52.The market inverse demand curve for thrust bearings is P = 15 - 1.5Q, where Q is measured in hundreds of bearings per day and P is the price per bearing. The marginal cost is $3. Suppose two firms, which are Bertrand competitors, produce identical thrust bearings for this market. If this market were a perfectly competitive market, the market price would be $____.

3

9

7

5

53.Cardboard boxes are produced in a perfectly competitive market. Each identical firm has a short-run total cost curve of TC = 3Q³ -18Q² +30Q + 50, where quantity is measured in thousands of boxes per week. The marginal cost of production is given by MC = 9Q² - 36Q + 30.

Calculate the price below which a firm in the market will not produce any output (the shutdown price).

54.The market for good X consists of only two consumers; their demand curves are given by Q = 10 - 0.10P and Q = 5 - 0.10P. What is the market demand curve?

Q_M = 15 - 0.2P if P $50, and Q_M = 5 - 0.10P if P < $50

Q_M = 15 - 0.2P if P < $50, and Q_M= 10 - 0.10P if P > $50

Q_M = 15 - 0.2P if P $50, and Q_M = 10 - 0.10P if P < $50

Q_M = 15 - 0.2P

55.The market for good X consists of only two consumers; their demand curves are given by Q = 10 - 0.10P and Q = 5 - 0.10P. What is the market demand curve?

Q_M = 15 - 0.2P if P $50, and Q_M = 5 - 0.10P if P < $50

Q_M = 15 - 0.2P if P < $50, and Q_M= 10 - 0.10P if P > $50

Q_M = 15 - 0.2P if P $50, and Q_M = 10 - 0.10P if P < $50

Q_M = 15 - 0.2P