Each firm in a competitive market has a cost function of: C=25 + q°, so its marginal cost function is MC = 2q. The market demand function is Q= 40-p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is. (round your answer to the nearest integer)
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- 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.) Enter your answer in each of the answer boxes.Each firm in a competitive market has a cost function of: C= 49 + q?. so its marginal cost function is MC = 2q. The market demand function is Q = 56 -p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The output per firm is. (round your answer to the nearest integer) The long-run equilibrium number of firms is (round your answer to the nearest integer) The long-run equilibrium price is $. (round your answer to the nearest penny)Each firm in a competitive market has a cost function of C= 10g - 49² +g°. There are an unlimited number of potential firms in this market. The market demand function is Q= 34 -D. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The long-run equilibrium price is $ (Enter your response as a whole number.) DEC 13 O tv MacBook Air 80 DII esc F1 F2 F3 F4 F5 F6 F7 FB @ $ % & 1 2 3 4 7 8. Q W Y tab S J caps lock C M. control option command つ エ > *: レ
- A perfectly competitive industry is in long-run equilibrium. Each of the identical firms has a long- run cost function C = 100 + q². As a result, a firm's marginal cost function is MC = 2q. In the long-run competitive equilibrium, (a) How much does the firm produce? (b) What is the equilibrium price? (c) If the market quantity demanded at the equilibrium price is Q = 2500, how many firms are in the market?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 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)
- Two farmers produce milk for local town with local milk demand given by Q=100-1/3P (P denotes price measured in Rands, Q denotes the quantity measured in litres). Both farmers have the same cost function given by TC=150+2q (where q denotes output)a. What output should farmer 1 produce if he or she expects their rival to produce 20 units?Consider a perfectly competitive market with the market demand functionQd = 1000 − 10pThere are many small, identical firms in the market. Each firm has the marginal cost function:MC = 10 + 10qand the average total cost function:ATC = 45/q + 10 + 5q(a) Suppose the equilibrium price is currently 30 (in the short run). Determine the quantity sold by eachfirm, the market equilibrium quantity, and the number of firms there must be in the market. Hint: Onceyou know the market quantity and quantity per firm, you can back out the number of firms.(b) If entry and exit is possible in the long run, determine long-run equilibrium price, quantity sold by eachfirm, the market equilibrium quantity, and the number of firms there will beSuppose that the market demand for a product is given by ( A > 0 and B > 0). Suppose QABP=-also that in a competitive industry the typical firm’s cost function is given by (k > 2()Cqkaqbq=++0, a > 0 and b > 0).(a) Calculate the long-run equilibrium market price and the output for the typical firm. (b) Calculate the equilibrium number of firms in the market.(c) Describe how changes in the demand parameters A and B affect the equilibrium number of firms in this market. Explain your results intuitively.
- The figure below shows the supply and the demand for a good (left) and the cost curves of an individual firm in this market (right). Assume that all firms in this market, including the potential entrants, have identical cost curves. Initially, the market is in equilibrium at point A. Price Cost MC ATC A 4 2 1 D 2 4 6 8 10 12 Quantity Quantity Refer to the figure above. Suppose that the market has reached the long-run equilibrium. Then, due to news of the product's defects and recall, the demand falls by 4 units at each price. At the new equilibrium, each firm in the market earns and there will be a. zero economic profit; neither entry nor exit of firms b. positive economic profit; entries of new firms C. zero accounting profit; both entry and exit of firms d. negative economic profit; exit of existing firms1. Emad is a lettuce supplier in a perfectly competitive lettuce market in Kuwait. If the demand for lettuce in Kuwait is given by: Qo = 40,000 – 10,000P, Where Q is the quantity of lettuce boxes and P is the price of a lettuce box. In the short-run, Emad's has the following total cost function for his production of lettuce: TCimad = 0.25Q +Q +3 Assume that Emad is one of 1000 sellers in the Kuwaiti lettuce market with identical costs. Answer the following questions: e. wnat is tne market suppiy tunction in the short-run? 1. What is the short-run equilibrium price and equilibrium quantity in this market? g. Draw a rough sketch of the market demand and supply functions, showing the optimal point and all intersections with the horizontal and vertical axes. h. What is the demand function for Emad's lettuce in the short-run?Suppose there are only two firms in a competitive market for a good. Firm 1's marginal cost curve is given by MC = 2.5 +0.5Q and the equation of 4+Q³. What is the equation of the - firm 2's marginal cost curve is MC supply function for this market? - a) MC = 6.5 +1.5Q⁹ b) MC = 0.33Q⁹ +3 c) Q³ = 3p - 9 d) P = 6.5 +1.5Qs