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According to below table cost data , could you please guide me on how to draw the graph on 2a)? and 2b) about market change
According to below table cost data , could you please guide me on how to draw the graph on 2a)? and 2b) about market change in long run. Thank you so much.
(2) Consider that there are 25 identical firms currently in this perfectly competitive market. The current market demand is: Quantity Demanded Price 220 45 205 55 190 65 175 75 160 85 145 95 (a) On a properly labeled graph, illustrate the market demand and industry supply, and determine the short run price, quantity and profit for the typical firm. (b) Explain how this market will change in the long run. (Number of firms, long run price, quantity and profit per firm)The table shows the cost data for one of several identical firms in a constant cost perfectly competitive industry for product X. Fill in the table given the fixed cost is $50. Quantity Total Total Total Average Average Average Marginal of X Variable Fixed Cost Fixed Variable Total Cost Cost Cost Cost Cost Cost 0 0 30 50 1 70 Zo 120 2 120 120 Io 170 25 60 3 85 150 155 50 205 4 16.6 51. 67 68, 33 35 193 50 243 12, 3 38 5 48.25 60,75 242 50 292 10 48.4 58.4 49 6 302 30 8 , 3 30.33 38.67 60 7 370 50 420 7 . 1 32, 86 60 68 8 462 30 512 6. 25 64 92 CO 57 50 621 3. 36 63, 44 69 109 (1) In the short run, calculate the output and profit or loss for this typical firm for each of the following prices (i) Price = $55 The output should be Q- 5, mc = 49, Loss = $55 x J - $292 = -17 (ii) Price = $65 The output should be Q-6, me- 60, Profit= $65x6-8352=$38 (iii) Price = $75 The output should be Q: 7, MC= 68, Profit= $7 5 x 7- $420= 105 (iv) Price = $85 The output should be Q= 7, mc: 68, Profit = $85x 7-$420=175 (v) Price = $95 The output should be Q= 8. mc= 92. Profit= $95x8-$172- 248Price Price = $85 , 95 + Q = 7 x 25 = 175 Supply 83 80 Price = $75 , Q = 25 x 7 = 175 -+ To + Demand 120 140 160 180 200 220 / Quantity Supply Q = J X 25 = 125, P=JJ Q= 6x X5= 150 , P= 65 Q=7x 25=173, P-75 Q= 7x 25= 175, P=85 Q= 8x 25 = 200, P= 90The table shows the cost data for one of several identical firms in a constant cost perfectly competitive industry for product X. Fill in the table given the fixed cost is $50. Quantity Total Total Total Average Average Average Marginal of X Variable Fixed Cost Fixed Variable Total Cost Cost Cost Cost Cost Cost 0 0 30 50 1 70 Zo 120 2 120 120 Io 170 25 60 3 85 150 155 50 205 4 16.6 51. 67 68, 33 35 193 50 243 12, 3 38 5 48.25 60,75 242 50 292 10 48.4 58.4 49 6 302 30 8 , 3 30.33 38.67 60 7 370 50 420 7 . 1 32, 86 60 68 8 462 30 512 6. 25 64 92 CO 57 50 621 3. 36 63, 44 69 109 (1) In the short run, calculate the output and profit or loss for this typical firm for each of the following prices (i) Price = $55 The output should be Q- 5, mc = 49, Loss = $55 x J - $292 = -17 (ii) Price = $65 The output should be Q-6, me- 60, Profit= $65x6-8352=$38 (iii) Price = $75 The output should be Q: 7, MC= 68, Profit= $7 5 x 7- $420= 105 (iv) Price = $85 The output should be Q= 7, mc: 68, Profit = $85x 7-$420=175 (v) Price = $95 The output should be Q= 8. mc= 92. Profit= $95x8-$172- 248Step by Step Solution
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