if the total cost function of a firm under perfectly competitive market is given by: TC= 3Q2 + Q + 90. then find the optimum level of output and the corresponding profit when the price of the products is birr

52,934 results
  1. Economics

    . Consider total cost and total revenue given in the table below: QUANTITY 0 1 2 3 4 5 6 7 Total cost $8 $9 $10 $11 $13 $19 $27 $37 Total revenue 0 8 16 24 32 40 48 56 a. Calculate profit for each quantity. How much should the firm produce to maximize

  2. Microeconomics

    A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and ficed costs of $200. What are the firm's profit, marginal cost, and average varible cost respectively?

  3. Economics

    you are hired as the consultant to a monopolistically competitive firm. The firm reports the following information about its price, marginal cost, and average total cost. Can the firm possibly be maximizing profit? If the firm is profit maximizing, is the

  4. economics

    A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so $10, average total cost of $8 and fixed cost of $200. a. what is the profit? b. what is the marginal cost? c. what is its average

  5. Economics

    The market for fertilizer is perfectly competitive. Firms in the market are producing output, but they are currently making economic losses. a. How does the price of fertilizer compare to the average total cost, the average variable cost, and the marginal

  6. economics

    This is going to be really long, but I want to see if my answers are correct. This is problem number 10.10 in my Intermediate Microeconomics book. A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an

  7. Mathematics

    The cost accountant of a firm producing colour television has worked out the total cost function for the firm as TC=120Q-Q^2+0.02Q^3. A sales manager has provided the sales forecasting function as P=114-0.25Q .Where P is price and Q is the quantity sold.

  8. economics

    In long-run equilibrium, the perfectly competitive firm's price is equal to which of the following: short-run marginal cost minimum short-run average total cost marginal revenue all the above I think that it is all the above. Am I correct? I too would go

  9. Economics

    Two firms produce the same good and compete against each other in a Cournot market. The market demand for their product is P = 204 - 4Q, and each firm has a constant marginal cost of $12 per unit. MR1 = 204 - 8q1 - 4q2. Let q1 be the output produced by

  10. Microeconomics

    Quantity Total Cost (Dollars) Variable Cost (Dollars) 0 $1,000 $0 100 1,360 360 200 1,560 560 300 1,960 960 400 2,760 1,760 500 4,000 3,000 600 5,800 4,800 Table 11-1 shows the short-run cost data of a perfectly competitive firm that produces plastic

  11. Economics

    What prevents a monopolistic competition from being perfectly competitive? A. Consumers are not knowledgeable. B. The market is dominated by one firm. C. Products are not identical. D. The barriers to entry are significant. Is it A?

  12. microeconomics

    A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200. Would the prevailing price be the same, higher, lower or two times the price at

  13. Quantitative analysis

    The cost of a firm producing colour television has worked out the total cost function for the firm as TC=120Q-Q^2+0.02Q^3.A sales manager has provided the sales forecasting function as P=114-0.25Q where P is price and Q the quantity sold.Required: i)Find

  14. economics

    A monopoly firm is different from a competitive firm in that A. there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product B. a monopolist's demand curve is perfectly inelastic while a competitive

  15. Managerial Economics

    A monopoly can produce any level of output it wishes at a constant marginal (and average) cost of $5 per unit. Assume the monopoly sells its goods in two different markets separated by some distance. The demand curve in the first market is given by Q1 = 55

  16. Economic

    How is income distribution affected in monopolies? The market for fertilizer is perfectly competitive. Firms in the market are producing output, but they are currently making economic losses. a. How does the price of fertilizer compare to the average total

  17. Economics/Math

    In a perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28, its marginal cost is $20, and its average variable cost is $20. Given these facts, explain whether the

  18. economics

    perfectly competitive industry. Each firm having identical cost structures. long-run average cost is minimized at an output of 20 units. Minimum average cost is $10 per unit. total market demand is Q=1500-50P. What is the long-run equilibrium price? Total

  19. Economics

    10. An industry currently has 100 firms, all of which have fixed cost of $16 and average variable cost as follows: Quantity / Average variable cost: (1/$1),(2,$2), (3,$3), (4,$4), (5,$5), and (6,$6) b. The price is currently $10. What is the total quantity

  20. Microeconomics

    A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long run average cost is minimized at an output of 10 units (qi=10 ). The minimum average cost is R5 per unit. Total market

  21. economy

    consider a perfectly competitive market in which all firms have the same costs. choose the statement that is incorrect a)the market demand is elastic at the market price b)each firm takes the market price as given and produces its profit -maximizing output

  22. To: Economyst

    Hi there. You helped me with a couple of questions regarding Econ. I appreciate the help but my issue is I don't understand how you calculate the minimum average variable cost or the output that maximizes profit. I do understand that the price is more than

  23. Economics

    What is true of a perfectly competitive market? A. The conditions do not exist in reality. B. The problem of scarcity does not exist. C. The market share varies by firm. D. There are significant barriers to entry. Is it A?

