P=100 TC= 2q+q^2 1) Find q* 2) Find ATC, MC 3) Plot MR, ATC, MC, d...
P=100
TC= 2q+q^2
1) Find q*
2) Find ATC, MC
3) Plot MR, ATC, MC, d and show profit
4) Based on profit what do you expect to happen as a result?
Homework Answers
1) Use P = MC. Here MC = 2 + 2q. Then we have 100 = 2 + 2q or q = 98/2 = 49. Hence q* = 49
2) ATC = C/q = 2 + q = $51. MC = 2 + 2*q = 100
3) Graph plot is provided below. Profit is shown as green shaded region
4) We expect new firms entering the industry in the long run due to positive economic profits in short run. This would drive down the price and it will reach the minimum of ATC which is $2.
Add Answer to:
P=100
TC= 2q+q^2
1) Find q*
2) Find ATC, MC
3) Plot MR, ATC, MC, d...
P = 225 - q TC = 5q MC = MR MC = 5 MR =...
P = 225 - q
TC = 5q
MC = MR
MC = 5
MR = 225 - 2q
5 = 225 - 2q
2q = 225 - 5
q = 220/2
= 110
P = 225 - 110
= 115
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P = 225 - q
TC = 5q
MC = MR
MC = 5
MR = 225 - 2q
5 = 225 - 2q
2q = 225 - 5
q = 220/2
= 110
P = 225 - 110
= 115
Duopoly Continuing with our latinum market example from last week, imagine that the government has noted the extreme restriction in latinum supplied and wishes to remedy the situation. While regulators are not willing to completely reopen the market, they...
MR, MC, and ATC $12.00 MC $10.00 $8.00 $6.00 $4.00 ATC ATC = $2.75 $2.00 MR P = $1.50 $0.00 0 1 120 20 40 Average Total Cost (ATC) 60 - Marginal Cost (MC) 80 100 R Marginal Revenue (MR) Question 2 of Quiz 4: If the firm maximizes the profit, calculate the profit of the perfectly competitive firm when the price is $1.5, show your calculation. Is that equal to the size of the red rectangle?
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