I need your help for the parts E and F. Please show the work. I am also attaching the answers of part D which may help to solve E AND F PARTS. Thanks! E quatien O »firot sapanss functHon - Dae toSymmurir cot stuuctwré%3D: 2173-91 -0•04359,And firem's Herpenss is 29, = %in equation O= 8173.913 - 0•0435911.04 3591217391ニpart D solutionう &ス/73-91/•0435% - % -20 83· 333P= 2000(2083.33 t 2083-3325pa 1883:33Ci4Hd JI, -T, :L1833-33X 2o 83-331649906Hence , market price= 183 33Out par ay()Pnfit for each farm = 1 649506cach farm2083 33%3D/649306 Question 1:Consider a production function with two inputs, capital (k) and labor (1), given byf(k,1) = kP + Lºwhere p < 1,p # 0. Price per unit of each input is given by r for capital and w for labor.a. Compute the total cost function C(r,w,q)b. Now suppose p = Rewrite the total cost function C(r,w, q) for this case.Suppose inverse demand for output is given by p = 2000 -;25Consider the following different industry structures, but each firm in the industry has the samecost curve as in part (b) above.c. Suppose there is only one firm in the industry (monopoly). Find the profit-maximizingoutput, price, and profit.d. Suppose there are two firms in the industry (duopoly) competing as Cournotoligopolists. Find the profit-maximizing output, price, and profit for each firm.e. Suppose there are four firms in the industry competing as Cournot oligopolists. Find theprofit-maximizing output, price, and profit for each firm.f. Compare industry price and total industry profit in each of the above three cases.

A monopoly marketplace refers to a marketplace structure characterized by the presence of an…

Answered: (monopoly)

Business

Economics

(monopoly)

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

I need your help for the parts E and F. Please show the work. I am also attaching the answers of part D which may help to solve E AND F PARTS.

Thanks!

E quatien O »
firot sapanss functHon - Dae to
Symmurir cot stuuctwré
%3D
: 2173-91 -0•04359,
And firem's Herpenss is 2
9, = %
in equation O
= 8173.913 - 0•043591
1.04 3591
217391
ニ
part D solution
う &
ス/73-91
/•0435
% - % -
20 83· 333
P= 2000
(2083.33 t 2083-33
25
pa 1883:33
Ci4Hd JI, -T, :
L1833-33X 2o 83-33
1649906
Hence , market price= 183 33
Out par ay
()Pnfit for each farm = 1 649506
cach farm
2083 33
%3D
/649306

Question 1:
Consider a production function with two inputs, capital (k) and labor (1), given by
f(k,1) = kP + Lº
where p < 1,p # 0. Price per unit of each input is given by r for capital and w for labor.
a. Compute the total cost function C(r,w,q)
b. Now suppose p = Rewrite the total cost function C(r,w, q) for this case.
Suppose inverse demand for output is given by p = 2000 -;
25
Consider the following different industry structures, but each firm in the industry has the same
cost curve as in part (b) above.
c. Suppose there is only one firm in the industry (monopoly). Find the profit-maximizing
output, price, and profit.
d. Suppose there are two firms in the industry (duopoly) competing as Cournot
oligopolists. Find the profit-maximizing output, price, and profit for each firm.
e. Suppose there are four firms in the industry competing as Cournot oligopolists. Find the
profit-maximizing output, price, and profit for each firm.
f. Compare industry price and total industry profit in each of the above three cases.

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