Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 06, 2024

Each firm in a competitive market has a cost function of C=16+q 2 . The market demand function is Q=24-p. a . Draw two diagrams,

Each firm in a competitive market has a cost function of C=16+q². The market demand function is Q=24-p.

a. Draw two diagrams, one for the market and one for a representative firm.

b. Determine the long run equilibrium price, quantity per firm and market quantity.

c.Determine the long run number of firms.

d. If market price is p=6, what will be the output of each firm? Why?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored 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

Technology Ventures From Idea To Enterprise From Idea To Enterprise

Authors: Richard C Dorf, Byers

5th Edition

1259875997, 9781259875991

More Books

Students also viewed these Economics questions

Question

★★★★★

Why do financial managers need to understand the implications of both the internal and the sustainable rates of growth?

Answered: 1 week ago

Question

★★★★★

Estimate the power output possible for a hydroelectric dam with hydraulic head Z = 30 m, flow rate Q = 300 m 3 /s, and turbine efficiency 90%.

Answered: 1 week ago

Question

★★★★★

In what ways did John Stuart Mill contribute to the development of applied psychology?

Answered: 1 week ago

Question

★★★★★

T. Hilliary, Inc., uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products,...

Answered: 1 week ago

Question

★★★★★

which of the following Linux components represent special functions or programs that are used by applications or utilities, without access rights to the Colonels modules, to implement most of the OS...

Answered: 1 week ago

Question

★★★★★

Imperial Jewelers manufactures and sells a gold bracelet for $406.00. The companys accounting system says that the unit product cost for this bracelet is $254.00 as shown below: Direct materials $...

Answered: 1 week ago

Question

★★★★★

Cash flow analysis. Kary Kinnard has an opportunity to open a franchised pizza outlet. He can lease the building, so he needs to invest only in equipment, which he estimates will cost $60,000. For...

Answered: 1 week ago

Question

★★★★★

an. c. Musk does not want to have to meet all the requirements necessary for a public stock offering. Which exemption from the public offering registration requirements of the Securities Act of 1933...

Answered: 1 week ago

Question

★★★★★

Melissa is the HR manager at a multinational corporation. She is currently developing a new code of conduct for the company, which will be applied across all global offices. Melissa wants to ensure...

Answered: 1 week ago

Question

★★★★★

Discuss what attributes/qualities/skills an operations manager has to have in this role (operations manager) to be effective and successful in the organization.

Answered: 1 week ago

Question

★★★★★

What are the operational Supply Chain Management strategies and practices of the Goodman Fielder Fiji International Company

Answered: 1 week ago

Question

★★★★★

2. Whats involved in listening?

Answered: 1 week ago

Question

★★★★★

2. Spend time with people you do not usually interact with. If you are engaged in a service learning project, your community partners would be a good choice. Practice using minimal encouragers and...

Answered: 1 week ago

Question

★★★★★

1. How do listening and hearing diff er?

Answered: 1 week ago

Previous Question Next Question