Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 23, Problem 4QP

Is there a deadweight loss if a firm produces the quantity of output at which price equals marginal cost? Explain.

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The market for paperback detective novels is perfectly competitive. Market Demand is given by Q=450-6P. Market Supply is given by Q=4P-13. Suppose 21 units are bought to the market. Consider the Marginal Cost of production for these 21 units. What is the maximum Marginal Cost of production of these 21 units? Enter a number only, do not include the $ sign. Hint: 21 doesn't have to be the market quantity.
Demand for microprocessors is given by P = 35 – 5Q , where Q is the quantity of microchips (in millions). The typical firm’s total cost of producing a chip is Ci = 5qi­, where qi is the output of firm i. a) Under perfect competition, what are the equilibrium price and quantity?
In a market there is a single firm whose total cost curve is CT = 40q. The market demand is Q = 1000 - P. What is the equilibrium price and quantity at this market? What is the profit of the firm in the short term? Which is the deadweight loss associated with lack of competition?
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