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Finding a Competitive Solution, Supply: P = 10.0 + 0.1Q;
In a competitive market, a competitive solution is one where firms and buyers are ready to exchange a specific amount of output at a specific price.
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- Market equilibrium takes place at the point where MC < MR True/ FalseThe supply function for a product is 2p − q − 60 = 0, while the demand function for the same product is (p + 20)(q + 10) = 8100. Find the market equilibrium point.Walmart can be viewed as a first mover. Now suppose both Walmart and HEB are considering whether and how to enter a potential market. Market demand is given by the inverse demand function p= 900−q1−q2, where p is the market price margin, q1 is the quantity sold by Walmart and q2is the quantity sold by HEB. To enter the market, a retailer must build a store. Two types of stores can be built: Small and Large. A Small pantry store requires an investment of $50,000, and it allows the retailer to sell as many as 100 units of the goods at zero marginal cost. Alternatively, the retailer can pay $175,000 to construct a Large full-service supermarket that will allow it to sell any number of units at zero marginal cost. *Assume Walmart has built a Large full-service supermarket (i.e.Walmart chooses to build a large full-service supermarket L1 at the first stage). Calculate Walmart's profit for the following cases: a.) HEB chooses not to enter N at the second stage after viewing Walmart’s…
- The supply function for a product is 2p - 4 - 10 = 0. while the demand function for the same product is (p + 10)(4 + 30) = 7200. Find the market equilibrium point.d the consumers' surplus if the demand function for a particular beverage is given by D(q) = 2000 (2q+9)² and if the supply and demand are in equilibrium at q = 9.The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $26, $14, $10, $5, and $3 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $10, $14, $26, $34, and $42 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $3 $5 $10 $14 $26 $34 $42 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be widgets.
- Suppose the market referred to in the previous problem is suddenly hit by a decrease in tastes and preferences. What will happen to Q in this market in the long run (relative to the initial equilibrium)? a) It will decrease b) It will not only decrease but fall to zero c)It will be unchanged d) It will increase e) It will be affected by what is known as the “Kazarosyan Effect”The demand and supply for a whole pizza in Mr Hot’s Market are given by the equations, Qd = 6,300 – 530P and Qs = 1,200 + 150P. What is the Statement of the Problem?please explain why the answer is C
- New Zealand possums produce the highest quality fur, due to the large pelts per body size. Demand for New Zealand possums’ products has risen dramatically. This is partly a result of the conservation benefits of harvesting New Zealand possums. This has made the product seem more environment friendly than other fur products and boosted sales to concerned consumers. Assume that the possums market satisfies all the attributes of a competitive market. Further assume that high grade possum furs are the most expensive input into the possum fur production function. 1. Use a graph of the market for possum fur to demonstrate the effect of its environmentally friendly status on the market equilibrium. 2. Graph the reaction of an individual incumbent firm to the increase in market demand. In your graph, identify the firm’s revenue and cost structures. 3. What would you predict would happen to long-run industry supply if the price of possum fur increased as possum culling increased their…Please explain both correct and incorrect option Which statement is true about a supply curve represented by a straight line equation such as : P = 5 x (Qs) Statement A: The elasticity of supply is constant. Statement B: The elasticity of supply is equal to one. Statement A and B are both incorrect. Statement A and B are both correct. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.P(Q) (or MSB) = 50 - 0.5Q Р(О) (MPC) %3 25 + 0.5Q МЕС - 0.5Q Рс (Соmpetitive Equilibrium Price) %3 37.50 Qc (Competitive Equilibrium Quantity) = 25 Pe (Efficient Equilibrium Price) = 41.67 Qe (Efficient Equilibrium Quantity) = 16.66 1) Sketch the curves for these functions and illustrate the competitive equilibrium and label Pc and Qc and efficient equilibrium (labelling Pɛ and QE). 2) On the diagram from part 1, illustrate the areas that correspond to the loss in profit for the firm, the total gain to society and the net gain to society when comparing the competitive equilibrium to the efficient equilibrium
