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H.W. 6 - Supply Curve Q. #3 Q. #1 The demand curve of product X is described by the following: P = 800 - 2X. The The price of the cucumbers in the market is $9 per kg. The production costs of a costs function for all firms in the sector is: TC = 2X2 + 200X. In equilibrium the price competitive business are given by: P and the demanded quantity are: a. P-100; X-800 1 2 3 4 5 7 8 b. X-100; P-600 Vanable Costs 11 20 26 41 56 71 100 c. X-300; P-1400 (VC d. X-300, P-100 e. All other answers are incorrect In addition, assume that the fixed costs are equal to 6 $. Hence: Q. #4 a. The business will produce 5 units in the short run but will close the business A product is manufactured under conditions of competition. The demand curve for the in the long run. b. The business will produce 5 units in both the short and long run. product is p = 60 - 0.50, and the supply curve is described by P = 0.50. Hence, in equilibrium: c. The business profit in the long run is 1 $. d. The producer loses so it will not produce cucumbers at all, not even in the a. The producers' revenue is $1,800 short term. b. The producers' revenue is $900 Consumer expenses are $900 e. All other answers are incorrect. Consumer expenses are $3,600 e. All other answers are incorrect Q. #2 The following table describes the marginal costs of manufacturing Product X. 10 1 2 3 4 5 Marginal Costs 0 16 22 20 47 55 $ (MC) Assume that the fixed costs are $15, and that X is sold in the market at $42. Accordingly, the business profit is: a. 34 b. 84 C. 43 d. 58 e. All other answers are incorrect