  24. microeconomics

    consider total cost and total revenue given in the table bellow: quantity total cost total revenue 0 $8 0 1 $9 8 2 $10 16 3 $11 24 4 $13 32 5 $19 40 6 $27 48 7 $37 56 a. Calculate profit for each quantity. How much should the firm produce to maximize

  25. economics

    The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply. a. What is the marginal revenue that this perfectly competitive

  26. Economics

    a firm in a purely competitive industry is currently producing a 1000 unir per day at a total cost of $450. if the firm produced 800 units per day, it total cost will be $300, and it it produced 500 units per day, it total cost will be $275. Requirements:

  27. Economics

    A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units . The minimum average cost is $10 per unit. Total

  28. Econ

    Please help me and review my answers for my quiz. Let me know which ones you believe to be right and wrong. 1. When P = AR = MR = AC = MC: X economic profits are positive. economic profits are zero. economic profits are negative. normal profits are zero.

  29. Economics

    Suppose the short run market price a competitive firm faces is Birr 9 and the total cost of the firm is: TC = 200 + Q + 0.02Q 2 . Answer the questions that follow. (A) Calculate the short run equilibrium output and profit of the firm. (B) Derive the MC,

  30. Economics/Math

    Suppose there are four firms in a competitive market and that each firm has the following supply function. Supply functions for competitive firms Company Supply Function 1 Q1 = 16 + 4P 2 Q2 = -5 + 5P 3 Q3 = 32 + 8P 4 Q4 = - 60 +10P a. Find the competitive

  31. Microeconomics [Urgent!]

    I have an exam tomorrow and I really need to know how you get the following answers. Please show me! I know it's a lot of questions, but I don't understand how you get the answer... ------------------ 40. At Nick's Bakery, the cost to make his homemade

  32. Economics

    For the following characteristic say whether it describes a perfectly competitive firm, a monopolistically competitive firm, monopoly firm, or neither. a. Has marginal revenue less than price. I would think this would be neither. b. Produces at minimum of

  33. Micreoeconomics

    1. Assume a perfectly competitive constant cost industry, currently in long-run equilibrium. Market demand in the industry is given by Q = 1500 - 25P. The short-run market supply curve is given by: Q = 15P - 100 for P B 10 = 0 for P < 10 There are 25 firms

  34. economics

    Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire, and what wage

  35. economics

    3. A homogeneous products duopoly faces a market demand function given by P = 500 − 10Q . Both firms have a constant marginal cost of MC = 200. 1 a. What would the equilibrium price in this market be if it were perfectly competitive? b. What are the

  36. MATHS

    A company is a monopolist. The demand function for its product is as follows: Q = 60 – 0.4P + 6Y + 2A Where Q = quantity sold in units P = Price per unit Y = per capita disposal income (thousands of dollars) A = hundreds of dollars of advertising

  37. managerial economics

    The cost function for a firm is given by TC = 500 + Q2. The firm sells output in a perfectly competitive market and other firms in the industry sell at a price of $100. a) What price should the manger of this firm put on its product? b) What level of

  38. Microeconomics

    What are the condition for a perfectly competivie market? Name 3 products or services that may be found in a perfectly competitive market? I know that the market has four market characteristics, or am i not on the right track. I read a little and I still

  39. economics

    A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed costs of $200. a. What is its profit? b. What is its marginal cost? c. What is its average

  40. Mircoeconomics

    A significant difference between monopoly and perfect competition is that: A. free entry and exit is possible in a monopolized industry but impossible in a competitive industry. B. competitive firms control market supply but monopolies do not. C. the

  41. Economics - Short run profit maximization

    Given the following for perfectly competitive firm that has short-run cost structure Output Marginal Cost 1 $10 2 $5 3 $12 4 $23 5 $40 Total fixed costs are $20 and the market price of the product is $25 per unit. How much output should the

