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Suppose a firm operates in a perfectly competitive market where every firm has the same cost function given by:

C(q)=5q²+q+20

Question 1

Suppose initially the market price is p=31.

How much output will this firm produce?

Question 2

At the price p=31, how much profit does this firm make?

Question 3

Now suppose the market price changes. Below what price will this firm shut down? (what is the "shut-down price")

Question 4

At what price will this firm earn zero profits (what is the "break-even price")?

Question 5

Suppose the market consists of 20 firms. The market demand is Q_D=602-2p. What will be the short-run equilibrium price?

Question 6

Continuing with the previous question:

Suppose the market consists of 20 firms. The market demand is Q_D=602-2p.

What will be the short-run equilibrium output per firm?

Question 7

Continuing with the previous question:

Suppose the market consists of 20 firms. The market demand is Q_D=602-2p.

What will be the short-run equilibrium market quantity?

Question 8

Continuing with the previous question:

Suppose the market consists of 20 firms. The market demand is Q_D=602-2p.

In the long run, what do you expect to happen to the number of firms in the industry, the market price, margkey quantity, and output per firm?

Number of firms will [ Select ] ["increase", "decrease", "stay the same"]

Market price will [ Select ] ["decrease", "increase", "stay the same"]

Market quantity will [ Select ] ["increase", "decrease", "stay the same"]

Output per firm will [ Select ] ["decrease", "increase", "stay the same"]

Flag question: Spacer

Sandboxes are produced according to the following cost function:

c(q) = q²+ 100

Question 9

In the long run, what will be the equilibrium price?

Question 10

The market demand for sandboxes is given by Q_D= 1500 - 5p. Find the long-run equilibrium marketquantity.

Question 11

The market demand for sandboxes is given by Q_D= 1500 - 5p. Find the long-run equilibrium number of firms.

Question 12

Recent trends have increased the demand to Q_D=2250-5p. In theshort run, what will be the newequilibrium price? (Note: you will need to use the number of firms you found in the previous question to find this)

Question 13

Suppose demand remains high atQ_D=2250-5p in the long run.

What will be the long-run equilibrium price?

Question 14

Continuing the previous question:

Suppose demand remains high atQ_D=2250-5p in the long run.

What is the number of firms operating in the long run?

Question 15

Suppose the operating fee is increased from 100 to 225. So now each firm has the cost function

C(q)=q²+ 225

In the long run, with the demand Q_D=2250-5p, what will be the equilibrium price?

Question 1

How did adding the operating fee which raised the fixed cost from $100 to $225 affect the firm's profits in the long run? (compare the profits in the previous question to the profits in the first question in this story).

Group of answer choices

it stayed the same and is >0

it stayed the same as is =0

it increased from 0 to >0

it decreased from 0 to <0

It decreased from >0 to =0