In a perfectly competitive market industry demand is given

Question

MANAGERIAL ECONOMIC

In a perfectly competitive market, industry demand is given by the following equation:

Q = 1,000 - 2P.

The typical firm's total cost is given by the following equation:

TC = 300Q + 0.33Q²

A- What is the MC function?

B- What is the MR function?

C- What is the profit maximizing level of production for the typical firm?

D- What is the market price?

E- How much profit is this firm earning?

2- Suppose the demand function for a monopolist's product is given by 

Q = 50 - 0.5P

and the cost function is given by

C = 10 + 2Q

a-  Calculate the MC.

b- Calculate the MR.

c- Determine the profit-maximizing price.

d- Determine the profit-maximizing quantity.

e- How much profit will the monopolist make?

f- What is the value of the consumer surplus under monopoly?

g- What is the value of the consumer surplus under perfect competition?

h- What is the value of the deadweight loss when the market is a monopoly?

I- What is the value of the Lerner Index? Explain what this number means.

3- A monopoly firm has two factories for which costs are given by:

Factory #1:  C₁(Q₁) = 10 

Factory # 2: C₂(Q₂) = 20 

The firm faces the following demand curve:

P = 700 - 5Q

where Q is total output - i.e., Q = Q₁ + Q₂.

a- What is the MR function?

b- What is the MC function of each factory?

c- What is the total MC function of the firm?

d-Calculate the profit maximizing output levels of each factory?

e- What is the profit maximizing level of price?

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