Could you solve the 4. question as follows shut down and operate TR= TFC= TVC= TC = PROFİT= The demand curve and supply curve for a perfectly competitive market are: Q = 500 – 5P and Q = 320 + P. The short run cost function of a representative firm in this market is TC = 150 + 3q2. According to these information Calculate the equilibrium price and quantity for this market. Calculate the profit maximizing output of this representative firm. Calculate the profit of this firm. Analyze this firm’s position in terms of shut down condition. Should this firm operate or shut-down in the short run. If all firms had the same cost structure, how many firms would compete at the equilibrium price computed in (a) above?
Could you solve the 4. question as follows shut down and operate TR= TFC= TVC= TC = PROFİT= The demand curve and supply curve for a perfectly competitive market are: Q = 500 – 5P and Q = 320 + P. The short run cost function of a representative firm in this market is TC = 150 + 3q2. According to these information Calculate the equilibrium price and quantity for this market. Calculate the profit maximizing output of this representative firm. Calculate the profit of this firm. Analyze this firm’s position in terms of shut down condition. Should this firm operate or shut-down in the short run. If all firms had the same cost structure, how many firms would compete at the equilibrium price computed in (a) above?
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 10P
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Could you solve the 4. question as follows
shut down and operate
TR=
TFC=
TVC=
TC =
PROFİT=
The demand curve and supply curve for a
- Calculate the
equilibrium price and quantity for this market. - Calculate the profit maximizing output of this representative firm.
- Calculate the profit of this firm.
- Analyze this firm’s position in terms of shut down condition. Should this firm operate or shut-down in the short run.
- If all firms had the same cost structure, how many firms would compete at the equilibrium price computed in (a) above?
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