Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 08, 2024

Suppose a monopolistic firm has the following demand curve Q= 78 - 3P and the following cost function C(Q) = 18 + 6Q +.5Q^2 (already

Suppose a monopolistic firm has the following demand curve Q= 78 - 3P and the following cost function C(Q) = 18 + 6Q +.5Q^2 (already solved)

Q= 12 P=22

Question: Now suppose enough firms entered to create perfect competition so supply function is now P=2+Q. What are the new equilibrium price and quantity?

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

The Americans An Economic Record An Economic Record

Authors: Stanley Lebergott

1st Edition

0393953114, 9780393953114

More Books

Students also viewed these Economics questions

Question

★★★★★

The pump of a water distribution system is powered by a 15-kW electric motor whose efficiency is 90 percent. The water flow rate through the pump is 50 L/s. The diameters of the inlet and outlet...

Answered: 1 week ago

Question

★★★★★

Describe the various approaches to management, their contributions, as well as their limitations Show how the management process, or operational process, approach to management theory and science has...

Answered: 1 week ago

Question

★★★★★

1. Use Problem Diaries, where students record what they were feeling, identify the problem and their goal, then think of other possible ways to solve the problem and achieve the goal.

Answered: 1 week ago

Question

★★★★★

Garcia Corporation has paid 60 consecutive quarterly cash dividends (15 years). The last 6 months, however, have been a cash drain on the company, as profit margins have been greatly narrowed by...

Answered: 1 week ago

Question

★★★★★

the finarcie statere ef effect of the cuttomen purchase af the water boltie a Febraty? Matiechace the finarcie statere ef effect of the cuttomen purchase af the water boltie a Febraty? Matiechace

Answered: 1 week ago

Question

★★★★★

A matrix keypad consists of an r c grid of buttons. Additionally, there is one wire for each row and one wire for each column. These wires are exposed through pins so the keypad can be connected to a...

Answered: 1 week ago

Question

★★★★★

Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information...

Answered: 1 week ago

Question

★★★★★

The following accounts were taken from Henry Company's unadjusted trial balance at December 31, 2027: Accounts payable $59,000 Accounts receivable $47,000 Cash $36,000 Common stock $52,000 Cost of...

Answered: 1 week ago

Question

★★★★★

Determine the price of a $1.6 million bond issue under each of the following independent assumptions: 1. Maturity 10 years, interest paid annually, stated rate 8%, effective (market) rate 10%. 2....

Answered: 1 week ago

Question

★★★★★

UMPI's Potatoes produces ready-to-eat mashed potatoes for resale at food stores. UMPI expected to use 0.40 direct labor hours to produce one unit (batch) of product at a cost of $7.50 per hour....

Answered: 1 week ago

Question

★★★★★

Rather than mention the minimum effort he had put into the assignment Jeremy told his manager that he had lost the client because it was the wrong time of the year to ask for new business Jeremy...

Answered: 1 week ago

Question

★★★★★

1. Should the job evaluation depend on an appraisal of the jobholders performance? Why? Why not?pg 87

Answered: 1 week ago

Question

★★★★★

2. Is Jack Carters policy of paying 10% more than the prevailing rates a sound one, and how could that be determined?pg 87

Answered: 1 week ago

Question

★★★★★

2. Our company now uses a point method to evaluate jobs for pay purposes, and each resulting job class also has a rate range associated with it. Sales associates are now paid a salary, not based on...

Answered: 1 week ago

Previous Question Next Question