  42. economics

    suppose a competitive market consists of identical firms with a constant long run marginal cost of $10. Suppose the demand curve is given by q=1000-p a)What are the price and quantity consumed in the long run competitive equilibrium? b)Suppose one new firm

  43. Economics

    In perfectly competitive market,given cost function: C=1/3q3-5q2+30q+10 and market clearing price be 6,obtain profit maximising level of output

  44. Economics 101

    Hey guys my Econ final is on Tuesday and I could use some help. These are 4 example questions true/false with explanation needed. 1. A monopolist will produce less and charge a higher price than a perfectly competitive industry. 2. Regardless of the type

  45. economics

    The Burr Corporation’s total cost function (where TC is the total cost in dollars and Q is quantity) is TC = 200 + 4Q + 2Q^2 a. If the fi rm is perfectly competitive and the price of its product is $24, what is its optimal output rate? b. At this output

  46. economics

    You are hired as the consultant to a monopolistically competitive firm. The firm reports the following information about its price, marginal cost, and average total cost. Can the firm possibly be maximizing profit? If not, what should it do to increase

  47. economics

    if the total cost function of a firm under perfectly competitive market is given by: TC= 3Q2 + Q + 90. then find the optimum level of output and the corresponding profit when the price of the products is birr 25? if you are the advisor of the firm, what do

  48. managerial economics

    Total cost function of a firm is TC= 200+4Q+2Q squared If the firm is perfectly competitive and the price of its product is $24, what is its optimal output rate?

  49. microeconomics

    You are given the following information about the costs of a perfectly competitive firm. QuantityTFC TVC 0 45 0 1 45 20 2 45 35 3 45 45 4 45 75 5 45 120 6 45 180 You are hired to determine the profit-maximizing quantity of the firm for different market

  50. economics

    Complete the following table for the firm below which is selling its product in a perfectly competitive market and hiring labor in a perfectly competitive labor market. MARGINAL WORKERS TOTAL MARGINAL PRODUCT REVENUE HIRED PRODUCT PRODUCT PRICE PRODUCT 1

  51. economics

    A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units. The minimum average cost is $10 per unit. Total

  52. Economics

    You’ve been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. The firm currently uses 70 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm’s

  53. Economics

    Consider a profit maximizing competitive firm with the following production function: y=L^α+K^β where 0

  54. managerial economics

    1. Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn’t matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt. Driver 2 Left Right Driver 1 Left 0,0

  55. PLEASE HELP- managerial economics

    I just need an answer check on these true/ false questions, PLEASE: 1. A principal-agent problem occurs when managerial decisions are inconsistent with the firm’s revenue maximizing objective. False 2. A firm making less than a normal profit would have

  56. economics

    A cloth producing firm in a perfectly competitive market has the following short-run total cost function: TC = 6000 + 400Q – 20Q2 + Q3. If the prevailing market price is birr 250 per unit of cloth, A. Should the firm produce at this price in the

  57. Help-Econ

    Okay, this is due Tuesday. I'm woking on it but if anyone can help that would be great! Suppose firm A opeates in a perfectly competitive market. The price that currently prevails in the market is $1,000. Firm A's marginal cost is 20Q, where Q is output.

  58. Economics

    Yeah, so I'm in urgent need of help with this homework. 1. Assume that in a perfectly competitive market, a firm's costs and revenue are: Marginal cost = average variable cost at $20 Marginal cost = average total cost at $30 Marginal cost = average revenue

  59. Economics

    A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units . The minimum average cost is $10 per unit. Total

  60. Microeconomics

    Lentz's Incorporated sells paper in a perfectly competitive market at a price of $2 per ream. At the profit-maximizing (cost-minimizing) level of output, average total cost is $2.50 per ream and average variable cost is $1.95 per ream. Should the firm

  61. 1. A firm produces a product in a competitive indu

    1. A firm produces a product in a competitive industry and has a short-run total cost function C(q) =4q2+16. a. Derive the supply function of the firm. b. Find the output that minimizes average total cost. c. At what range of prices will the firm produce a

  62. Economics

    Suppose a perfectly competitive firm has a cost function described by TC = 100 + Q2 The industry price is $100. a. Find the profit maximizing level of output. b. Is this a short-run or long-run situation? How do you know? c. Assuming that this firm’s

