- In 1999, the respective worldwide demand and supply curves for copper were: QD = 15-10P...

 

Transcribed Image Text:

- In 1999, the respective worldwide demand and supply curves for copper were: QD = 15-10P and Qs = -3+14P, where Q is measured in millions of Imetric tons per year. Find the competitive price and quan- tity. Suppose that in 2000 demand is expected to fall by 20 percent, so QD= (-8)(15-10P) = 12-8P. How much are world copper prices expected to fall - The typical firm in a perfectly competitive market has a cost structure described by the equation C=25-4Q+Q² where Q is measured in thousands of units. Using the profit-maximizing condition, P = MC, write an equation for the firm's supply curve. If 40 such firms serve the mar- ket, write down the equation of the market supply curve. - In 1999, the respective worldwide demand and supply curves for copper were: QD = 15-10P and Qs = -3+14P, where Q is measured in millions of Imetric tons per year. Find the competitive price and quan- tity. Suppose that in 2000 demand is expected to fall by 20 percent, so QD= (-8)(15-10P) = 12-8P. How much are world copper prices expected to fall - The typical firm in a perfectly competitive market has a cost structure described by the equation C=25-4Q+Q² where Q is measured in thousands of units. Using the profit-maximizing condition, P = MC, write an equation for the firm's supply curve. If 40 such firms serve the mar- ket, write down the equation of the market supply curve.

Answer rating: 100% (QA)

To find the competitive price and quantity in the copper market we need to equate the demand ... View the full answer