Consider the costs for the following lobster producing firm, Ask an Expert

Economics

Consider the costs for the following lobster producing firm in a perfectly competitive market: TC=80+10q+q^2 & MC=10+2q

a) From the total cost function(TC) derive the average total cost(ATC), average variable cost(AVC) and average fixed costs(AFC) functions.

b) What is the supply function for the firm? Write the supply function as a function of P.

c) Currently there are 500 lobster producers in the market with identical costs. What is the supply function for the market?

d) Using the market supply and demand functions for lobster, find the short run equilibrium price and quantity. How many lobsters did each individual firm sell?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91869803

Have any Question?Write your Review or question?

Related Questions in Business Economics

A tire manufacturer believes its tires will last an average

A tire manufacturer believes its tires will last an average of 48,000 miles, with standard deviation of 2,000 miles. What is the probability that one of these tires, chosen at random, will last at least 50,000 miles?

Why are farmers paid so littlenbspthe price of agricultural

Why are farmers paid so little? The price of agricultural goods like chickens and coffee has been falling for decades and the share going to farmers has also been falling. What is the "Global division of labor" in food ...

Suppose an industry that has n1 2 firms each with a supply

Suppose an industry that has n1 = 2 firms each with a supply curve S1(p) = 2p-8, and n2 = 4 firms each with a supply curve S2(p) = p-2. Construct the industry supply curve and plot it on a graph.

What is the result of a price ceiling and why do some

What is the result of a price ceiling? And why do some consumers tend to favor price ceilings and others tend to oppose it?

A light bulb manufacturer guarantees that the mean life of

A light bulb manufacturer guarantees that the mean life of a certain type of light bulb is at least 720 hours. A random sample of 51 light bulbs as a mean of 710.3 hours with a standard deviation of 62 hours. At an α=0.0 ...

Consider the following cournot oligopolythere are two

Consider the following Cournot oligopoly: There are two identical firms in the industry, which set their quantities produced simultaneously. The two firms face a market demand curve, Q = 120 - P, in which Q = q1 + q2. Ea ...

In a certain city is 18 of the people live below the

In a certain city is 18% of the people live below the poverty line. If 11 people are randomly selected, what is the probability that exactly 2 of them live below the poverty line? Leave your answer in decimal form.

A random sample of 15 drivers from montana and finds that

A random sample of 15 drivers from Montana and finds that they drive an average of 12,895 miles annually with a standard deviation of 3801 miles. Find the 96% confidence interval for the population mean of miles driven. ...

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 ...

What do the terms external costs full cost accounting and

What do the terms external costs, full cost accounting, and neoclassical refer each refer to?

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