Each of the 10 firms in a competitive market has a cost function of C = 25

Question:

Each of the 10 firms in a competitive market has a cost function of C = 25 + q2. The market demand function is Q = 120 - p. Determine the equilibrium price, quantity per firm, and market quantity?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics Theory and Applications with Calculus

ISBN: 978-0133019933

3rd edition

Authors: Jeffrey M. Perloff

See More Books

Question Posted: Dec 29, 2017 12:53 AM

See More Questions

Suppose all firms in a competitive industry are operating at output level for which price is equal to long- run marginal cost. True or false: This industry is necessarily in long- run equilibrium.
Using License Fees to Make Positive Profit: Suppose you own one of many identical pharmaceudical companies producing a particular drug x. A: Your production process has decreasing returns to scale...
All the firms in a competitive industry have the same constant marginal cost. All the firms merge into a single firm. a. If the merged firms marginal cost does not change, what happens to total...
The following are some transactions of Surendal Company for 2024. Surendal Company uses straight-line depreciation and has a December 31 year end. Apr. 1 Retired a piece of equipment that was...
a. Determine the equilibrium composition of the products and also x, the amount of H2 entering the combustion chamber. b. Should another substance(s) have been included in part (a) as being present...
The companies use different sources for financing of projects and growth - internal financing via retention of the generated profits and external financing (bond, preferred and common stock)....
Look at the visualization titled "Changing Face of America" (the second visualization on the page). This is a new kind of visualization in which the total for each year is scaled to $100 %$, and the...
Using the information about Noway Jose Communications, Inc., in SE 7, compute the payback period for the piece of equipment. Does this method yield a positive or a negative response to the proposal...
On December 31, 2020, Sheridan Company had $1,303,000 of short-term debt in the form of notes payable due February 2, 2021. On January 21, 2021, the company issued 25,400 shares of its common stock...
A polling agency is investigating the voter support for a ballot measure in an upcoming city election. The agency will select a random sample of 500 voters from one region, Region A, of the city....
Many marginal cost curves are U-shaped. Consequently, the MC curve can equal price at two output levels. Which is the profit-maximizing output? Why?
Given the information in the previous exercise, what effect does a specific tax of $2.40 per unit have on the equilibrium price and quantities?
A company reports the following information from its financial statements: Required Conduct horizontal and vertical analyses of inventory for the current year. Round percentages to one decimal point...
A student purchases a used economics textbook for $50 but was willing to pay $100 for it. If the new text costs $130, the student's consumer surplus is
Data from one economy shows that the unemployment rate is 6 percent, the participation rate is 60 percent, and 200 million people ages 16 and older are not in the labor force. How many people are...
Unemployment Question The small country of Macroland has a population of 100,000 people over 18 years of age and under 65 years of age. There are 50,000 people under 18 years of age and 20,000 people...
Ex. 198 (Cont.) Check No. 18 was correctly written for $708.62 for a payment on account. The NSF check was from S. Long, a customer, in settlement of an accounts receivable. An entry had not been...
When considering organizational risk it is important to review the political, economic, social, legal, technological, and policy context. Comment on the influence/ impact each of those factors has on...
Solve the following difference equations with the specified initial conditions: Comment on the qualitative behaviour of the solution as t increases. (b) Y, = -4Y,-1 + 5; Y, = 2 |(a) Y, = -Y,-1 + 6;...
Before the 1973 oil embargo and subsequent increases in the price of crude oil, gasoline usage in the United States had grown at a seasonally adjusted rate of 0.57 percent per month, with a standard...
1. You are willing to pay $2,000 to have your house painted, and Pablos marginal cost of painting a house is $1,400. If you agree to split the difference, the price is ______, your consumer surplus...
1. You are willing to pay $2,000 to have your house painted, and Pablos marginal cost of painting a house is $1,400. If you agree to split the difference, the price is ______, your consumer surplus...
1. You are willing to pay $2,000 to have your house painted, and Pablos marginal cost of painting a house is $1,400. If you agree to split the difference, the price is ______, your consumer surplus...
July August September October November December Total Average 350 450 460 390 390 360 4,960 413 3,020 3,500 4,020 3,290 3,170 3,070 $ 43,571 $ 3,631 PR 6-38 (Algo) Part 4 Compute the variable cost...
Discuss the main distinguishing features of majority, concurring, and dissenting opinions
On September 3, 2023, Wilkins purchased 1244 stock in Brass Corporation for $6,000. On December 31, 2023, the stock was worth $8,500. On August 15, 2024, Wilkins was notified that a. 2023-$0;...

Each of the 10 firms in a competitive market has a cost function of C = 25

Question:

Step by Step Answer:

Each firm maximizes profit by producing where price equals ...View the full answer

Microeconomics Theory and Applications with Calculus

Students also viewed these Economics questions