket. Firm A controls over 70% of the annual sales in the market. Firm B shares the remainin roughly 30% of annual sales with three other firms which also compete in this market. Firm B's share of annual sales averages about 7%. Both firms seek to maximize profit. Firm A's monthly demand function and total cost function are as follows:

1. Consider the situation of two firms in the same industry and operating in the same mar- ket. Firm A controls over 70% of the annual sales in the market. Firm B shares the remainin roughly 30% of annual sales with three other firms which also compete in this market. Firm B's share of annual sales averages about 7%. Both firms seek to maximize profit. Firm A's monthly demand function and total cost function are as follows:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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