Each of the 8 firms in a competitive market has a cost function of C=5+q?. The market demand function is Q = 120 - p Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is S (Enter your response as a whole number.) The quantity per firm is q= units. (Enter your response as a whole number.) The market quantity is Q = units. (Enter your response as a whole number.)
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- Each of the 8 firms in a competitive market has a cost function of C=5+q?. The market demand function is Q = 120 - p. Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is $|: (Enter your response as a whole number.) The quantity per firm is q = units. (Enter your response as a whole number.) The market quantity is Q= units. (Enter your response as a whole number.) Enter your answer in each of the answer boxes.Each of the 10 firms in a competitive market has a cost function of C=5+ q? The market demand function is Q = 420 -p. Determine the equilibrium price, quantity per firm, and market quantity The equilibrium price is $ (Enter your response as a whole number) The quantity per firm is q=units. (Enter your response as a whole number) The market quantity is Q=units. (Enter your response as a whole number)Each firm in a competitive market has a cost function of: C= 49 + q?. so its marginal cost function is MC = 2q. The market demand function is Q = 56 -p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is. (round your answer to the nearest integer) The long-run equilibrium number of firms is (round your answer to the nearest integer) The long-run equilibrium price is $. (round your answer to the nearest penny)
- A perfectly competitive industry is in long-run equilibrium. Each of the identical firms has a long- run cost function C = 100 + q². As a result, a firm's marginal cost function is MC = 2q. In the long-run competitive equilibrium, (a) How much does the firm produce? (b) What is the equilibrium price? (c) If the market quantity demanded at the equilibrium price is Q = 2500, how many firms are in the market?The market for paperback detective novels is perfectly competitive. Market Demand is given by Q=393-7P. Market Supply is given by Q=3P-9. Suppose 55 units are bought to the market. Consider the Marginal Cost of production for these 55 units. What is the maximum Marginal Cost of production of these 55 units? Enter a number only, do not include the $ sign. Hint: 55 doesn't have to be the market quantity.In a perfectly competitive market demand function of a good is Q" = -30P+ 2250 and supply function is Q° = 20P. Firms that are active in this market have an identical cost function of 0* – 6Q² + 30Q Calculate the short run market price and short run profit of each firms. b. How many firms are active in market in short run? c. What will be the long run price in market? d. How many firms are active in market in long run? a.
- 1) In a market there are 100 identical firms, where each firm has the supply function qs(P) = p/10. Draw a single firm's supply curve, draw and calculate the aggregate supply. 2) The cost function for Acme Laundry is C(q) = 10+ 10q + q², where q is tons of laundry cleaned. Assume that the market is perfectly competitive. a. What q should the firm choose to maximize its profit if the market price is p? How much does it produce if p=50? b. Assume that the government imposes a per unit tax of t =2. How much should the firm produce to maximize its after-tax profit if the market price is p? How much does it produce ifp=50? 3) An increase in the demand for video films also increases the salaries of actors and actresses. Is the long- run supply curve for films likely to be horizontal or upward sloping? Explain.There are 80 firms of type A and 60 firms of type B in a perfectly competitive market. On one hand, type A firm faces a fixed cost (all sunk) of $12 and average variable cost is 2q. On the other hand type B firm faces a fixed cost (all sunk) of $100 and the variable cost is 3g. Market demand function is given by Q=1200-70P Find the equilibrium quantity of a type A firm and its profit, respectively. Oq=4, profit-$4 Oq=2, profit=$4 q-3, profit=$6 q=5, profit-$23Each firm in a competitive market has a cost function of: so its marginal cost function is The market demand function is C=36+q², MC=2q. Q=36-p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is. (round your answer to the nearest integer)
- The long-run cost function of a firm producing widgets in a competitive market is given by c(y) = {"" y² + 10 for y > 0 O for y = 0 where y is the quantity of widgets. a. Find the lowest price at which this firm will supply a positive number of widgets in the long run. What is the output of the firm at this price? b. For the price you found in part (a), if there are 1,000 identical firms operating in this market, what would be the equilibrium market demand for widgets?There are 240 firms of type A and 180 firms of type B in a perfectly competitive market. On one hand, type A firm faces a fixed cost (all sunk) of $6 and average variable cost is 2q. On the other hand type B firm faces a fixed cost (all sunk) of $4 and the variable cost is 3q. Market demand function is given by Q=2400-10P. Find the equilibrium price in the market. $36 $12 O$24 $48There are 80 firms of type A and 60 firms of type B in a perfectly competitive market. On one hand, type A firm faces a fixed cost (all sunk) of $12 and average variable cost is 2q. On the other hand type B firm faces a fixed cost (all sunk) of $10 and the variable cost is 3q. Market demand function is given by Q=1200-70 P. Find the equilibrium price in the market. $7 $8 $12 $10