  63. Microeconomics

    The labor demand curve of a purely competitive seller: What exactly is your question? Is it something like: what is the slope (elasticity) of the demand for labor labor faced by a producer who sells in a perfectly competitive market? I would argue that

  64. Economics

    TFC = $1,000 MC = $1 (and constant) 2.Assume that all households have the same demand schedule which is given by the following relationship: P = 10 – 2Q. If there are 400 households in the market, state what the market demand schedule and marginal

  65. econ

    2. Suppose that firms in an industry have the following cost function: C = 100 + 0.25q2, and the industry faces an inverse demand curve of P = 90 – 2Q. a. I f the industry is competitive, find the long-run equilibrium price, quantity, and profit of a

  66. Maths

    Demand function P=50-Q Average Cost 5Q + 40 +10/Q Calculate the firm's total cost function Find the marginal cost function and evaluate it at Q=2 and Q=3 What is the total revenue function Find the firms's revenue maximising output level Find the firm's

  67. Economics

    There are 10 identical consumers whose demand is D: p = 20 - 10q. There are 10 identical firms, each firm's marginal cost is MC(q)= 5 + 5q. The market is competitive. a) derive the market demand function b) derive the market supply function c) what is the

  68. Economic

    Suppose you are the manager of a watch-making firm operating in a competitive market. Your cost of production is given by C = 100 + Q2, where Q is the level of output and C is total cost. A) If the price of watches is birr 60, how many watches should you

  69. economics

    You have the following data. A monopolist produces 1000 units of output per month, and sells it at the price of 10 each. You know that the monopolist does not do any price discrimination, and you also know that the price-cost margin of this firm (P-MC)/P

  70. CALCULUS ECONOMICS

    Consider a market in which consumption of the good being traded generates a positive externality. There are 100 identical consumers, each with a utility function given by (1/2)*(q^(1/2))+m +(G^(1/2)) where G denotes the total level of consumption in the

  71. economics

    Consider a market in which consumption of the good being traded generates a positive externality. There are 100 identical consumers, each with a utility function given by 1/2 √q+m+√G, where G denotes the total level of consumption in the market. The

  72. Managerial Economics

    1. A principal-agent problems occur when managerial decisions are not consistent with the firm's shareholders' interests. T 2. A firm making more than a normal profit may still be experiencing an economic loss. T 3. An inferior good is a good whose demand

  73. Need help Reviewing Managerial Economics

    just need help in reviewing my answers...they are all true/false questions..THANKS!!! 1. A principal-agent problem occurs when managerial decisions are inconsistent with the firm’s revenue maximizing objective. False 2. A firm making less than a normal

  74. Economics

    6. Consider total cost and total revenue given in the table below: QUANTITY 0 1 2 3 4 5 6 7 Total cost $8 $9 $10 $11 $13 $19 $27 $37 Total revenue 0 8 16 24 32 40 48 56 a. Calculate profit for each quantity. How much should the firm produce to maximize

  75. Microeconomics

    As a general rule, profit-maximiaing producers in a competitive maket produce ouput at a point where: A) marginal cost is increasing B) marginal cost is decreasing C) marginal revenue is increasing D) price is less than marginal revenue I was picking C for

  76. Economics

    A firm in a perfectly competitive market has the following cost function: c=1/3q3-5q2+30q+10 in the market- clearing price is 6, obtain the profit maximising level of output?

  77. Economics

    Each firm in a perfectly competitive market has a short-run total cost of TC=75+500Q-5Q²+0.5Q², where MC=500-10Q+1.5Q² a) Calculate the output that minimizes the firm's AVC b) What is the firm's shutdown price?

  78. Microeconomics

    A monopoly firm is faced with the following demand function P = 26 – 0.5Q. The Marginal Cost function for the firm is given by 6 + 6Q and the total fixed cost is 4. Determine a) The profit maximizing output. b) The level of supernormal profit if any. c)

  79. Economics

    The cost function for a firm is given by TC = 500 + Q2. The firm sells output in a perfectly competitive market and other firms in the industry sell at a price of $100. a) What price should the manger of this firm put on its product? b) What level of

  80. economics

    Bubba's Burgers sells hamburgers in a perfectly competitive market at a price of $1.50 each. At the profit-maximizing (cost-minimizing) level of output, average total cost is $1.90 per hamburger and average variable cost is $1.75 per hamburger. Should the

  81. Economics

    For the following characteristic say whether it describes a perfectly competitive firm, a monopolistically competitive firm, monopoly firm, or neither. Equates marginal revenue and marginal cost I would think that it would be each one of them since each

