Market price and level of firm output in short run, Microeconomics

+44 141 628 6080
[email protected]

Market price and level of firm output in short run

A perfectly competitive industry is composed of 60 firms. The industry demand curve is Q = 1100 - 40P , where P is price and Q is the total market demand. Firms have identical costs: C = 50 + 5q + 1/2q^2, where q is the firm's output. 2

(a) What is the market price and level of each firm's output in the short run?

(b) How much profit does each firm make? Comment.

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Market price and level of firm output in short run

Reference No:- TGS064640

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Microeconomics

Q : Communist economic system

Defenders of the communist economic system may point out that consumers pay lower prices for certain goods because the government imposes a limit on what producers may charge.

Q : What is the best communication channel for the situations

What is the best communication channel for the following situations?

Q : Functions of five primary federal regulatory commissions

Explain the major functions of the five primary federal regulatory commissions that govern social regulation.

Q : Depreciation expense using the straight-line rate

Diamond Company is considering investing in new equipment that will cost $600,000 with a 10-year useful life. The new equipment is expected to produce annual net income of $40,000 over its useful life. Depreciation expense, using the straight-line

Q : Market price and level of firm output in short run

Q : Overstatement or understatement

There are 3,000 accounts receivable with a gross value of $6,900,000. The accounts are similar in size and will be treated as a single stratum. An overstatement or understatement of more than $150,000 is considered material.

Q : Explain independent variables in multiple regression model

However, when both advertising and price are included as independent variables in a multiple regression model, neither variable has a statistically significant coefficient estimate.

Q : Definition of macroeconomics-national income

What are the definition of macroeconomics, national income, consumption, government spending, investment and net export. Compare microeconomic and macroeconomics.

Q : Determine the unadjusted rate of return

Income before taxes earned by the ice cream parlor is taxed at an effective rate of 20 percent. Determine the unadjusted rate of return (use average investment) for each alternative.

1954741

Questions
Asked

3,689

Active Tutors

1440529

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Market price and level of firm output in short run

Reference No:- TGS064640

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Communist economic system

Q : What is the best communication channel for the situations

Q : Functions of five primary federal regulatory commissions

Q : Depreciation expense using the straight-line rate

Q : Market price and level of firm output in short run

Q : Overstatement or understatement

Q : Explain independent variables in multiple regression model

Q : Definition of macroeconomics-national income

Q : Determine the unadjusted rate of return

What helps to be more professional

Searching for articles relating to young people

How social determinants of health affect the physiological

Compare independent variables, dependent variables

Describe psychology research methods

Discuss use of electronic devices like social media

How does instagram shape the ways we see our bodies

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Market price and level of firm output in short run

Reference No:- TGS064640

Recent Questions Asked Microeconomics

Q : Communist economic system

Q : What is the best communication channel for the situations

Q : Functions of five primary federal regulatory commissions

Q : Depreciation expense using the straight-line rate

Q : Market price and level of firm output in short run

Q : Overstatement or understatement

Q : Explain independent variables in multiple regression model

Q : Definition of macroeconomics-national income

Q : Determine the unadjusted rate of return

Asked Questions