Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

problem 1: Below is a table with total data for a firm in a perfectly competitive industry.

875_competitive industry.jpg

a) What is the marginal cost and average total cost for the firm at each and every level of output?

b) If the prevailing market price is $34 per unit, how many units will be generated and sold? What are the profits per unit? What are total profits?

c) Is the industry in long run equilibrium at this price? If not, what do you expect to occur to price over time?

problem 2: The widget industry is perfectly competitive. The industry demand and supply functions for widgets are shown below.

Qd = 424 – 40P
Qs  = 40 +   8P

a) What is the equilibrium price and quantity for industry?

b) If the government establishes a price floor of $9, describe what will result in terms of excess demand or supply.

c) If the government establishes a price ceiling of $6, describe what will outcome in terms of excess demand or supply.

problem 3: Jones Company operates in a monopolistically competitive industry. The estimated demand for its products is given by the given inverse demand function:

P = 1760 – 12Q

It finance department has estimated its total cost function as:

TC = 24,000 + 5 Q – 15 Q2 + 0.333 Q3

a) What is the effect of a raise in fixed costs of $5000 on equilibrium price and output?

problem 4
: Smith Corp. has found out that its contribution margin, (P – MC)/P, is 40%. The recent market research study found the given relationship among adverting outlays and sales revenue.

704_profit maximizing.jpg

a) What is the profit maximizing level of advertising? Describe.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91478

Have any Question? 


Related Questions in Microeconomics

Write a paper 2 - 4 pages based upon the following

Write a paper (2 - 4 pages) based upon the following activity: During an evening of television viewing, write down all of the advertisements you see (minimally use 10). 1. Which ones did you like? Which ones did you disl ...

Diagnostic assessmentsat its core a diagnostic assessment

Diagnostic Assessments "At its core, a diagnostic assessment is a detailed investigation of children's strengths and skill gaps that permits targeted intervention." (Howard, V. F., & Aiken, E., 2015, p. 282). Informal di ...

Microeconomics - price floorassignmentin a perfectly

Microeconomics - Price Floor Assignment In a perfectly competitive market, the equilibrium price and quantity represent the most efficient operation of that market. Optimum efficiency means that sellers cannot be made be ...

Assignmentdfds are process diagrams that emphasize the data

Assignment DFDs are process diagrams that emphasize the data consumed, produced, and stored by processes under discussion. Complex processes are decomposed into their constituent elements to reveal the most elemental sub ...

Assignmentthe best time to plan for a crisis is before it

Assignment The best time to plan for a crisis is before it occurs, certainly not when you're in the midst of one. Basel III has a new framework for managing bank liquidity.The liquidity coverage ratio (LCR) is for a shor ...

Assignment submit research paper draftthe research paper on

Assignment: Submit Research Paper Draft The research paper on the toll that alternative forms of tobacco have on the supply and demand of the tobacco industry. This would include e-vapors and e-cigs. Finding out if these ...

Assignmentthe soft drink and juice beverage industry is

Assignment The soft drink and juice beverage industry is very competitive with more companies entering the market each year. This week our case study is the Dr Pepper Snapple Group, a major player in the industry. Your a ...

Assignmentdoes your organization have a project portfolio

Assignment Does your organization have a project portfolio management process in place? Write 1100 words in APA format in response Think of a project that you have worked on. Suppose your team and any contractors associa ...

Discussionlong-term investment and cost-benefit analysis

Discussion "Long-Term Investment and Cost-Benefit Analysis" Please respond to the following: • From the scenario for Katrina's Candies, suggest one method in which Herb could use a cost-benefit analysis to argue for or a ...

Format individual report limited to 1500 words - use them

Format: individual report, limited to 1500 words - use them wisely! The task is to produce a concise yet critical report, provide recommendations and recognise limitations of what you are recommending. This is the questi ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate