Business, 21.09.2020 01:01 johnsonraiah5320

Problems and Applications Q11 Suppose that each firm in a competitive industry has the following costs:

Total Cost: TC=50+12q2TC=50+12q2
Marginal Cost: MC=qMC=q
where qq is an individual firm's quantity produced.

The market demand curve for this product is:

Demand QD=140?2PQD=140?2P
where PP is the price and QQ is the total quantity of the good.

Each firm's fixed cost is.

What is each firm's variable cost?

12q212q2

qq

50+12q50+12q

12q12q

Which of the following represents the equation for each firm's average total cost?

50q50q

50+12q50+12q

50q+12q50q+12q

12q12q

Complete the following table by computing the marginal cost and average total cost for qq from 5 to 15.

q Marginal Cost Average Total Cost
(Units) (Dollars) (Dollars)
5 12.50
6 11.33
7 10.64
8 10.25
9 10.06
10 10.00
11 10.05
12 10.17
13 10.35
14 10.57
15 10.83
The average total cost is at its minimum when the quantity each firm produces (qq) equals .

Which of the following represents the equation for each firm's supply curve in the short run?

50?q50?q

12q212q2

qq

120?12q2120?12q2

In the long run, the firm will remain in the market and produce if .

Currently, there are 8 firms in the market.

In the short run, in which the number of firms is fixed, the equilibrium price isand the total quantity produced in the market isunits. Each firm producesunits. (Hint: Total supply in the market equals the number of firms times the quantity supplied by each firm.)

In this equilibrium, each firm makes a profit of. (Note: Enter a negative number if the firm is incurring a loss.)

Firms have an incentive to the market.

In the long run, with free entry and exit, the equilibrium price isand the total quantity produced in the market isunits. There arefirms in the market, with each firm producingunits.

Answers: 2

Show answers

Other questions on the subject: Business

Business, 22.06.2019 03:00, plug30

Journalize the following transactions that occurred in september 2015 for aquamarines. no explanations are needed. identify each accounts payable and accounts receivable with the vendor or customer name. sep. 3 purchased merchandise inventory on account from shallin wholesalers, $5,000. terms 1/15, n/eom, fob shipping point. 4 paid freight bill of $80 on september 3 purchase. 4 purchased merchandise inventory for cash of $1,700. 6 returned $500 of inventory from september 3 purchase. 8 sold merchandise inventory to hermosa company, $6,000, on account. terms 2/15, n/35. cost of goods, $2,640. 9 purchased merchandise inventory on account from thomas wholesalers, $8,000. terms 2/10, n/30, fob destination. 10 made payment to shallin wholesalers for goods purchased on september 3, less return and discount. 12 received payment from hermosa company, less discount. 13 after negotiations, received a $200 allowance from thomas wholesalers. 15 sold merchandise inventory to jordan company, $2,500, on account. terms 1/10, n/eom. cost of goods, $1,050. 22 made payment, less allowance, to thomas wholesalers for goods purchased on september 9. 23 jordan company returned $400 of the merchandise sold on september 15. cost of goods, $160. 25 sold merchandise inventory to smithsons for $1,100 on account that cost $400. terms of 2/10, n/30 were offered, fob shipping point. as a courtesy to smithsons, $75 of freight was added to the invoice for which cash was paid by aquamarines. 26 after negotiations, granted a $100 allowance to smithsons for merchandise purchased on september 25. 29 received payment from smithsons, less allowance and discount. 30 received payment from jordan company, less return.

Answers: 2

continue

Business, 22.06.2019 07:30, mv603177

Most states have licensing registration requirements for child care centers and family daycare homes. these usually include minimum standard for operation. which of the following would you most likely find required in a statement of state licensing standards for child care centers?

Answers: 2

continue

Business, 22.06.2019 08:00, champ1135

Why is it vital to maintain a designer worksheet? a. it separates the designs chosen for the season from those rejected by the company. b. it keeps a record of all designs created by the designer for a season. c. it charts out the development of an entire line through the season and beyond. d. it tracks the development of a design along with costing and production details. done

Answers: 1

continue

Business, 22.06.2019 10:30, darius7967

True or false: a fitted model with more predictors will necessarily have a lower training set error than a model with fewer predictors.

Answers: 2

continue

You know the right answer?

Problems and Applications Q11 Suppose that each firm in a competitive industry has the following co...