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

Question

1 Approved Answer

Suppose you are given the following information about a particular industry: QD = 16000 - 100P Market demand QS = 1500P Market supply 92 C(q)

image text in transcribed
Suppose you are given the following information about a particular industry: QD = 16000 - 100P Market demand QS = 1500P Market supply 92 C(q) = 510+ Firm total cost function 400 2q Firm marginal cost MC(q) = 400 function. Assume that all firms are identical and that the market is characterized by perfect competition. Find the equilibrium price, the equilibrium quantity, the output supplied by the firm, and the profit of each firm. The equilibrium price is $ . (Enter your response rounded to two decimal places.)

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

Reform Of The International Monetary System An Asian Perspective

Reform Of The International Monetary System An Asian Perspective

Authors: Masahiro Kawai, Mario B Lamberte, Peter J Morgan

1st Edition

4431550348, 9784431550341

More Books

Students also viewed these Economics questions

Question

★★★★★
Banyan and Schultz operate a residential construction firm as a partnership and are considering admitting Witkowski as a partner. Witkowski has recently attended a seminar on the formation and...

Answered: 1 week ago

Question

★★★★★
On October 1, 2017, Orchid Foods agreed to sell merchandise to a Swiss customer for 500,000 swiss francs (CHF). Delivery is to be made on November 30, 2017, and payment is to be received on January...

Answered: 1 week ago

Question

★★★★★
Using Prostate Cancer Study data set, fit a logistic regression model with capsule penetration (CAPSULE) as the response variable with explanatory variables age (AGE), prostatic specific antigen...

Answered: 1 week ago

Question

★★★★★
Show that, in the Keynesian DMP model, if the wage is judged to be inefficiently high, so that unemployment is inefficiently high, the government can pay a subsidy to firms that corrects the problem....

Answered: 1 week ago

Question

★★★★★
A stock pays a constant annual dividend and sells for $62.60 a share. If the market rate of return on this stock is 8.5 percent, what is the amount of the next annual dividend?

Answered: 1 week ago

Question

★★★★★
14. Two projects each would cost $30,000 with no salvage value. Based on Net Present Value (NPV), which would you prefor, assuming that your discount rate is 8 percent? What is the net present value...

Answered: 1 week ago

Question

★★★★★
Prove that the more inelastic demand and supply conditions are in a foreign country, the greater the ability of a country that is large in world markets to impose an optimal tariff. Use this result...

Answered: 1 week ago

Question

★★★★★
For the circuit shown in Figure P32.38, what must the frequency \(f\) of the \(\mathrm{AC}\) source be in order for the amplitude \(V_{C}\) of the potential difference across the capacitor to equal...

Answered: 1 week ago

Question

★★★★★
Compute the point estimates b0 and b1. Exercises 610 refer to the following data set: x 25 13 16 19 29 19 16 30 y 40 20 33 30 50 37 34 37

Answered: 1 week ago

Question

★★★★★
Suppose a distributor faces an annual demand for a car horn for small cars that is normally distributed with a mean of 2300 items and a standard deviation of 300. The cost of placing an order is $150...

Answered: 1 week ago

Question

★★★★★
Air flows with negligible friction through a \(10-\mathrm{cm}\)-diameter duct at a rate of \(2.3 \mathrm{~kg} / \mathrm{s}\). The temperature and pressure at the inlet are \(T_{1}=450 \mathrm{~K}\)...

Answered: 1 week ago

Question

★★★★★
The senders expertise; certification, i.e. the senders educational background

Answered: 1 week ago

Question

★★★★★
Context, i.e. the context of the information presented and received

Answered: 1 week ago

Question

★★★★★
1. To gain insight into why we believe more in one type of information than another.

Answered: 1 week ago

Previous Question Next Question