Saturday
April 19, 2014

Homework Help: Economics

Posted by hiten on Monday, November 29, 2010 at 1:26pm.

Suppose a monopolistically competitive firmís demand is given by
P = 100 Ė 2Q
And its cost function is given by
TC = 5 + 2Q
a. Find the profit maximizing quantity, price, and total profit level.
b. Is this a long-run or a short-run outcome? How do you know?
c. Assuming that the slope of the demand curve remains constant, what will be the long-run equilibrium price and quantity for the firm?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

managerial economics - Total cost function of a firm is TC= 200+4Q+2Q squared If...
econ - 2. Suppose that firms in an industry have the following cost function: C...
Economics - Two identical firms compete as a Cournot duopoly. The demand they ...
ECONOMICS - suppose that the short run costs for a paintbrush manufacturer are ...
Microeconomy - uppose the demand for these jets is given by the equation: P = ...
Economics - Suppose a perfectly competitive firm has a cost function described ...
Economics - Suppose a firm faces a downward sloping demand curve givven by the ...
Economics - TFC = $1,000 MC = $1 (and constant) 2.Assume that all households ...
Economics - The cost function for a firm is given by TC = 500 + Q2. The firm ...
ECON - I am working on this but, if I have part a and b wrong, all of the ...

Search
Members