QUESTION 2 Glyde Air Fresheners is the dominant firm in the solid room aromatizer industry, which has a total market demand given by Q = 80 - 2 P. Glyde has competition from a fringe of four small firms that produce where their individual marginal costs equal the market price. The fringe firms each have total costs given by TC; = 10 Q₁ + 2 Q2₁. If Glyde's total costs are given by TCG = 100 + 6 QG, what are the total profits of the fringe firms? O $32. O $64. $96. $128. $160.

QUESTION 2 Glyde Air Fresheners is the dominant firm in the solid room aromatizer industry, which has a total market demand given by Q = 80 - 2 P. Glyde has competition from a fringe of four small firms that produce where their individual marginal costs equal the market price. The fringe firms each have total costs given by TC; = 10 Q₁ + 2 Q2₁. If Glyde's total costs are given by TCG = 100 + 6 QG, what are the total profits of the fringe firms? O $32. O $64. $96. $128. $160.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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