Consider a firm with TC=1Q^2+8 where 8 is the fixed cost of being in the market (MC=2*1Q). Demand is given by Q_D=30-4P. How many firms will be in the market if the market operates in a perfectly competitive way?
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- Consider a perfectly competitive market for wheat in New York City. There are 130 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 50 40 30 AVC 20 10 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of bushels) COST(Cents per bushel)Consider a perfectly competitive market for wheat in Miami. There are 120 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 50 40 AVC 20 0. 0 5 10 15 20 25 30 35 40 45 50 OUTPUT (Thousands of bushels) 30 10 COST (Cents per bushel)Consider the market for ice cream. Suppose that this market is perfectly competitive. The cost structure of the typical ice cream producer is as follows. Average total cost is equal to 50 1 1 ATC(Q) +÷Q, average variable cost is equal to AVC(Q) Q, and marginal cost is equal to 2 2 MC(Q) = Q. 40 Suppose that demand for ice cream cones is given by PD = x QD. 3 300 How many firms will operate in the market for ice cream in a long run equilibrium?
- 1. Emad is a lettuce supplier in a perfectly competitive lettuce market in Kuwait. If the demand for lettuce in Kuwait is given by: Qo = 40,000 – 10,000P, Where Q is the quantity of lettuce boxes and P is the price of a lettuce box. In the short-run, Emad's has the following total cost function for his production of lettuce: TCimad = 0.25Q +Q +3 Assume that Emad is one of 1000 sellers in the Kuwaiti lettuce market with identical costs. Answer the following questions: e. wnat is tne market suppiy tunction in the short-run? 1. What is the short-run equilibrium price and equilibrium quantity in this market? g. Draw a rough sketch of the market demand and supply functions, showing the optimal point and all intersections with the horizontal and vertical axes. h. What is the demand function for Emad's lettuce in the short-run?Consider a perfectly competitive market for wheat in San Diego. There are 80 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 40 30 AVC 20 10 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of bushels) COST (Cents per bushel)Consider a market with demand given by Q=100-P. The market is perfectly competitive with 60 firms and all have same cost structure. They all have no fixed costs and a constant variable cost of USD 40. How do we get the market supply curve for this situation.
- In competitive markets, there are many small firms with each firm unable to influence the market price. Suppose company ABX operates in the wheat market. The company produces and markets wheats at a Price = $20 per container. The firm’s total costs are given as: TC = 50 +2Q + 3Q2 What is the firm Fixed Cost? Why? Also, use a graph to support your answer. What price should the firm charge? WhyAnswer Box: 0, 5, 7, 10, 15, 20, 25, OtherYou are given the following information for Clarke's Cookies which produces in a perfectly competitive market. TFC = $10 Market price = $11 The marginal cost of production appears in the table below: Q P=AR=MR TFC TVC TC MC AVC ATC 1 10 11 2 10 9 3 10 7 4 10 6 5 10 8 6 10 11 7 10 12 8 10 14 9 10 16 a) In the table above find TVC, AVC, ATC, and MR
- Farmer Smith grows wheat. The average total cost and marginal cost of growing wheat for an individual farmer are illustrated in the graph to the right. 10- MC 9- ATC Suppose the market for wheat is perfectly competitive. If the market price is $8 per bushel, then to maximize profits, farmer Smith should produce thousand 8- Price bushels of wheat. (Enter a numeric response using an integer.) 4- 3- 2- 10 20 30 40 Quantity of wheat (bushels per month in 1000s) 50 60 70 80 90 100 Price and cost (dollars per bushel)Suppose that Betty's Beads is a typical firm operating in a perfectly competitive market. Currently Betty's MR = $ 9 , MC = $ 12 , ATC = $ 10 , and AVC = $ 8 . Based on this information, we can conclude thatThe market for paperback detective novels is perfectly competitive. Market Demand is given by Q=305-2P Suppose we have identical book publishers, and each individual book publisher's Supply curve is given by P=4+2Q. We have 13 book publishers in the market. What is the market PRICE?. Enter a number only.
