need help. 1. In a particular economy, there exists a number of firms with productionfunction y = 1'/2k!/4 and fixed costs 1. Price of input k is 1, price of inputl is 2. Only factor l can be varied in the short run. Demand function isD = 500 – 50p.a) What is the long-run equilibrium in this market?b) Suppose now the demand shifts to D = 100– 10p. What is the industryresponse in the short, in the intermediate and in the long run (calculateprices, output of each firm and the number of firms in the long run)?Hint: You can try to approximate the equilibrium price and quantity inthe intermediate run or use a graphing calculator to find the answer.2. A manufacturing monopoly with marginal costs 4 is selling its prod-ucts to retailers who resell in separate regions, each with an inverse demandfunction p = 60 – 2y. Retailers buy the commodity at the price P and resellit at p.a) Find P, p and y.3. Two firms operate in a market with a demand function Y = 40 – p.The first firm has marginal costs equal to 2, the second equal to 10.What is the equilibrium price and quantity supplied by each firm underVon Stackelberg duopoly conditions (assume firm 1 is the leader)?

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1. In a particular economy, there exists a number of firms with production function y = 1'/2k!/4 and fixed costs 1. Price of input k is 1, price of input I is 2. Only factor l can be varied in the short run. Demand function is D = 500 – 50p. a) What is the long-run equilibrium in this market? b) Suppose now the demand shifts to D = 100– 10p. What is the industry response in the short, in the intermediate and in the long run (calculate prices, output of each firm and the number of firms in the long run)? Hint: You can try to approximate the equilibrium price and quantity in find

1. In a particular economy, there exists a number of firms with production function y = 1'/2k!/4 and fixed costs 1. Price of input k is 1, price of input I is 2. Only factor l can be varied in the short run. Demand function is D = 500 – 50p. a) What is the long-run equilibrium in this market? b) Suppose now the demand shifts to D = 100– 10p. What is the industry response in the short, in the intermediate and in the long run (calculate prices, output of each firm and the number of firms in the long run)? Hint: You can try to approximate the equilibrium price and quantity in find

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

need help.

1. In a particular economy, there exists a number of firms with production
function y = 1'/2k!/4 and fixed costs 1. Price of input k is 1, price of input
l is 2. Only factor l can be varied in the short run. Demand function is
D = 500 – 50p.
a) What is the long-run equilibrium in this market?
b) Suppose now the demand shifts to D = 100– 10p. What is the industry
response in the short, in the intermediate and in the long run (calculate
prices, output of each firm and the number of firms in the long run)?
Hint: You can try to approximate the equilibrium price and quantity in
the intermediate run or use a graphing calculator to find the answer.
2. A manufacturing monopoly with marginal costs 4 is selling its prod-
ucts to retailers who resell in separate regions, each with an inverse demand
function p = 60 – 2y. Retailers buy the commodity at the price P and resell
it at p.
a) Find P, p and y.
3. Two firms operate in a market with a demand function Y = 40 – p.
The first firm has marginal costs equal to 2, the second equal to 10.
What is the equilibrium price and quantity supplied by each firm under
Von Stackelberg duopoly conditions (assume firm 1 is the leader)?

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