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. Bookmarks People Tab Window Help RSD BM lo 5 lo 5 lo 5 lo 5 lo H TC 3 .edu/pluginfile.php/97650B/mod resource/content/1/Exam%202%20Micro%20theory.pdf C. Suppose there is some type of innovation that creates a barrier to entry for your firm from your business plan; moreover, your market demand curve is defined as: 1 Q = 250 - Also, total cost is: TC = 602 - 3000 1. Use the profit maximizing condition to find the optimal quantity of output while the barrier to entry is in place. Chint: You will first need to isolate price to find the inverse demand or price curve.) Also, find price and profit. Illustrate your findings in a related Igraph. 2. Now, assume other firms want to compete for your customers and have created identical innovations for the same product. Firms take a price of 60 from the market, and the same marginal cost from above. Solve for the optimal quantity of output and prolit. Also determine how many firms are in the market (there may be a fractional number of firms in the market.) 3. In one paragraph, explain and describe the type of innovations that might be added to your product or service that could create a barrier to entry. Explain why being able to charge a higher price before the innovation is implemented by other firms creates a barrier to entry and the difference in the market structure when firms compete. Be sure to specify the new market structure and explain which aspects of this problem do not precisely fit into that structure and why. Additional variat Joseph-Lacet_ods Joseph-Lacets MacBook Air . Bookmarks People Tab Window Help RSD BM lo 5 lo 5 lo 5 lo 5 lo H TC 3 .edu/pluginfile.php/97650B/mod resource/content/1/Exam%202%20Micro%20theory.pdf C. Suppose there is some type of innovation that creates a barrier to entry for your firm from your business plan; moreover, your market demand curve is defined as: 1 Q = 250 - Also, total cost is: TC = 602 - 3000 1. Use the profit maximizing condition to find the optimal quantity of output while the barrier to entry is in place. Chint: You will first need to isolate price to find the inverse demand or price curve.) Also, find price and profit. Illustrate your findings in a related Igraph. 2. Now, assume other firms want to compete for your customers and have created identical innovations for the same product. Firms take a price of 60 from the market, and the same marginal cost from above. Solve for the optimal quantity of output and prolit. Also determine how many firms are in the market (there may be a fractional number of firms in the market.) 3. In one paragraph, explain and describe the type of innovations that might be added to your product or service that could create a barrier to entry. Explain why being able to charge a higher price before the innovation is implemented by other firms creates a barrier to entry and the difference in the market structure when firms compete. Be sure to specify the new market structure and explain which aspects of this problem do not precisely fit into that structure and why. Additional variat Joseph-Lacet_ods Joseph-Lacets MacBook Air
