You’ve been given a firm’s production and cost functions: p = 132 −2q M C = 12 + 4q Assume this firm is in a monopoly market. Calculate the equilibrium price and quantity. (d) What is the firm’s profit here? (e) Give an example of a perfectly competitive agricultural market, and give an example of a monopoly agricultural
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You’ve been given a firm’s production and cost functions:
p = 132 −2q
M C = 12 + 4q
Assume this firm is in a
(d) What is the firm’s profit here?
(e) Give an example of a
monopoly agricultural market.
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- A firm in a perfectly competitive industry has patented a newprocess for making widgets. The new process lowers the firm’saverage cost, meaning that this firm alone (although still aprice taker) can earn real economic profits in the long run. a. If the market price is $20 per widget and the firm’s marginalcost is given by MC=0.4q , where q is the dailywidget production for the firm, how many widgets willthe firm produce? b. Suppose a government study has found that the firm’snew process is polluting the air and estimates the socialmarginal cost of widget production by this firm to be. If the market price is still $20, what is thesocially optimal level of production for the firm? Whatshould be the rate of a government-imposed excise tax tobring about this optimal level of production? c. Graph your results.Only typed answer You’ve been given a firm’s production and cost functions: p = 132 − 2q MC = 12 + 4q Assume this firm is in a perfectly competitive market. Calculate the equilibrium price and quantity. What is the firm’s profit here? Assume this firm is in a monopoly market. Calculate the equilibrium price and quantity. What is the firm’s profit here?Suppose that each firm in a competitive industry has thefollowing costs: Total cost: TC=50 + 1/2q^2 Marginal cost: MC=q where q is an individual firm’s quantity produced. The marketdemand curve for this product is Demand: QD = 120 – P where P is the price and Q is the total quantity of the good.Currently, there are 9 firms in the market. a. What is each firm’s fixed cost? What is its variable cost?Give the equation for average total cost. b. Graph average total cost curve and the marginal cost curvefor q from 5 to 15. At what quantity is average total cost curve atits minimum? What us marginal cost and average total cost at thisquantity? c. Give the equation each firm’s supply curve. d. Give the equation for the market supply curve for the shortrun in which the number of firms is fixed. e. What is the equilibrium price and quantity for this market inthe short run? f. In this equilibrium, how much does each firm produce?Calculate each firm’s profit or loss. Is there incentive for…
- Question 14 A typical firm in a competative market has a marginal cost of MC = 8 + 0.1q, The current market equilibrium prices is P = $43.2. What is the firm's profit maximizing quantity? (Please keep 1 decimal place)You are given the following information for a producer of organic grommets in a perfectly competitive market. TFC $8 Market price = $9 Quantity 1 2 3 4 5 6 MC ($) 8 7 6 8 10 13 The marginal cost of production appears in the table above. What is the profit-maximizing output? Is the firm making a profit or loss? How much? Output: (Click to select) $Task: monopoly. 1. The market demand for a good (say, Starfleet tricorders) has the market demand 100 2P. Fixed costs for a firm are 20 and variable costs are function of Q(P) VC(Q) = 10Q. = TM Plot the demand, supply, marginal revenue, marginal cost, and average total cost curves (labels!) • Is this a competitive market? How can you tell? • What are the equilibrium quantity and price in this market? Indicate this on the graph. • What are the profits if there are any? Indicate the area on the graph if applicable.
- Y6 Suppose that a market consists of 300 identical firms, all with the same cost curve: TC(4) = 0.1 + 150g?. The market demand is given by Qd(p) = 60 - p (a) What is the equilibrium price and quantity? (b) What quantity must each firm produce and sell at equilibrium? (c) Do firms make positive profits in the market equilibrium? (d) Calculate consumers' surplus, producers' surplus and total surplus.What is Marginal Revenue equal to for a firm in a competitive market?You are given the following information for a producer of organic grommets in a perfectly competitive market. TFC = $8 Market price = $13 Quantity MC ($) 1 10 2 8 3 9 4 11 5 14 6 18 The marginal cost of production appears in the table above. What is the profit-maximizing output? Is the firm making a profit or loss? How much?
- Each of the 8 firms in a competitive market has a cost function of C= 5+q?. The market demand function is Q = 120 - p. Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is $ (Enter your response as a whole number.) The quantity per firm is q= units. (Enter your response as a whole number.) The market quantity is Q = units. (Enter your response as a whole number.)Each of 1,000 identical firms in the competitive peanut butter industry has a short-run marginal cost curve given by SMC = 2 + Q. If the demand curve for this industry is P=22- 3Q 1,000' what will be the short-run loss in producer and consumer surplus if an outbreak of aflatoxin suddenly makes it impossible to produce any peanut butter? Instructions: Round your answers to the nearest whole number. Producer surplus: $ Consumer surplus: $Each of the 10 firms in a competitive market has a cost function of C=5+ q? The market demand function is Q = 420 -p. Determine the equilibrium price, quantity per firm, and market quantity The equilibrium price is $ (Enter your response as a whole number) The quantity per firm is q=units. (Enter your response as a whole number) The market quantity is Q=units. (Enter your response as a whole number)
