A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the...
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A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results: Qo 59 776-0.80Px + 30Py-0.20M Qs 48 060+ 0.50PX +45PR-120w where Px is the price of X, Py is the price of good Y, M is Income, w is wage rate and PR is the price of a resource R The forecast for the next year is Py = $68; M = $65 000, w $27; PR = $81. Cost conditions of an individual business are estimated to be: TC = 1.5Q² + 1 170 MC = 3Q 1- The price forecast for next year is P* $ 2- The market equilibrium quantity is expected to be Q= 3- The profit-maximizing output choice for the individual firm is q* E 4-The firm's profit (loss) is expected to be $ 5-At the profit-maximizing output choice, the individual firm's average variable cost is AVC = $ 6-At the profit-maximizing output choice, the individual firm's average total cost is ATC = $ 7- If individual businesses are identical, the number of firms in this market is equal to A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results: Qo 59 776-0.80Px + 30Py-0.20M Qs 48 060+ 0.50PX +45PR-120w where Px is the price of X, Py is the price of good Y, M is Income, w is wage rate and PR is the price of a resource R The forecast for the next year is Py = $68; M = $65 000, w $27; PR = $81. Cost conditions of an individual business are estimated to be: TC = 1.5Q² + 1 170 MC = 3Q 1- The price forecast for next year is P* $ 2- The market equilibrium quantity is expected to be Q= 3- The profit-maximizing output choice for the individual firm is q* E 4-The firm's profit (loss) is expected to be $ 5-At the profit-maximizing output choice, the individual firm's average variable cost is AVC = $ 6-At the profit-maximizing output choice, the individual firm's average total cost is ATC = $ 7- If individual businesses are identical, the number of firms in this market is equal to
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Related Book For
Managerial Economics
ISBN: 978-1118808948
8th edition
Authors: William F. Samuelson, Stephen G. Marks
Posted Date:
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