Assuming that all of each firms 16 fixed cost is sunk what, Ask an Expert

Economics

Suppose the bolt-making industry currently consists of 20 producers, all of whom operate with the identical short-run total cost curve TCSR = 16 + Q2, where Q is the annual output of a single firm. The corresponding short-run marginal cost curve is MC(Q) = 2Q. The market demand curve for bolts is D(P) = 110?P, where P is the market price. Assume the bolt-making industry is perfectly competitive.

a. Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?

b. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M9443128

Have any Question?Write your Review or question?

Related Questions in Business Economics

How would you explain the concept of a quality adjusted

How would you explain the concept of a quality adjusted life year? When is it appropriate to use "QALYs" instead of simply improved life expectancy as the outcome measure in an economic evaluation?

A suppose that for a given year national saving in a

a. Suppose that, for a given year, national saving in a country (an open economy) equals 100, private consumption equals 50, and government consumption equals 20. What is the level of output in this country in this year? ...

Find each of the following probabilities for a normal

Find each of the following probabilities for a normal distribution. (Use/round to 4 decimal places.) p ( z > 0.80) p + p ( z Please work out the steps so I can understand the formula

Scores on a new version of the miller analogies test mat

Scores on a new version of the Miller Analogies test (MAT) taken during college students' senior year are correlated with their grades in graduate school two years later. The MAT correlated with GPA is .49. Which one is ...

State whether each of the following will increase decrease

State whether each of the following will increase, decrease, or have no effect on the population variance. (a) the sum of squares ( SS ) increases This change will increase the population variance. This change will decre ...

One study based on responses from 1 013 randomly selected

One study, based on responses from 1, 013 randomly selected teenagers, concluded that 43% of teenagers cite grades that their greatest source of pressure. Use a 0.05 significance level to test the claim that fewer than h ...

Is the following an example of a binomial experimentat a

Is the following an example of a binomial experiment? At a campus activities board event, an entertainer gives tickets with sequential numbers to every attendee (i.e. 1, 2, 3, 4, 5... n). Throughout the event, the entert ...

1 what is gaap2 what is an audit and why are audits

1. What is GAAP? 2. What is an audit and why are audits performed? 3. What are the three main profibability ratios, and how is each calculated? 4. What is the value of an income statment?

A box contains n white and m black balls one ball is added

A box contains n white and m black balls. One ball is added randomly, white with probability p and black with probability 1 - p. Then a random ball is taken out from the box. (a) Find the probability that the taken ball ...

Elmers utility function is ux y minx y2 if the price of x

Elmer's utility function is U(x, y) = min{x, y2}. If the price of x is $10 and the price of y is $15 and if Elmer chooses to consume 4 units of y, what must his income be? a. $220 b. $100 c. $320 d. There is not enough i ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert