Chrome File Edit View History Bookmarks People Tab Window Help 41% (4) Tue 6:46 PM Ocean Connect Course Modules: Mic X MindTap - Cengage A M7. Assignment: Ana X A Assignment Schedul x A Course Modules: Mic X b My Questions | bartle X ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=5761082221551259286417763212&elSBN=9781337096577&id=648469278&snapshotld=1476550& Nancy v CENGAGE MINDTAP Q Search this course MAIN MENU Interactive Book: Firms in Competitive Markets (Ch 14) My Home Courses 11. Suppose that each firm in a competitive industry has the following costs: A-Z CENGAGE UNLIMITED Total cost: TC = 50 + ½ q? Browse Catalog Marginal cost: MC = q Partner Offers where q is an individual firm's quantity produced. The market demand curve for this product is Print Options College Success QD = 120 – P Demand: %3D Career Center where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market. Э Help Give Feedback a. What is each firm's fixed cost? What is its variable cost? Give the equation for average total cost. b. Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity? c. Give the equation for each firm's supply curve. At d. Give the equation for the market supply curve for the short run in which the number of firms is fixed. 64 PAGES 3.141593 MAR 10 alalıbala ... пия !!!

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

Suppose that each firm in a competitive industry has the following costs:

where q is an individual firm’s quantity produced. The market demand curve for this product is

where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market.

What is each firm’s fixed cost? What is its variable cost? Give the equation for average total cost.
Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is average-total-cost curve at its minimum? What is marginal cost and average total cost at that quantity?
Give the equation for each firm’s supply curve.
Give the equation for the market supply curve for the short run in which the number of firms is fixed.
What is the equilibrium price and quantity for this market in the short run?
In this equilibrium, how much does each firm produce? Calculate each firm’s profit or loss. Is there incentive for firms to enter or exit?
In the long run with free entry and exit, what is the equilibrium price and quantity in this market?
In this long-run equilibrium, how much does each firm produce? How many firms are in the market?

Chrome
File
Edit
View
History
Bookmarks
People
Tab
Window Help
41% (4)
Tue 6:46 PM
Ocean Connect
Course Modules: Mic X
MindTap - Cengage
A M7. Assignment: Ana X
A Assignment Schedul x
A Course Modules: Mic X
b My Questions | bartle X
ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=5761082221551259286417763212&elSBN=9781337096577&id=648469278&snapshotld=1476550&
Nancy v
CENGAGE MINDTAP
Q Search this course
MAIN MENU
Interactive Book: Firms in Competitive Markets (Ch 14)
My Home
Courses
11. Suppose that each firm in a competitive industry has the following costs:
A-Z
CENGAGE UNLIMITED
Total cost:
TC = 50 + ½ q?
Browse Catalog
Marginal cost: MC = q
Partner Offers
where q is an individual firm's quantity produced. The market demand curve for this product is
Print Options
College Success
QD = 120 – P
Demand:
%3D
Career Center
where P is the price and Q is the total quantity of the good. Currently, there are 9 firms in the market.
Э Help
Give Feedback
a. What is each firm's fixed cost? What is its variable cost? Give the equation for average total cost.
b. Graph average-total-cost curve and the marginal-cost curve for q from 5 to 15. At what quantity is
average-total-cost curve at its minimum? What is marginal cost and average total cost at that
quantity?
c. Give the equation for each firm's supply curve.
At
d. Give the equation for the market supply curve for the short run in which the number of firms is
fixed.
64
PAGES
3.141593
MAR
10
alalıbala
...
пия
!!!

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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