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Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has constant marginal cost, MC = $3. Demand for the product that the firm produces is given by P = 27-3Q.
a) Fill in the table below. If any of your values have decimals, you may round to only one numeral after the decimal (nearest 10th of a dollar). Quantity of Output Price Total Cost Average Total Cost Total Revenue Profits 1 2 3 4 5 6 7 8 9
b) How much output will this firm produce if it maximizes profit?
c) What price should this firm charge if it wants to maximize profit?
A competitive industry currently consists of N= 10 identical firms. An individual firm's total cost function is given by TC = 0.5q2 + 200. Market demand is given by Q = 3000-5P. In the short run, how much will each firm produce in the equilibrium
The manager receives utility from her wages, and her utility function is w^1/2 , but incurs a cost depending on how hard she works (in other words, the manger's utility is w^1/2-cost). Write the manager's expected utility if she shirks.
You have just purchased a new Ford Taurus for $20,000, but the most you could get for it if you sold it privately is $15,000. Now you learn that Toyota is offering its Camry, which normally sells for $25,000, at a special sale price of $20,000.
Year Units of Output Price Per Unit 1 3 3 2 4 4 3 6 5 4 7 7 5 8 8 1. Refer to the above data. If year 3 is chosen as the base year, what is the price index for year 2. Refer to the above data. What is the nominal GDP for year 4
The demand curve for the firm's output in the second market is P2 = 80 - 2Q2, where P2 is the price of the product and Q2 is the amount sold in the second market. The firm's marginal cost curve is 5 + Q, where Q is the firm's entire output (destin..
Suppose that an economy consists of 100 households, 50 of which have no income in period 1 and income of $50,000 in period 2 and 50 of which have no income of $40,000 in period 1 and no income in perod 2. Assume that the price of the good in $1 in..
the daughter of a women with the income in the bottom third of the income distribution will herself have a 60% chance of being in the bottom third, a 25% chance of being in the middle third, and a 15% chance of being in the top third. Income Group..
If the newer equipment is purchased, it will have end-of-year O&M costs of $8,000 and a salvage value of $20,000 at that time. If the old equipment is retained, it will have to be supplemented in years 3, 4, and 5 by leasing a hi-def add-on unit c..
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150+28Q-5Q(squared) and C(Q)=100+8Q. (Note:MB(Q)=28-10Q and MC(Q)=8.) a. write out the equation for net benefits.
Suppose that the economy is thought to be 2% above potential (that is, the output gap is 2%) when potential output grows 4% per year. Suppose also that the Fed is following the Taylor rule, with an inflation rate of 2% over the past year.
The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given by P = 800 - 20 W Where W represents the number of widgets sold per period. What happens t o the economic profits earned by Widg..
A needy family of a mother and three children currently receives cash benefits that average $12 per day. The mother of this family is allowed to earn an average of $4 per day before her benefits begin to decline.
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