A highly competitive market is made up of 100 identical firms. Each firm has a short-run marginal cost function as follows: MC = 10  + q, where q represents units of output per unit of time. The firm's average variable cost curve intersects the marginal cost at a  vertical distance of 10 above the horizontal axis. Given the market short-run supply curve: MC= aQ + b where Q is market output  Solve for a: __1__ Solve for b: __2__ What is the price that would make 500 units forthcoming per time period? __3__

Q: This week, XYZ company made 425 chairs and sold them at a price of $69 per chair. Calculate XYZ's…

A: The total opportunity cost of production of a commodity alludes to the total cost that the producer…

Q: Consider a perfectly competitive market. Right now we have two types of firms. Firms using…

A: The total number of firms of type A is 10 and the total number of firms of type B is 20. The…

Q: The information below applies to a competitive firm that sells its output for $45 per unit. When the…

A: Marginal revenue is the additional revenue gained from selling an additional unit of the output. In…

Q: The following diagram shows the market demand for titanium. Use the orange points (square symbol) to…

A: Under perfect competition a firm always produce at the point where P = MC and marginal cost (MC) is…

Q: Suppose a competitive industry has 1,000 identical firms. After years of firms entering and exiting…

A: In perfect competition ,  The profit is maximized where P = MC.  In long run ,  Equilibrium is where…

Q: Question 1 . In 2004, the country of Lesotho in southern Africa made most of its export earnings,…

A: Referenceshttp://pressbooks.oer.hawaii.edu/principlesofmicroeconomics/chapter/8-2-how-perfectly-comp…

Q: Each firm in a competitive market has a cost function of: C=25 + q°, so its marginal cost function…

A: The equilibrium for a competitive firm is given at a point : P = MC  MC = 2q for q units  For Q…

Q: What happens to the market and the firm in the long run?  Indicate clearly what happens to price,…

A: In the long-run, the demand matches the supply.

Q: Suppose there are 500 identicsl competitivd firms producing widgets and assume the total cost curve…

A: Profit is referred as the difference between the total revenue and total cost of production . Profit…

Q: Consider a firm in a perfectly competitive market with total costs given by ??=?3 −15?2 +100?+30 a.…

A: Perfectly competitive market is the market where large number of sellers and buyers exchange the…

Q: Give exact answer to all parts without photo answer and take a like

A: Approach to solving the question:Given Data and Formulas;  Detailed explanation:B. Profit-Maximizing…

Q: Consider a perfectly competitive market with the market demand function Qd = 1000 − 10p There are…

A: Pefectly competitive market structure is the market struture in which there are large number of…

Q: QUESTION 2 The long-run total cost function for producers of mineral water is LRTC (Q) = rQ, where Q…

A: Answer - Part a Answer - Need to find- Long run equilibrium price and quantity  Given in the…

Q: When a competitive firm sees losses because the product price falls below the minimum average cost…

A: Economies of scale refer to the cost advantages that an organization or business entity can achieve…

Q: The demand curve and supply curve for carpet cleaning in the local market are currently as follows:…

A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…

Q: A firm in a perfectly competitive market uses only workers to produce output. The relationship…

A: Answer: Given, Wages (variable cost) = $100 per worker Fixed cost = $500 (a). The formula to be…

Q: Consider the graph, which depicts a single competitive firm hat wishes to maximize profits given its…

A: The perfectly competitive market decides the price and individual firm does not have control over…

Q: For the production function from the previous homework: y = Kα Lα Assume that the firm is in the…

A: The long-run cost function is given by:LTC( q) = (K^1/(1+α)) * (w1/p)^(1/(1+α)) * qwhere:q is the…

Q: Consider an industry with two possible long-run cost functions. There are no quasi-fixed costs in…

A: Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…

Q: Suppose that the additional revenue that comes from the 100th unit is $5, and the marginal cost of…

A: Introduction:This question imagines a bustling marketplace where firms compete to produce and sell…

Q: Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette…

A: Perfectly competitive firm: It is a market structure where there exists a large number of buyers and…

Q: Suppose that each firm in a competitive industry has the following costs: Total cost: TC=  50  +…

A: Total revenue is the total value of the commodities produced and sold in equilibrium.Economic costs…

Q: Image uploaded solution is not allowed please dear

A: Let's solve the problem step by step for each part: Part (a)Given:- Production function:…

Q: Can you help with parts d,e and f please? A perfectly competitive firm has the following total cost…

A: TC = 4,500 + 2q + .0005q2 We know that  ATC = TC / q ATC = (4,500 + 2q + .0005q2) / q   TC = 4,500 +…

Q: What is the firm's fixed cost? What is the profit-maximizing level of output? Given that half of…

A: Profit maximizing level of output is given at the point where marginal revenue (MR) equals marginal…

Q: The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost…

A: We can see that one of the axis we see the cost and profit is given, the verticle axis.Here, the…

Q: Hi! Can you help me with the question below?  Northside Social (NS) sells cups of coffee and amazing…

A: The elastic demand shows the responsiveness of quantity demand for a good when its price changes.…

Q: change the questions or use different values? Question 1. In competitive markets, there are many…

A: Given, TC = 50 + 2Q + 3Q2

Q: Each firm in a competitive market has a cost function of: C = 49 + g?. so its marginal cost function…

A: Answers   In the long run AC = MC = P. Hence we have P = 49/q + q = 2q which gives q = 7 units and…

Q: Firm Profit, Loss, and Shut Down Based upon the graph, answer the following questions: 1) What is…

A: We have the following information- (1) What is the production level that will maximize the profit…

Q: In the short run, if a firm is having economic losses, but the profit is greater than the average…

A: The following problem has been solved as follows:

Q: 10 A competitive firm has the following total cost function: TC(q) = 10 + q if q>0, TC(q) = 0 if q =…

A: Given Total cost function TC(q) = 10 + q for q > 0 and TC(q) = 0 for q = 0, and the capacity…

Q: The following diagram shows the market demand for titanium. Use the orange points (square symbol) to…

A: We are using market equilibrium concept in the long run to answer this question.

Q: Sketch a marginal cost curve for a firm that has constant marginal costs of production up to its…

A: Marginal Cost: It is the additional cost incurred by producing one more unit of output. It is…