The demand in a market is given by D(p) = 10 - p². There are 6 ompetitive sellers each with a cost function C(q) = ²/+q². 1 D Find the supply curve for an individual seller and the supply curve fo the market. Find the short run competitive equilibrium price with the 6 sellers. Find a long run competitive equilibrium price and number of sellers.
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- 20) In a given market, a competitive equilibrium is described byA) a price only.B) a quantity only.C) the excess supply minus one half of the excess demand.D) the excess supply plus one half of the excess demand.E) a price and a quantity.what is the market equilibrium point (in ordered pair)A retail chain will buy 900 cordless phones if the price is $30 each and 800 if the price is $40. A wholesaler will supply 350 phones at $40 each and 1400 at $70 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means.
- = = 41. Suppose that the market for cigarettes is initially in equilibrium and is perfectly competitive. The demand curve can be expressed as P 60Qd; the supply curve can be expressed as P 0.5Qs. Quantity is expressed in millions of boxes per month. What are the amount traded and the price for this market? a) Q = 40; P = 20 b) Q = 20; P = 40 c) Q = 30; P = 30 d) Q = 30; P = 15A market has an inverse demand curve of P = 40-Q and marginal cost of MC = 4+2Q. Find the competitive equilibrium price, quantity, and surplus. Show your work.If the supply and demand functions are specified as follows : a. P = 10 - 2Q and P = 2/3Q + 1 b. Q = P ² + 5P + 1 and Q = 9 - P² Find : a. Its market equilibrium
- Market demand is given as Qd = 80 – 2P. Market supply is given as Qs = 2P. In a perfectly competitive equilibrium, what will be price and quantity traded in the market? A. price will be $20 and quantity will be 10 B. price will be $20 and quantity will be 40 C. price will be $40 and quantity will be 20 D. price will be $10 and quantity will be 20QUESTION 1 A bakery sells its cakes in two different neighbourhoods (Neighbourhood 1 and 2). Neighbourhood 1’s demand function is given by P1=50-0.5Q1. Meanwhile, the demand in Neighbourhood 2 is P2=20-0.25Q2 . The bakery total cost is C=[ 3Q]2/ 108 where Q=Q1+Q2. a) Suppose the bakery can price discriminate between the two neighbourhoods. Calculate the price and quantity for each of the neighbourhoods that maximises this bakery profit. What is the profit obtained from selling the cakes in Neighbourhood 1? Is it the same as the profit obtained from selling cakes in Neighbourhood 2? Justify your answer. b) Find the price elasticities of demand at the equilibrium prices and quantities.The market for Ramen noodle bowls is perfectly competitive. Market demand is given by Q=67-3P. If 19 bowls of noodles are demanded in the market, what is market price? Enter a number only. Remember, fractions of goods are possible.
- The graph contains individual supply curves for the only two firms in a hypothetical market for stuffed animals. Place the market supply curve at the correct location on the graph. Then, consider what would happen to the market if a third supplier enters the market, holding all else constant. Price per Stuffed Animal (5) 10 9 8 A 6 0 5 m 0 Market for Stuffed Animals Firm I Firm 2 Market 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Quantity of Stuffed Animals A third firm would mean O Firm 1 and Firm 2 would lower output to accommodate the new supplier in order to keep market supply constant. O market supply increases. O higher prices of stuffed animals. O market supply decreases.We assume perfect competition on the market for Mobil phones. The demand and supply curve is given as follows: PAS (x) = -5000 +100x P^d (x) = 7000 - 50x Calculate the equilibrium price and equilibrium quantity. Chose an answer. а. X-D70, р33000 5. X=3000, p=80 c. X =40, p=2500 d. X-80, р33000The table shows the town of Driveaway's demand schedule for gasoline. Assume the town's gasoline seller(s) incurs a cost of $2 for each gallon sold, with no fixed cost. Quantity Price Total Revenue (Gallons) (Dollars per gallon) (Dollars) 8 50 7 350 100 600 150 750 200 4 800 250 3 750 If there are exactly five sellers of gasoline in Driveaway and if they collude, then which of the following outcomes would be most profitable for the sellers? Each seller will sell 30 gallons and charge a price of $5. Each seller will sell 50 gallons and charge a price of $3. Each seller will sell 30 gallons and charge a price of $4. Each seller will sell 40 gallons and charge a price of $4. O O