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- sub= 24 help1.- A company that works in a perfectly competitive market has a total cost function: TC = Q3 - 36Q2 + 540Q + 600 The supply and demand functions in that market are: QS = 5P -500 Qd = 4,000 -10P b) Find what benefit you will get d) Represent graphically the market equilibrium and that of the company, including the closing point e) Locate the rectangle that represents profits on the company's equilibrium graph. Calculate your área considering the values taken by the base and the height. Validate that it reaches the same result (or very close) to the one obtained in part b).3. Suppose that for a product in a competitive market the demand function is p function is p = 200 + 2x, where x is the number of units and p is in dollars. A firm's average cost function for this product is C(x) = = 1200 – 2x and the supply 12000 + 50 + x. Find the maximụm profit. Sketch the graphs of the revenue, cost and profit functions on the same set of coordinate axes. (Hint: First find the equilibrium quantity and equilibrium price by equalizing the functions of supply and demand.) [P(x) = R(x) – C(x) = p· x – C(x) · x, where p equilibrium price.]
- 3) A competitive firm's cost of producing q units of output is C = 18 + 4q + q2 Its corresponding marginal cost is MC = 2q + 4 The firm faces a market price Create a spreadsheet with 1, 2, ..., ., 15, where the columns are q, R, C, VC, AVC, MC, and profit. Determine the profit - maximizing output for the firm and the corresponding profit at p $24. Should the firm produce this level of output, or should it shut down? Explain briefly. ( =5) If average total cost is $50 and average fixed cost is $15 when output is 20 units, then the firm's total variable cost at that level of output is The equilibrium price is likely to increase and profits are likely to increase The equilibrium price is likely to remain unchanged and profits are likely to increase The equilibrium price is likely to decrease and profits are likely to decrease The equilibrium price is likely to increase and profits are likely to remain unchanged10. In a competitive market, the current equilibrium price is $200 per unit. A firm that produces Q units of output in this market has a short-run Total Cost (TC) given by TC = 8000 + 40Q + Q². What is the marginal cost for this firm? How many units should the firm produce?
- urgentY6 Suppose that a market consists of 300 identical firms, all with the same cost curve: TC(4) = 0.1 + 150g?. The market demand is given by Qd(p) = 60 - p (a) What is the equilibrium price and quantity? (b) What quantity must each firm produce and sell at equilibrium? (c) Do firms make positive profits in the market equilibrium? (d) Calculate consumers' surplus, producers' surplus and total surplus.1.- A company that works in a perfectly competitive market has a total cost function: TC = Q3 - 36Q2 + 540Q + 600 The supply and demand functions in that market are: QS = 5P -500 Qd = 4,000 -10P a) How much should you produce to maximize your profits? b) Find what benefit you will get c) Calculate the closing point for the company d) Represent graphically the market equilibrium and that of the company, including the closing point e) Locate the rectangle that represents profits on the company's equilibrium graph. Calculate your área considering the values taken by the base and the height. Validate that it reaches the same result (or very close) to the one obtained in part b).
- Problem #1: Assume that the following marginal costs exist in catfish production: 17 Quantity Produced (units per day) Marginal Cost (per unit) 10 11 12 13 14 15 16 $4 6 8 10 12 14 16 18 (a) Graph the MC curve. (b) Use the data on market demand below and graph the demand and MR curves on the same graph. Quantity demanded (units per day) 10 Price (per unit) 11 12 13 14 15 16 17 $25 24 23 22 21 20 19 18 (c) At what rate of output is MR = MC?& Q Total Fixed Cost ($) Total Variable Cost ($) Total Cost ($) 05 15 25 35 10 20 60 140 5 25 65 145 Refer to the table above, which shows a firm's costs for producing various levels of output in the short run. If this firm operates in a purely competitive market, and sells its output at a market price of $30 per unit, how many units of output should the firm produce to maximize profit in the short run? 00 0 1 03 02Assume that a firm accepts the following price_demand relationship as being a realistic representation of its market: d=800-10p where p must be between $20 and$70 a. How many units can the firm sell at the $20 per-unit price? At the $70 per-unit price? b. By how many units does a $1 increase decrease demand? c. Which pricing alternative the business is considering maximizes revenue? Group of answer choices $40 $30 $50
