Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 13, Problem 3.1P
To determine

Total revenue, total cost, profit, consumer surplus, and dead weight loss.

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A firm faces the following average revenue (demand) curve: P = 100 - 0.01Q where Q is weekly production and P is price, measured in cents per unit. The firm's cost function is given by C = 50Q + 30,000. Assuming the firm maximizes profits, the firm's level of production is price in cents is and total profit per week in dollars is (please put your answer for price, quantity and profit in numerical values without any dollar sign, comma or decimal place). If the government decides to levy a tax of 10 cents per unit on this product, the new level of production is the price received by the monopolists after tax in cents is and total profit per week in dollars is the price facing the consumer after the imposition of the tax in cents is (please put your answer for price, quantity and profit in numerical values without any dollar sign, comma or decimal place).
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ (Enter your response rounded to two decimal places.) Suppose that the average variable cost of the firm (AVC) is given by MC(q)=3+2q. AVC(q)=3+1q. Suppose that the firm's fixed costs (FC) are known to be $50. Will the firm be eaming a positive, negative, or zero profit in the short run? In the short run, the firm's profit will be positive Enter your answer in each of the answer boxes.
I need to second half answered.  JointJuice produces a prepackaged joint support supplement for relief of joint pain with 180 tablets per bottle and operates in a perfectly competitive market. Basically, all the firms in this competitive market have technologies (production and cost conditions) that are the same as JointJuice’s. Suppose JointJuice’s total cost function is given by the following where q is JointJuice’s quantity of packages per day: C(q) = 250 + 6q + 0.1q^2   The market demand function for the output in this market is given by: Q = 1848 - 2P If there are 20 identical firms in this industry, find the market equilibrium price for the prepackaged supplements. Calculate JointJuice’s optimal output level and profits given the market price for the product. If JointJuice is typical of the firms in this industry calculate the firm’s long-run equilibrium output, price, and profit level. - answers for first half  JointJuice is a prepackages supplement-producing firm. Suppose…
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