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1. A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Determine the profit-maximizing level of output.
2. A perfectly competitive firm's lowest average total cost is $48 and the corresponding average variable cost at that output is $24. Marginal cost and average variable cost are equal at $10. Assuming that the firm is presently producing a quantity at which average total cost is at its minimum, what does it pay the firm to do if:
a. The market price is $49?
b. The price is $30?
c. The price is $8?
3. Explain why P = MC in the short-run, profit-maximizing equilibrium of the perfectly competitive firm, whereas in long-run equilibrium P = MC = AC.
The production engineers at Impact Industries have derived the optimal combinations of labor and capital (the only two inputs used by Impact) for three levels of output: 120, 180, and 240 units of output:
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
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A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
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