Conditions required for a competitive market

Assignment Help Business Economics
Reference no: EM132262333

Suppose that the (inverse) demand curve for Cranberries is given by P = 40 - 6Q and TC = $4Q + $3Q2

a. What are four conditions required for a competitive market?

b. What is equilibrium Price and Quantity and Profit if the market is competitive?

c. What is equilibrium Price and Quantity and Profit if there are two firms in the market (note Q = q1 + q2)?

d. What is equilibrium Price and Quantity and Profit if there are monopoly in the market (note Q = Q)?

e. If there were 3 firms, where do you estimate the output and the price would be-this does not require a mathematical calculation-it is based on the expectations created by the prior three answers (1-b, 1-c, and 1-d).

Reference no: EM132262333

Questions Cloud

Discuss opposing viewpoints about free trade : By the 1990s, the US was stepping into the "Information Age". This would coincide with the presidency of Bill Clinton. One can also see this as a period.
Capital share of net domestic output equal : Consider a country with a capital share of net domestic output equal to 30%. Then, what is the minimum possible ratio of national income to net domestic output?
What is the total cost assuming no purchase discounts : When should the Dean's Office reorder copy paper? What is the total cost assuming no purchase discounts?
Money and monetary policies : What are the uses of money? How do banks help the Federal Reserve Bank to create money?
Conditions required for a competitive market : Suppose that the (inverse) demand curve for Cranberries is given by P = 40 - 6Q and TC = $4Q + $3Q2
Discuss in detail why you made the interpretation you did : Discuss in some detail WHY you made the interpretation you did, this should be at least 3 or 4 sentences and assess which parts of the painting suggest.
Would you say that most people are born creative : Would you say that most people are born 'creative'? Why or why not.
Why is allocative efficiency also wasteful : It is clear that productive inefficiency is a waste since resources are being used in a way that produces less goods and services than a nation is capable of.
What is globalization : What is globalization and how do you think it might have affected the economy over the past decade.

Reviews

Write a Review

Business Economics Questions & Answers

  Achieve economies of scale in producing small electric

Consider a firm whose competitive advantage is built almost entirely on its ability to achieve economies of scale in producing small electric motors

  The inverse demand in cournot dupoly

The inverse demand in a Cournot dupoly is P=a-b(Q1+Q2) and costs are c1(Q1)=c1Q1,and C2(Q2)=c2Q2. The government has imposed a per unit tax of $t on each unit sold by each firm. The tax revue is ?

  An individual has an income per month

An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Assume instead that the government had given the individual $100 in cash. Draw the new budget constrain..

  Explain how much of the tax will the sellers pay

Explain how much of the tax will the sellers pay. How much will the buyer pay for the product after the tax is imposed.

  Consider nation where the inflation rate

Consider a nation where the inflation rate is currently 2% and bonds earn real interest of 3%. Calculate the cost of holding money (as opposed to bonds). Express your answer "as a percent, but without the percentage sign." Follow all numeric instruct..

  Price discrimination bad

What three conditions must hold for a firm to successfully price discriminate? What is the difference between price discrimination and other forms of discrimination? In your opinion, is price discrimination bad?

  What is the steady-state output per capita level

Assume an economy with an aggregate production function of the form Y = 1.5K. If the nation’s population grows at 5%, the rate of depreciation is 3%, and the savings rate is 8%, what is the steady-state output per capita level?

  Construct the probability distribution for x

a. Construct the probability distribution for X. Construct the corresponding probability histogram. (How do I get probability of each one?)

  Find the monopolist profit-maximizing quantity

The marginal cost is constant and equal to 40, so variable cost is 40Q. The fixed cost is 90,000. Find the monopolist's profit-maximizing quantity.

  Calculate the family marginal and average tax rates

Suppose the tax rate is 10% on the first $20,000 of taxable income, then 25% on the next $30,000, then 50% on all taxable income above $50,000. The government also provides a $4,000 exemption per family member. (a) Ben’s family has three members and ..

  Internal corporate memorandum

Marriott Hotel write an internal corporate memorandum (business memo) to the General Managers of the individual hotels in the company (or Hotel Managers You should inform them in a convincing way that all units company-wide and world-wide are to star..

  Discussed relating to the labor force and unemployment

Based on the population classifications we discussed relating to the labor force and unemployment, determine whether each of the following statements is true or false.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd