The Market for Good X is perfectly competitive, with market supply and own-price demand curves given as q, = -25000 + 3000p 9a = 135000 – 5000p a. Determine the equilibrium price and quantity in the market for good x. (Note: You are not anlayzing an individual firm here. You are analyzing the entire market). Suppose the individual firm's average total costs are dfined by TC =q3 – 3q2 + 28q + 2 b. What is the firm's demand curve (don't give me back the industry demand curve. The firm's demand curve is what I want.) c. find the profit maximizing level of output for the firm (I've given the marginal cost curve below). MC = q? – 6q + 28 d. If this firm is making a profit (loss) how much is the profit (loss)?
The Market for Good X is perfectly competitive, with market supply and own-price demand curves given as q, = -25000 + 3000p 9a = 135000 – 5000p a. Determine the equilibrium price and quantity in the market for good x. (Note: You are not anlayzing an individual firm here. You are analyzing the entire market). Suppose the individual firm's average total costs are dfined by TC =q3 – 3q2 + 28q + 2 b. What is the firm's demand curve (don't give me back the industry demand curve. The firm's demand curve is what I want.) c. find the profit maximizing level of output for the firm (I've given the marginal cost curve below). MC = q? – 6q + 28 d. If this firm is making a profit (loss) how much is the profit (loss)?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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b,c,d would be amazing. THank you
Transcribed Image Text:The Market for Good X is perfectly competitive, with market supply and
own-price demand curves given as
q, = -25000 + 3000p
qa = 135000 – 5000p
a. Determine the equilibrium price and quantity in the market for good
x. (Note: You are not anlayzing an individual firm here. You are analyzing
the entire market).
Suppose the individual firm's average total costs are dfined by
TC =
q3 – 3q2 + 289 +2
b. What is the firm's demand curve (don't give me back the industry
demand curve. The firm's demand curve is what I want.)
c. find the profit maximizing level of output for the firm (I've given the
marginal cost curve below).
MC = q? – 6q + 28
d. If this firm is making a profit (loss) how much is the profit (loss)?
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