Each firm in a constant costs competitive industry has C = 2q2 + 2 and MC = 4q. Demand is Q = 400 - 10P. Next month the government will introduce a lump sum tax of 6 dollars. How many firms would exit this industry in response to the lump sum tax?
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- What is the marginal revenue for the following: qty: 100, 200 Price:39750, 39500 Revenue:3975000, 7900000 Total Cost: 2000000,4000000 Profits: 1975000,3900000 Marginal Revenue ___?, ___? Suppose that managers at Honda are deciding how to price the new Honda Accord. The managers estimate that their total costs increase by $20,000 for each car they produce. They also estimate the demand curve they face; it is described by the equation: Q = -0.4 P + 16,000, where Q represents the quantity of Honda Accords they will sell and P represents the price they charge in US dollars. We can re-write that demand curve as: P = 40,000 - 2.5 Q. Take every possibly quantity that the managers might choose between 0 and 7,000 in units of 100. For each possible quantity, calculate the associated price the managers would need to charge, the revenue they would earn, and the total costs. You can then calculate profits for each level of quantity. Highlight the cell that contains the highest value of profit.…Natural-ExP is a unique company that is dedicated to making day trips to the Nevado de Toluca. The service includes transportation, food and guide service. Being the number of tickets sold, if the cost function of serving a new customer is Cmg = 20q, the marginal revenue function Img = 600−40q and the demand is q = (600 − p) /20. Under this scenario, what is the price of the excursion. $400 $600 $300 $100Each firm in a perfectly competitive industry has total costs c = q2 – n + 16. Market demand is Q = 24 – 2p. Government introduces a tax of t = 1 dollar per unit. After entry/exit there will be n2 = _________ firms in this industry..
- Each firm in a perfectly competitive industry has total costs c = q2 – n + 16. Market demand is Q = 24 – 2p. Government introduces a tax of t = 1 dollar per unit. After entry/exit there will be n2 = _________ firms in this industry. Typed and correct answer please. I ll rateQUESTION 2a. A firm faces the following average revenue (demand) curve:P = 120 − 0.02Qwhere Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C = 60Q + 25,000. Assume that the firm maximizes profits. i. What is the level of production, price, and total profit per week?ii. If the government decides to levy a tax of 14 cents per unit on this product, what will be the new level of production, price, and profit? b. The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Q = 250 – 10P, where Q is quantity (in millions of pounds) and P is the market price per pound of coffee. World producers can harvest and ship coffee to U.S. distributors at a constant marginal (= average) cost of $8 per pound. U.S. distributors can in turn distribute coffee for a constant $2 per pound. The U.S. coffee market is competitive. Congress is considering a tariff on coffee imports of…Bitcom, a manufacturer of electronics, estimates the following relation between marginal cost of production and monthly output: MC= $150+ 0.005Q Compute Bitcom’s short-run supply curve for its product. Show Calculations and can it be done in Excel?
- . An electricity producer has a constant marginal cost of production equal to $40 per megawatt. The residual demand for its electricity is given by P (q) = a−bq, where P is the price and q is the quantity of power generated by this producer. The producer knows the slope, b, but he vertical intercept of the residual demand curve, a is unknown. Assume A and B are greater than zero. If you get stuck, you may answer any of the following questions for special case where a = 80 And b = 0.5 for partial credit. (a) What is the marginal revenue, M R(q), for this producer? b) What is the optimal q for this producer? (c) What is the electricity producer’s optimal price? (d) What is the electricity producer’s optimal bid in a uniform price Auction? e) Suppose b is equal to zero. Would the producer have an incentive to submit a bid above its marginal cost? Explain.Suppose that the marginal revenue from the sale of x units of a product is MR = R'(x) = 7e0.01x. What is the revenue in dollars nearest cent.) $ Submit AnswerAssume a competitive firm faces a market price of $120, and a cost curve of: C = 0.004q° + 25q + 750. Marginal cost (MC) equals MC = 0.012g + 25. (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) If a specific tax of $7 per unit is passed, what would be the new equilibrium output level? It would be units. (Round your answer to two decimal places.) y Reson Etion étv 13 MacBook Air esc F2 %23 & 2 3 4. Q E R Y tab A F G つ caps lock C V shift fn control option command う エ
- 12 A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results: Qd = 25,000 5,000P+ 25M eBook Print References Qs = 240,000 + 5,000P-2,000P1 where P is price, M is income, and P₁ is the price of a key input. The forecasts for the next year are M = $15,000 and P₁= $20. Average variable cost is estimated to be AVC= 14 -0.008Q + 0.000002Q² Total fixed cost will be $6,000 next year. Suppose that income next year is forecasted to be $10,000 instead. What is the revised price forecast for next year? Multiple Choice O O O O $5.00 $7.50 $15.75 $10.50 $12.00K The marginal revenue and marginal cost functions of a food importer are given by 6e0.05Q MR=400-0.5Q and MC = If the firm makes a profit of 3500 when Q=8, calculate the profit when Q=12. Give your answer to two decimal places. The firm makes a profit of CamScannYour firm "We Work Eot U" rents access to shared open office spaces for a price of S540 per year. The market is perfectly competitive as consumers have many of these "We Work" rental companies to choose from. Your firm's total revenue function is written: TR = (540) Q. The total cost function is written: TC = 80,000+ 40Q + 0.5Q? a. To maximize profits, what is the optimal number of office spaces to rent? Show your work. b. How much (in dollars) are total profits at the profit-maximizing output level? Show your work. c. In the long run, assuming no barriers to entry and exit into this industry, what will happen to profits and to the market price?
