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- 13 / 14 63.6% Question 4 from the book. If the market demand crve is Q=100 –p, what is the price elasticty of demand? If the supply curve of indrvidual firms is q-p and there are 50 identical firms. (perfect competition) Draw the residual demand facing any one firm. What is the residual demand elasticity facing one firm at the competitive equilibrium? 图PLEASE ANSWER ASAP6-10F Fill in the blanks in the figure below: a. c. b. C. d. Price and marginal revenue (in dollars) Total revenue in dolla 80 P 48 4 12,800 8 16 18 19,200 T TR PMR g h. 200 1. 200 Quantity Demand -1 1,000 Marginal Revenue Total Revenue 1.000
- devrat20.Suppose a demand for good produced by a certain industry changes then answer the following questions:1- What will be the affect of change in demand on the output of the firm and industry in short run?2- What will be the affect of change in demand on the output of the firm and industry in long run?3-For what reason the affect of change in demand on firm's and industry's output differ in short and long run?4- Will the condition of zero economic profit be met in long run? how?Question 1: Hotelling’s Rule in a rapidly changing market Let’s assume that oil was not discovered until the year 1999. The New York Times writes that“a source of energy with potential disruptive effects on the world economy” is now ready forproduction, and “other countries are watching the developments closely”.Along with many other producers, you own a small oil well. The market is very competitive. Themarginal extraction cost is $10 per barrel. The interest rate is 5%. The annual demand for oil isQ = 90,000 – 2,000P where Q is in barrels per year and P is in dollars per barrel.Use your knowledge about Hotelling’s Rule to answer the following questions: Oil is trading for $25/bbl on Jan 1st, 1999. What do you expect the path of oil pricesand extraction quantities to be from 1999-2010 (assuming no shocks to the market)?A day later, on Jan 2nd, 1999, the Wall Street Journal opens with a story that there is now amore reliable reserves estimate. Total reserves are estimated at 760,000…
- 1. A certain computer company produces three kinds of computers, labelled A, B and C. This computer company has three factories, labelled 1, 2 and 3. The profit for each computer, the in-process space needed to produce each computer, and the market demand per day is indicated below: A B C 350 550 300 Product: Profit ($): In-process space (ft2): 20 Market demand/ day: 900 1200 750 15 10 As long as the number of computers produced are not more than the market demand, they will be sold. The three factories have the following production space: 2 3 Factory: Production space (ft2): 13000 12000 5000 1 (a) Identify variables for the optimization problem (b) Write down the objective function (c) Write down the constraints for production space (d) Write down the constraints for market demand. (e) Write down any other constraints needed to complete the optimization problem17) JA perfectly competitive market has a market price of $10 and a quantity of 50 is traded. When the government imposes a $3 per-unit tax on the market, market price increases by 10%. Which of the statements below could be true based on this information. A Consumers pay the tax and supply is relatively more inelastic than demand. B Consumers pay the tax and demand is relatively more inelastic than supply. C Producers pay the tax and supply is relatively more inelastic than demand. D Producers pay the tax and demand is relatively more inelastic than supply. E Producers pay the tax and the elasticity of supply is the same as demand (in absolute terms).Asap PLEASE ANSWER ALL FAST AND ACCURATELY. I WILL GIVE THUMBS UP/UPVOTE If the elasticity of demand is Ed = 1.5 and the elasticity of supply is Es = 2.5 then, Calculate the pass-through fraction of the tax that is paid by the buyers in the market. Show all formulas that you use. Graphically depict a perfectly competitive firm earning economic losses. Be sure to label all of your curves
- Do you think profit could be maintained if the tax burden were simply passed on to the consumers in the form of higher selling price? How will this affect sales? Explain.feedback and control system Explain how the economic concept known as "supply of law and demand" can be interpreted as a feedback control system. Take the example of the soaring price of fuel in the market todayPROBLEM No 1INTERPRET ALL THE RESULTS!!! Demand equation of a producer is: P = 270 * Q - 2,4 * Q² a) Which is the expression of the TOTAL REVENUE FUNCTION TR b) Which is the expression of the MARGINAL REVENUE MR c) For Q=25 calculate the value of TOTAL REVENUE FUNCTION d) Find the marginal revenue function MR for Q = 15 u. and explain the result found. e) Find the maximum revenue. Max TR
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