The total marginal cost functions of a competitive firm are, Ask an Expert

Economics

The total marginal cost functions of a competitive firm are tv+1800+2q^2 and mc=4q, where tv and mc are total cost respectively, and q is the firms total output. There are currently 100 identical firms. The demand function is p=180-.02q. P is price, q is aggregate quantity demanded

A) Fine equilibrium price and quantity. Explain

B) Is this long run equilibrium. Explain

C) Suppose what actually happens in the demand condition so that the new function is p=240-.02q. Find short run and long run effect of this change on the equilibrium price, quantity, and the number of firms in the industry. Explain

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91236157

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question a total of 59 percent of the prime time viewing

Question: A total of 5.9 percent of the prime time viewing audience watched shows on ABC, 7.6 percent watched shows on CBS, 5.5 percent on Fox, 6.0 percent on NBC, 2.0 percent on Warner Brothers, and 2.2 percent on UPN. ...

Question empirical studies suggest that managers view

Question: Empirical studies suggest that managers view translation exposure as the least important of the three exposures. What could be the reason for that? The response must be typed, single spaced, must be in times ne ...

Question please thoroughly and completely explain the

Question: Please thoroughly and completely explain the differences between transaction demand for money and the asset demand for money, and how they work together to determine the total demand for money. The response mus ...

Question improved methods of inventory control were

Question: Improved methods of inventory control were supposed to reduce fluctuations in inventory stocks. It is clear that these methods have helped reduce the equilibrium inventory/sales ratios in both the manufacturing ...

1 the market demand function for corn isqdnbsp 15 -2pthe

1.) The market demand function for corn is Q d = 15 -2P. The market supply function is Q S = 5P - 2.5, both measured in billions of bushels per year. The initial equilibrium price is $2.5, and the initial equilibrium q ...

Question sam can sell all of the output he wants at a price

Question: Sam can sell all of the output he wants at a price of $1000. He has the following cost function: TC = 200,000 + 80Q + .08Q 2 Calculate the profit maximizing quantity. Calculate the maximum profits of the firm. ...

Question suppose that the cost function is given by cg 100

Question: Suppose that the cost function is given by: C(g) 100 5g2 (a) Find the fixed and variable cost. (b) Find the marginal cost (c) Find the average cost and the average variable cost. (d) raw the relationship betwee ...

Question during 2008 the average income in china increased

Question: During 2008, the average income in China increased by 10 percent. Compared to 2007, how do you expect the following would change: a. The demand for beef? Explain your answer. b. The demand for rice? Explain you ...

Question - janet spends 20000 per year on painting supplies

Question - Janet spends $20,000 per year on painting supplies and storage space. She recently received two job offers from a famous marketing firm- one offer were for $100,000 per year, and the other was for $90,000. How ...

Question consider a perfectly competitive constant-cost

Question: Consider a perfectly competitive, constant-cost industry. (a) Draw the long run market diagram with both the short run and long run supply curves. Explain the short run and long run producer surplus as found in ...

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 Microeconomics Expert