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

Fiscal policy modulewhich has a larger effect on aggregate

Fiscal Policy Module Which has a larger effect on aggregate demand: an increase in government expenditure or an equal-sized decrease in taxes? Explain your answer. To eliminate a recessionary gap, which fiscal policy sho ...

Milestone projectmilestone one propose organization for

Milestone Project Milestone One: Propose Organization for Analysis In Module Three, you will select the organization you would like to analyze in part two of the final project using the U.S. Securities and Exchange Commi ...

Problem -the table below gives the income of each of four

Problem - The Table below gives the income of each of four individuals who are in a region. Calculate and plot the Lorenz curve and calculate the Gini coefficient for this economy. individual income 1 100 2 200 3 300 4 4 ...

Meqa assignment 2its been three weeks since you started

MEQA Assignment 2 It's been three weeks since you started working for BioMed and there's still no trace of Selwyn. That means you're still BioMed's resident economic expert. Harry the CEO was pleased with your earlier wo ...

Desserts by jb case studyjay brown jb to his friends is a

Desserts by J.B Case Study Jay Brown (J.B. to his friends) is a student at the North-west Culinary Institute and specializes in preparing elab-orate desserts. After graduation. J.B. wants to open up a bakery. The bakery. ...

Assignmentthe paper is on googles business ethics in the

Assignment The paper is on Google's Business Ethics in the area of Sustainability. How does Google contribute or detract from various aspects of sustainability? Sustainable businesses make products and services which fil ...

Assignmenta computerworld investigation reported that

Assignment A Computerworld investigation reported that delays in overhauling the federal tax system have cost the U.S. government approximately $50 billion a year in uncollected taxes. Although the IRS has spent hundreds ...

E8-9 periodic versus perpetual entries fong sai-yuk company

E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan 1 Inventory 100 units at $5.00  each Jan 4 Sale 80 units at $8.00  ...

Assignmentxyz company enters into a contract with mary to

Assignment XYZ Company enters into a contract with Mary to landscape Ben's yard, using None Nursery to supply trees and buses. Kate owns the lot next to Ben's property. The landscaping is a gift from Mary to Ben, who is ...

1 please prove that two indifferent curve cannot cross each

1. Please prove that two indifferent curve cannot cross each other. 2. Please solve the following maximization problem u = √x 1 + x 2 max√x 1 + x 2 , st, p 1 x 1 + p 2 x 2 ≤ m 3. a. When prices are (p 1 , p 2 ) = (1, 2) ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen