5. There are N>1 firms. Each firm is a price taker. At price level p, the output of a firm isq =p– 1The demand function for the total output (across N firms) is5 -р, р<5Q =10,p > 5Firms can only produce a nonnegative quantity of goods, andp must be nonnegative.(a) Compute the equilibrium price and quantity such that the quantity demanded equals quantitysupplied.1(b) How much do the equilibrium price and quantity increase if N is increased by 1?

Answered: Image /qna-images/answer/c302a263-3b6c-495b-8b29-e1177ab91dcb.jpg

Answered: 5. There are N>1 firms. Each firm is a…

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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2.b. Given a monopsony's production function Q = 45L - 0.25L², market wage function w = 10 + 3L, and price of the Q in the product market P = 10, calculate the extent of monopsonistic exploitation if firm is profit maximizing. Using your calculated values, graphically illustrate and discuss your results.
A particular notebook computer has a price/demand function of p(n) = 1200 – 36n dollars, where n is the number in thousands of computers sold in the market. The manufacturer's fixed cost of operations is 4,400 dollars while the variable cost of production 140 per computer. In the previous notebook computer problem, what is the profitable range of production? O1. Between 5000 and 24444 computers O II. Between 5444 and 24000 computers II. Between 5454 and 24040 computers O V. Between 5000 and 25000 computers In the previous notebook computer problem, at what level of sales does maximum revenue occur? O1. 16667 computers O II. 16000 computers O II. 17000 computers O V. 16335 computers In the previous notebook computer problem, at what level of sales does maximum profit occur? O1. 15622 computers O II. 14000 computers O I. 16667 computers O V.14722 computers
Now suppose that Maine lobsters can be sold in France. The French demand schedule for Maine lobsters is as follows: Quantity of lobster supplied (pounds) Price of lobster (per pound) $25 100 20 300 15 500 10 700 900 b. What is the demand schedule for Maine lobsters now that French consumers can also buy them? Draw a supply and demand diagram that illus- trates the new equilibrium price and quantity of lobsters. What will happen to the price at which fishermen can sell lobster? What will happen to the price paid by U.S. consumers? What will happen to the quantity consumed by U.S. consumers?
Find f. (x, y, z), f,(x, y, z) and f-(x, Y, z) for f(x, y, z) = e® - 6z – 4 ln(xyz). fr(x, Y, z) = Preview f,(x, y, z) = Preview f.(x, y, z) Preview
1. The demand function for a good is given by the equation P = a − bQ while the total cost function is TC = dQ2 + eQ + f,where a,b,d,e and f are positive constants. (a) Derive the equation for profit. (b) Derive an expression for the value of Q for which profit is maximised.
Suppose you are given the following information about a particular industry: QD = 2200 – 100P Market demand QS = 1000P Market supply Firm total cost function C(q) = 616 + 400 29 MC(q) = 400 Firm marginal cost function. Assume that all firms are identical and that the market is characterized by perfect competition. Find the equilibrium price, the equilibrium quantity, the output supplied by the firm, and the profit of each firm. The equilibrium price is $]. (Enter your response rounded to two decimal places.)

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