Homework Answers
In long run equilibrium, Price = MC = ATC.
ATC = C(Q)/Q = (100/Q) + Q
2Q = (100/Q) + Q
Q = 100/Q
Q2 = 100
Q = 10
P = MC = 2 x 10 = 20
Demand: P = 80 - 0.04Q
0.04Q = 80 - P = 80 - 20 = 60
Q = 1500
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Question 12 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are...
Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the...
Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q)= 1002 with MC(Q)=2Q. Suppose also that market demand is given by P(Q)=A-0.04Q, where A-40.0. What is the equilibrium market quantity? No units, no rounding. Your Answer: Your Answer
Question 12 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are...
Question 12 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q) = 100+Q2 with MCQ)=20. Suppose also that market demand is given by P(Q)=A-0.040, where A=40.0. What is the equilibrium market quantity? No units, no rounding. VA
Question 11 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are...
Question 11 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q) = A + Q2 with fixed cost A=$175.0 and MC(Q)=2Q. What is the market equilibrium price? No units. If necessary, round to 2 decimal places. Your Answer: Your Answer
Question 1 a) b) Suppose that all existing firms in a long-run competitive market equilibrium are...
Question 1
a)
b)
Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q) = A + Q2 with fixed cost A=$150.0 and MC(Q)=2Q. What is the market equilibrium price? No units. If necessary, round to 2 decimal places. Question 6 (1 point) Saved Suppose that in a perfectly competitive market, demand and supply are given by QD = 100 – bP QS = P – 20 where b=1.5. The...
This is a two part question. Suppose that all firms in a perfectly competitive market are...
This is a two part question.
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Question 10 (1 point) In a long-run competitive market equilibrium, existing firms produce at the efficient...
Question 10 (1 point) In a long-run competitive market equilibrium, existing firms produce at the efficient scale of production and make zero profit. True False Question 11 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q) = A +Q2 with fixed cost A=$125.0 and MCIQ)=2Q. What is the market equilibrium price? No units. If necessary, round to 2 decimal places. Your Answer: Your Answer
Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost...
Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C() A2 with fixed cost A=$200.0 and MC(Q)=2Q. What is the market equilibrium price? No units. If necessary, round to 2 decimal places.
Firms in the short run market equilibrium from question 14 make positive profit. so, eventually new...
Firms in the short run market equilibrium
from question 14 make positive profit. so, eventually new firms
will enter the market and sunk fixed cost become avoidable fixed
cost and the market enter a new long run market equilibrium.How
many firms will exist in this new long run market equilibrium? no
units , no rounding
Question 14 (1 point) Saved Consider the long-run market equilibrium in Question 13 as a starting point. Now suppose that demand changes to Q=120.0-4P overnight....
Short-run Equilibrium: Bumper sticker firms produce bumper stickers in a perfectly competitive market. Each identical firm...
Short-run Equilibrium: Bumper sticker firms produce bumper stickers in a perfectly competitive market. Each identical firm has a short-run total cost function equal to: STC (Q) = 3 + 2q + 2Q2. Suppose that there are 100 firms, and the market demand is D(P) = 100 - 5P where D(P) is the quantity consumed in the market when the market price is P. 1. What is the short-run equilibrium price? 2. How much does each firm produce? 3. Are they...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run e...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q)= 1002 with MC(Q)=2Q. Suppose also that market demand is given by P(Q)=A-0.04Q, where A-40.0. What is the equilibrium market quantity? No units, no rounding. Your Answer: Your Answer
Question 12 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q) = 100+Q2 with MCQ)=20. Suppose also that market demand is given by P(Q)=A-0.040, where A=40.0. What is the equilibrium market quantity? No units, no rounding. VA
Question 11 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q) = A + Q2 with fixed cost A=$175.0 and MC(Q)=2Q. What is the market equilibrium price? No units. If necessary, round to 2 decimal places. Your Answer: Your Answer
Question 1
a)
b)
Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q) = A + Q2 with fixed cost A=$150.0 and MC(Q)=2Q. What is the market equilibrium price? No units. If necessary, round to 2 decimal places. Question 6 (1 point) Saved Suppose that in a perfectly competitive market, demand and supply are given by QD = 100 – bP QS = P – 20 where b=1.5. The...
This is a two part question.
Suppose that all firms in a perfectly competitive market are identical and have the following cost function C(Q)= 16Q with MC-2Q. Suppose that fixed cost are all avoidable. Market demand is given by Q=A-4P, where A-80.0. How many firms exist in the long-run market equilibrium? No units, no rounding. Your Answer: Your Answer Question 14 (1 point) Consider the long-run market equilibrium in Question 13 as a starting point. Now suppose that demand changes...
Question 10 (1 point) In a long-run competitive market equilibrium, existing firms produce at the efficient scale of production and make zero profit. True False Question 11 (1 point) Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C(Q) = A +Q2 with fixed cost A=$125.0 and MCIQ)=2Q. What is the market equilibrium price? No units. If necessary, round to 2 decimal places. Your Answer: Your Answer
Suppose that all existing firms in a long-run competitive market equilibrium are identical and have the following cost function C() A2 with fixed cost A=$200.0 and MC(Q)=2Q. What is the market equilibrium price? No units. If necessary, round to 2 decimal places.
Firms in the short run market equilibrium
from question 14 make positive profit. so, eventually new firms
will enter the market and sunk fixed cost become avoidable fixed
cost and the market enter a new long run market equilibrium.How
many firms will exist in this new long run market equilibrium? no
units , no rounding
Question 14 (1 point) Saved Consider the long-run market equilibrium in Question 13 as a starting point. Now suppose that demand changes to Q=120.0-4P overnight....
Short-run Equilibrium: Bumper sticker firms produce bumper stickers in a perfectly competitive market. Each identical firm has a short-run total cost function equal to: STC (Q) = 3 + 2q + 2Q2. Suppose that there are 100 firms, and the market demand is D(P) = 100 - 5P where D(P) is the quantity consumed in the market when the market price is P. 1. What is the short-run equilibrium price? 2. How much does each firm produce? 3. Are they...
Suppose there is a monopolistically competitive market with n identical firms, such that each firm produces the same quantity, q. Further, the market is in the monopolistically competitive long-run equilibrium. You are given the following: Inverse market demand: P 10-Q Total market output: Qnxq Marginal revenue: MR 10n+ 1)xq Total cost: C(q)-5+q Marginal cost: MC 2xq In long-run equilibrium, each firm earns zero economic profit. In long-run equilibrium, the number of firms, n, is and each firm produces units) of...
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