A perfect competitive firm has the cost function tc 1000 , Ask an Expert

Economics

1. A monopolist sells in two geographically divided markets, the East and the West. Marginal cost is constant at $50 in both markets. Demand and marginal revenue in each market are as follows:

QE = 900 - 2PE

MRE = 450 - QE

QW = 700 - PW

MRW = 700 - 2QW

a. Find the profit-maximizing price and quantity in each market

b. In which market is demand more elastic?

2. A perfect competitive firm has the cost function TC = 1000 + 2Q + 0.1 Q^2

What is the lowest price at which the firm can break even?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9166414

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