Reference no: EM131444834
Question: Suppose that the market for televisions is perfectly competitive and has 10 producers whose total cost curves are given by T C(Q) = 1 3 Q 3 - 10Q 2 + 150Q + 100 where Q is the quantity of televisions produced (in thousands per day).
(a) Accurately graph the marginal cost curve, average variable cost curve, and short run supply curve for all P = 0. Provide the formula for the firm's short-run supply curve, quantity supplied as a function of price, Qf irm(P), for all P = 0. Note that the firm supply curve should have two pieces. To solve for the firm supply curve, note that the marginal cost can be rewritten as MC(Q) = (Q - 10)2 + 50.
(b) Graph the short run market supply curve when there are 10 identical firms in the market. Provide the formula for the market supply curve, quantity supplied as a function of price, Qf irm(P), for all P = 0. Again, the market supply curve should have two pieces.
(c) Demand for televisions is given by QD = 400 - 2P. The regulators decide to institute a unit tax on television consumers and find that the market collapses. That is, 2 after the tax, no televisions are bought or sold. What can we say about the value of the unit tax? (You should answer with reference to specific numbers).
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: Suppose that the market for televisions is perfectly competitive and has 10 producers whose total cost curves are given by T C(Q) = 1 3 Q 3 - 10Q 2 + 150Q + 100 where Q is the quantity of televisions produced (in thousands per day).
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