FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am studying for my test and need the correct answer with the work provided. Thank you :) 2) Each of the 10 firm in

I am studying for my test and need the correct answer with the work provided. Thank you :)

image text in transcribed
2) Each of the 10 firm in a competitive market has a cost function of TC(q) =25 +q2. The market demand function is Q=120 P. Determine the equilibrium price, quantity per firm market quantity. What effect does a specific tax of $2.40 per unit have on equilibrium price and quantities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

The Economics Of Inequality

The Economics Of Inequality

Authors: Thomas Piketty, Arthur Goldhammer

1st Edition

0674504801, 9780674504806

More Books

Students also viewed these Economics questions

Question

★★★★★
Elston Limited had the following equity accounts on January 1, 2017: Share Capital-Ordinary (5 par) 400,000, Share Premium-Ordinary 200,000, and Retained Earnings 100,000. In 2017, the company had...

Answered: 1 week ago

Question

★★★★★
How does the unemployment rate of teenagers and persons age 20 to 24 compare with the rate for older workers? Are the rate differences between the younger and older workers surprising? Why or why...

Answered: 1 week ago

Question

★★★★★
What are the largest and smallest values that the relative risk can take on?

Answered: 1 week ago

Question

★★★★★
Volvo (www.volvo.com) and Pilkington (www.pilkington.com) are major multinational firms with operations that span the globe. Investigate these firms by visiting their Web sites, as well as...

Answered: 1 week ago

Question

★★★★★
The Ultimate Chef Ltd manufactures food processors. Their standard cost information for one food processor is: Materials 2kg @ 9.00 per kg 18 Direct Labour 1 hours @ 16.00 per hour 16 Variable...

Answered: 1 week ago

Question

★★★★★
A petfood company wants to prioritize in its most popular petfood products and get rid of some "slow moving products" to increase its production line utilization. 12 months data was collected for...

Answered: 1 week ago

Question

★★★★★
Mean, Variance, and Standard Deviation You want to determine the probability that when seven consumers are randomly selected, exactly two of them are comfortable with delivery by drones. Assume that...

Answered: 1 week ago

Question

★★★★★
Lucky, LLC, has four members: Amber, Brandon, Crystal, and Drew. Amber and Brandon each contributed $30,000, and Crystal and Drew each contributed $50,000 to form the company. Profits and losses are...

Answered: 1 week ago

Question

★★★★★
List the violations for the Happy Foods establishments. Provide license_no, Inspection Date, inspection Results, fine, Inspection Point ID, and description of the inspection point violated. need sql...

Answered: 1 week ago

Question

★★★★★
Complete the solution to the following differential equation. y" + 4y + 3y = 16et y(0) = 0, y(0) = 1 Applying the Laplace transform in both sides we get s2Y(s) - sy(0) -y (0) + 4[sY(s) = y(0)] +...

Answered: 1 week ago

Question

★★★★★
CheersInc., a small health insurance company, manages its own call center to provide customer service. A call is first taken by a general representative who will try to resolve the client's inquiry....

Answered: 1 week ago

Question

★★★★★
Many practices have tried to reduce no-shows through automated text and phone call reminders. But that only solves the issue of forgetfulness. Much more effective are options for online scheduling...

Answered: 1 week ago

Question

★★★★★
d. Prizes. Employees who achieve weekly sales goals established by management would be eligible for prizes such as sports or theater tickets, dinner at a nice restaurant, gift certificates, or...

Answered: 1 week ago

Question

★★★★★
2. Some leaders in business and industry say that worker pride is the byproduct of achievement. What are your thoughts? What factors constitute achievement at your local McDonalds restaurant? Your...

Answered: 1 week ago

Question

★★★★★
2. If you decide to create your own brand, what personal qualities will give you greater visibility, recognition, and acceptance in the labor market? These qualities should send the message, Pick me;...

Answered: 1 week ago

Previous Question Next Question