Reference no: EM13183342
1. In a competitive market, there are two groups of firms. For every firm in group A, the long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 20 and output is 4. There is an unlimited number of firms in group A. Every firm in group B has a special resource used as an input. For every firm in group B , long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 10 and output is 6. For these firms, we also know that when output is 25, marginal cost is 20. There are only 100 firms in group B.
Answer the following questions:
a. If market demand curve is given by
Q = 10,000 - 10p,
find
Long run equilibrium price
Industry output
Output of every firm in Group A
Output of every firm in Group B.
Number of firms in group A that produce positive output in long run equilibrium
Number of firms in group B that produce positive output in long run equilibrium
b. If market demand curve is given by
Q = 400 - 10p,
find
Long run equilibrium price
Industry output
Output of every firm in Group A
Output of every firm in Group B.
Number of firms in group A that produce positive output in long run equilibrium
Number of firms in group B that produce positive output in long run equilibrium
2. Construct a short-run supply function for a firm whose short-run cost function is
C= = 0.04q^3 - 0.8q^2 +10q+5
3. The long run cost function for each firm is
C = q^3 - 4q^2 + 8q.
Find the industry's long run supply curve. If the market demand curve is is D = 200 - 10p, find equilibrium price, total output, firm output and number of firms.
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: In a competitive market, there are two groups of firms. For every firm in group A, the long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 20 and output is 4. There is an unlimited number of firms in group A. Every firm ..
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