  82. Economics

    It is assumed that the toothpaste market is perfectly competitive and the current price of a case of toothpaste is $42.00. CPI has estimated its marginal cost function to bas follows: MC=.006Q. The Board would like to know how many cases of toothpaste

  83. ECON

    I am working on this but, if I have part a and b wrong, all of the following question related will be wrong. Can you help me out? The market for product A has the following functions: Market demand Q=1,000-4P Market supply Q=1/2P Inverse market demand

  84. economics

    there are just certain things that i do not understand about the questions...(i did read A LOT last night and i did not find anything that really answered my questions)...To be more specific... suppose a competitive market consists of identical firms with

  85. Economy

    Consider a competitive firm with a total cost function given by TC(q)=q^2/1000. Suppose that, in order to incentivize higher production, the government decides to refund firms for their cost of producing the FIRST q units produced, up to 1000 of them. What

  86. Microeconomic

    The total cost faced by a firm in a perfectly competitive is given as: TC = 600-100Q+0.5Q2 i. Find the profit maximizing level of output of the firm. ii. Calculate the profit earned at this level. iii. Is this short-run equilibrium for the firm? Justify

  87. Microeconomics

    Maxine's Cookie Shop sells chocolate chip cookies in a perfectly competitive market for $2 per dozen. Maxine currently produces 200 dozen cookies per day and average total cost at this level of production is $1.75. What level of profit is this firm

  88. Economics/Math

    Suppose you are the manager of a small chemical company operating in a competitive market. Your cost of production can be expressed as C = 100 + Q2, where Q is the level of output and C is total cost. a. Is this a short-run cost function? b. What is the

  89. Micoeconomics

    What comparison can you make about a firm operating as a perfectly competitive and as a monopoly? Identify at least 7 characteristics of both market structures

  90. econ

    1. Consider a pure monopolist with short-run total cost function given by STC = 1000 +200 Q + 12.5 Q2. Suppose also that this firm faces an inverse market demand function given by P = 800 – 20 Q. a. How much should this firm produce and what price should

  91. To: Economyst

    I did mean Q Suppose you are the manager of a small chemical company operating in a competitive market. Your cost of production can be expressed as C = 100 + Q2, where Q is the level of output and C is total cost. a. Is this a short-run cost function? b.

  92. Business Econ

    I need my answers checked for this question, thanks. A firm's production function: Q = 100 K^0.5 L^0.5 During the last production period, the firm operated efficiently and used input rates of 100 and 25 for labor and capital respectively. (a) What is the

  93. Economics

    Assume the demand for beef is given by Qd = 22 + 0.1 Y – 10Pb + 5 Pc And the supply of beef is given by: Qs = -400 + 500Pb – 200 Pf where Qd denotes quantity of beef demanded, Qs denotes quantity supplied, Pb denotes price, of beef, Y denotes per

  94. Economics

    Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn’t matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt. Driver 2 Left Right Driver 1 Left 0,0

  95. Economics

    Assignment 3 1. Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn’t matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt. Driver 2 Left Right Driver

  96. Advanced MicroEconomics

    Construct a short-run supply function for a firm whose short-run cost function is C= = 0.04q^3 – 0.8q^2 +10q+5 3. The long run cost function for each firm is C = q^3 – 4q^2 + 8q. Find the industry’s long run supply curve. If the market demand curve

  97. microeconomics

    What factor can a firm in a perfectly competitive market control in the short run? Select one: a. The supply curve b. Quantity produced c. Quantity demanded d. Price

  98. Managerial Economics--Help!

    I just need help in reviewing my answers...they are all true/false questions..THANKS!!! 1. A principal-agent problem occurs when managerial decisions are inconsistent with the firm’s revenue maximizing objective. False 2. A firm making less than a normal

  99. Economics

    6. Consider total cost and total revenue given in the table below: QUANTITY 0 1 2 3 4 5 6 7 Total cost $8 $9 $10 $11 $13 $19 $27 $37 Total revenue 0 8 16 24 32 40 48 56 a. Calculate profit for each quantity. How much should the firm produce to maximize

  100. Calculus

    it is assumed that the toothpaste market is perfectly competitive and the current price of a case of toothpaste is 42.00. CPI (the company) has estimated its marginal cost function to be as follows: MC (Marginal Costs) =.006Q (Quantity). The board would

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