Three producers act in perfect competition on a market of one homogenous product. A function of demand
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Three producers act in perfect competition on a market of one homogenous
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product. A function of demand for the product is linear yd (p) = ap+b, a, b > 0, functions of production total costs are also linear: clot (yj) = YjYj + dj, vj, dj > 0, j = 1, 2. 1. Determine the optimal supply of a product by each of three producers. 2. Determine the optimal total supply by all three producers. 3. Analyse sensitivity of the optimal supply by each producer and the total supply by all three producers to changes in values of parameters describing the market: a market capacity, strength of consumers' reaction to changes in a product price, production marginal cost of each producer. 4. Generalize conclusions derived in points 1-3 to the case of r producers (r = N, r > 3).
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This question is regarding the determination and analysis of the optimal supply for a perfectly competitive market where the demand function and cost functions are linear Lets address each of the four ...View the full answer
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Related Book For
Microeconomics Static And Dynamic Analysis Springer Texts In Business And Economics
ISBN: 9783031105531
1st Edition
Authors: Krzysztof Malaga, Karolina Sobczak
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