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Q1. The market for apples is perfectly competitive. Say a typical firm has a marginal cost function of MC(q) = 2q.

(1) The optimal quantity of apples to produce is 10 for the typical firm. How much revenue does the firm earn?

(2) In the short run, what condition causes a perfectly competitive firm to shut down? Will a firm remain in the apple business if they are incurring a loss?

Q2. Imagine there is a market for buying monopolies which is perfectly competitive and is at its long run equilibrium. Assume all firms in this market have only two options: run the monopoly themselves or sell it. What is the profit the monopolies will make after they are purchased?

Business Economics, Economics

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