Show that the long-run equilibrium number of firms is indeterminate when all firms in the industry share the same constant returns-to-scale technology and face the same factor prices.

Q: There is an industry consisting of 12 firms, each with total cost function given by TC(q)…

A: *Hi there , as per our guidelines we are solving first three sub parts of the question . Kindly…

Q: (a) If a > 0, if b 0 and b 0 and b >0, what is the long run equilibrium market price and numbe…

A: *Answer:  In the problem, market has J number of firms. Each firm will maximize its profit. It has…

Q: 1. The charged is determined by the market quilibrium. For a perfectly competitive firm, it is…

A: Note: You have uploaded multiple questions at the same time. Hence, we shall upload only the first…

Q: The table below shows the cost of a firm that produces handmade pottery vases in a competitive…

A: Competitive market: - It is a one type of market condition where there are many buyers and many…

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Q: Suppose there are only two firms in a competitive market for a good. Firm 1's marginal cost curve is…

A: we are given with the situation where in there are only two firms in a competitive market,their…

Q: Question 8 market, giving her the ability to impact the price. Her marginal cost and average cost…

A: Because the pressure of competing firms pushes them to accept the market's current equilibrium…

Q: Please help me with 2 and 3. Thank you

A: a) How many panels will the firm sell in each market?To solve for the number of panels sold in each…

Q: 1. Consider a two-product firm under circumstances of pure competition. The firm's revenue function…

A: Since the question you have posted consists of multiple parts, we will answer the first two…

Q: How much should the firm produce to maximize its profit? What is the firms AR? What is the firms…

A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

Q: 4. Assume that a firm acts as a price taker. Regardless of the demand, it sells each unit of its…

A: A firm in a perfectly competitive market is considered as a price taker. Because the firms in a…

Q: A homogenous product is produced by two rival firms. The firms have the same costs. The demand faced…

A: Given information Demand functionQ1 =40-P1+0.5P2 Q2=40-P2+0.5P1 TC1=50Q1 TC2=50Q2

Q: Suppose there are 500 identicsl competitivd firms producing widgets and assume the total cost curve…

A: Profit is referred as the difference between the total revenue and total cost of production . Profit…

Q: Below is the demand schedule for wholesale pallets of ice cream.  Assume that the marginal cost of…

A: The solution of part 1 is required to solve the further parts. So, it would be required to be…

Q: For a manufacturer of cameras and film, the total cost c of producing qc cameras and q units of film…

A: A firm has to forgo an amount of money in the form of costs, during the production or delivery of a…

Q: Suppose that a market consists of 300 identical firms, all with the same cost curve: TC(4) = 0.1 +…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Consider a perfectly competitive market with the market demand function Qd = 1000 − 10p There are…

A: Pefectly competitive market structure is the market struture in which there are large number of…

Q: The market demand and market supply functions for a perfectly competitive market are given below:…

A: The equilibrium price and equilibrium quantity of a good sold in the market are determined by the…

Q: = 3. Assume that the manufacturing of generic medicine XYZ is a perfectly competitive industry.…

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Q: Market Representative Firm MC АТС b $8 AVC $6 MR = P D1 20,000 100 125 Quantity (Q) Output (Q) The…

A: Market has equilibrium price = $6, a competitive firm produce output = 100 units. But at this price…

Q: 16.10. Firm supply and industry supply. A firm's marginal cost curve is given by MC(q) = 1 + q. The…

A: A supply curve is a graphical representation of the relationship between the price of a product or…

Q: Consider a quantity competition setup with two firms simultaneously choosing the quantities. The…

A: The purpose of this question is to explain the Cournot duopoly, each firm makes production decisions…

Q: Suppose the situation changes. JointJuice has its plant in Portland Oregon. The local government…

A: Perfect competition is a market structure in which a large number of firms compete with each other…

Q: *Draw two models to represent the operating position of:A price - taking firm in a competitive…

A: 2. A firm with a considerable degree of market power: In this model, the firm is a large player in…

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Q: Calculate JointJuice’s optimal output level and profits if the market price for the product stays…

A: A perfectly competitive firm is a market system in which several small firms produce similar…

Q: Suppose the figure illustrates the long-run average cost curve (AC) and the marginal cost curve (MC)…

A: In a perfectly competitive market, there are many films with free entry and exit. Firm cell…

Q: Suppose that the quantity of a good demanded rises from 90 units to 110 units when the price falls…

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Q: Yann's bakery operates in a perfectly competitive market where the prevaling price for a baguette…

A: Price = $3 Marginal Cost = 0.1q

Q: 1. Imagine that you've just landed a job as a market analyst and your initial assignment is to…

A: Duopoly market refers to the type of market where only two producers or sellers exist in the entire…

Q: Derive the profit function 7(p) and supply function (or correspondence) y(p) for the single-output…

A: GIVEN   Derive the profit function ∏(p) and supply function (or correspondence) y(p) for the…

Q: Consider an industry with two possible long-run cost functions. There are no quasi-fixed costs in…

A: Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…

Q: Solve the problem. Show work and do not use AI

A: TC=q3−40q2+710q+1700Let TC be the total cost function in terms of quantity of units sold, q R=550qR…

Q: Suppose that each firm in a competitive industry has the following costs: Total cost: TC=  50  +…

A: Total revenue is the total value of the commodities produced and sold in equilibrium.Economic costs…

Q: 6. Suppose that there are two identical firms in the silver mining industry. The cost curve of each…

A: Since you have given multiple sub-parts questions, we will solve the first subpart for you. If you…