A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take non-integer values). The demand curve and the short-run supply curve are given as follows. Demand: Q=1700-4P thousand units Supply: Q=80P-400 thousand units

A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take non-integer values). The demand curve and the short-run supply curve are given as follows. Demand: Q=1700-4P thousand units Supply: Q=80P-400 thousand units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: The cost function for flavored coffee at an upscale coffeehouse is given in dollars by C(x) = 3x +…

A: The break-even point is the sum of earnings required to fund a business's cumulative fixed and…

Q: the cost of an imported high-speed assembly-line robot is $80,000 and the in-country cost for one…

A: The cost estimating relations uses to predicting the cost with the help of design variables. The…

Q: A chemical engineer at Tesoro Refining estimated the total cost for a diesel fuel desulfurization…

A: The cost factor technique can be used to determine the equipment cost. Cr=hCE Where, Cr= Estimated…

Q: Find total fixed cost if total cost is $2000 and the total variable cost is $1500

A: The given information is as follows:- Total cost = $2000 Total variable cost = $1500 The formula for…

Q: For a cost function C = 100 - 100 - 02 the average variable cost of producing 20 units of outout is

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Find the fixed cost if the total cost are 530 and the variable cost are 42

A: As per the question Total cost = 530 Variable cost = 42 Fixed cost = ?

Q: The average total cost of producing electronic calculators in a factory is $26 at the current output…

A: Average total cost is the total of all production costs divided by the amount of output produced. It…

Q: The average cost function is given as:- AC = 2.5Q2 - 40 Calculate the average cost for the 8th…

A: The information provided to us is as follows:- AC function is:- 2.5Q2 - 40 Also the quantity is 8…

Q: If the total fixed cost is given as $320 And the total variable cost is given as $ 480 What would be…

Q: a) A manufacturer’s marginal cost (MC) function is given by: 1000 MC = V3Q+12 Find the equation of…

A: We have, Marginal cost = MC(Q)= 10003Q+12 The function of the total cost (TC) is the integration of…

Q: Estimate the cost of a 0.75 million gallon per day (MGD) induced-draft packed tower for…

Q: Find the total cost if the total variable cost is 16 units and the total fixed cost is 18 units!!!!!

Q: Find the total cost if the fixed cost are 1349 and the variable cost are 533.

A: Fixed cost=1349 Variable cost=533

Q: Calculate the total cost function if average cost function is :- 36Q3 - 5Q2 + 10

A: We are given with the average cost function:- 36Q³ - 5Q² + 10 Also we know that :- TC = AC * Q

Q: For the cost function CQ) = 100 - 20 - 30, the total variable cost of producing 2 units of output is

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A study of 86 savings and loan associations in six northwestern states yielded the following cost…

A: A cost function is a functional relationship between cost and output.It can be expressed as, where C…

Q: The total cost of manufacturing 1,000 pieces and 2,050 pieces of a certain plastics product are…

A: Cost refers to the all types of expense that incurs in a process of production. It can variable or…

Q: C� = 2.38 - 0.006153Q� + 0.000005359Q2�2 + 19.2X1�1 (2.86) (3.08) (3.68) (2.96) where C�…

A: The variable Q and Q2 are statistically significant in explaining variations in the average…

Q: MC=500Q2√Q3+5 (b) Find the total cost function

A: Marginal cost is defined as the cost which is incurred by the producer in order to produce one more…

Q: The equipment cost for removing arsenic from a well that delivers 800 gallons per minute is $1.8…

A: Given:- The equipment cost is given as $1.8 million or $1,800,000 The overall cost factor is 2.25.…

Q: For the cost function C0) = 75 - 40- 202 the marginal cost of producing 5 units of outout

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Determine the Total revenue if the explicit cost is $350 and the Implicit cost is $180.

A: Explicit cost is determined to be as the out of the pockets cost which basically requires an outflaw…

Q: The Precision Machine Tool Manufacturing Company has the following total cost function:…

A: The total expenditure (cost) expended on capital to achieve a certain amount of production, both…

Q: What will be the average fixed cost if TFC Is $350 and the output is 50 units

A: Fixed cost is the cost that remains fixed at all levels of output. This is the cost that is…

Q: An input combination described in the 2 points: point A (L=10, K=15) and point B (L=10, K=17) can be…

Q: The average cost function is:- 3Q² - 14Q + 20 Find the total cost function

A: The information being given is:- We are given with the average cost function:- 3Q² - 14Q + 20 We…

Q: Here is the production cost function, in $ of producing q units of a product: 2200 C(q) = 300 +0.8q2…

A: Since you have posted multiple questions with multiple subparts, as per guidelines, we are supposed…

Q: A new machine comes with 200 free service hours over the first year. Additional time costs $150 per…

A: We really want to compute the average cost per hour of using a machine for a total of 55 hours. The…

Q: The average cost function is:- 21Q - 33 Calculate the total cost function

A: We are given that the average cost function of the firm is as :- 21Q - 33 We need to calculate the…

Q: For the cost function CO) = 100 - 20 - 302, the average fixed cost of producing 2 units of outout…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: For the cost function C(Q) = 100 - 20 - 30, the total variable cost of producing 2 units of output…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Question

The average cost at this quantity is [ Answer53 ] dollars per unit.

A perfectly competitive market is initially in a long run equilibrium, with n identical firms (n can take
non-integer values). The demand curve and the short-run supply curve are given as follows.
Demand: Q = 1700-4P
80P-400
Supply: Q
thousand units
thousand units

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Defination of perfect competition

VIEW

Step 2: Calculation of equilibrium price and quantity

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

A cost function, Cix), is given below. Find the average cost per item when the required number of iteros are produced. C(x)=22x+1200, 1000 items What is the average cost per item? $23.20
Big Boss Company produces 125 units of outputat a total cost of $2453. The marignal cost of the 126th unit is $154. What is the total cost of the 126 units?
Economies of Scope refers to situations where per unit costs are:
A company sells its product at 60 OMR per unit. Fixed cost for the company is 18000 OMR and the variable cost is estimated to be 25 % of total revenue. Find: a) the total revenue function. b) the total cost function.
Write the MC function if the total cost function is TC = 100 + 120q + q^2
HeatAll, manufacturer of radiant heaters (great for heating outdoor dining areas, a “hot” item these past few years!), finds that it costs them $160 to produce each heater. The company has total fixed costs of $5 million. If the company manufactures 250,000 units, what is the unit cost?
The cost for implementing a manufacturing process that has a capacity of 6000 units per day was $550,000. If the cost for a plant with a capacity of 100,000 units per day was $3 million, what is the value of the exponent in the cost-capacity equation?
Find the total cost if the fixed cost is $13 and the variable cost is $16
A marginal cost fiction C'(q) is given in the figure below. If the fixed costs are $10,000, estimate: a) the total cost to produce 20 units (use left and right hand sums) b) the additional cost if the company increased production from 20 to 40 units
The cost of producing 5-gallon water bottles is given by C(q) = 0.005q2 + 2q + 1000. If 2000 5-gallon water bottles are produced, fint the average cost
Derive the average cost function from :TC = 20 + 10Q + Q2/2
For the cost function C(Q) = 100 - 20 - 30, the total variabie cost of producing 2 units of outout is: