Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jun 16, 2024

1) Consider the following market demand and supply: Demand: P = 18 - 4Qd Supply: P = 7 + 3Qs If the market is at

1) Consider the following market demand and supply:

Demand: P = 18 - 4Qd

Supply: P = 7 + 3Qs

If the market is at equilibrium, what is the producer surplus?

(express answer in units of dollars, rounded to at least 2 decimals)

2) Consider an average cost structure of AC = 2/Q + Q and marginal cost structure of MC = 2Q. What is the economic profit of a profit-maximizing firm in a competitive market if the price is $60?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

9781119563099

Students also viewed these Economics questions

Question

Models, last time. Find the predicted value of y for each model when x = 3. a) yn = 2 + 1x b) 1 yn = 4 - 0.12x c) 1yn = 3 + 0.24x

Answered: 1 week ago

Question

★★★★★

The average stock price for companies making up the S&P 500 is $30, and the standard deviation is $8.20 (BusinessWeek, Special Annual Issue, Spring 2003). Assume the stock prices are normally...

Answered: 1 week ago

Question

★★★★★

Saved Help Save & Exit Subm Check my worko Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as...

Answered: 1 week ago

Question

★★★★★

What lump sum should be deposited in an account that will earn 11% compounded every 2 months, to grow to $152,578.72 in 25 years? The lump sum is $ (Round to 2 decimal places.)

Answered: 1 week ago

Question

★★★★★

20.Rene and Sebastian, who are bitter enemies, engaged in a gunfight. In the ensuing battle, Rene killed Sebastian with a shot to the head. In the criminal case for Murder filed against Rene, the...

Answered: 1 week ago

Question

★★★★★

The premise of this estimating technique in construction, industrial, and process projects is that there is a linear relationship between the cost and duration of the project and one or more of the...

Answered: 1 week ago

Question

★★★★★

A car manufacturer incurs the following costs. Classify each cost as either a product or period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a...

Answered: 1 week ago

Question

★★★★★

Try to determine the required rate of return on king farm corporation's common stock. The firm's beta is 1.82. The rate on a 10-year Treasury bond is 3.63 percent, and the market risk premium is 6.53...

Answered: 1 week ago

Question

★★★★★

help!!!! Financial Statements Wilhelm Kohl started a business in May 20-- called Kohl's Home Repair The trial balance and analysis of the change in owner's equity for the month of May are shown....

Answered: 1 week ago

Question

★★★★★

When the system of equations 3x + 2y = -12 2x - 3y = 5 is solved for ( x , y ), the answer is: O No solution O (5, -12) O (26, 39) O 7 37 13' 26 O (-2, -3)

Answered: 1 week ago

Previous Question Next Question