Question: Need the answer after profit maximizing problem! Thank you!!! A monopolist can produce at a constant average (and marginal) cost of AC=MC=5. It faces a

Need the answer after profit maximizing problem! Thank you!!!  Need the answer after profit maximizing problem! Thank you!!! A monopolist
can produce at a constant average (and marginal) cost of AC=MC=5. It
faces a market demand curve of Q=53P Calculate the profit-maximizing price and

A monopolist can produce at a constant average (and marginal) cost of AC=MC=5. It faces a market demand curve of Q=53P Calculate the profit-maximizing price and quantity for this monopolist. Also calculate its profits. The monopoly would produce units of output at a price of $ (Enter numeric responses rounded to two decimal places.) In turn, the monopoly would earn profit of $ Suppose a second firm enters the market. Let Q1 be the output of the first firm and Q2 be the output of the second Market demand is now given by Q1+Q2=53P Assuming that this second firm has the same costs as the first, write the profits of each firm as a function of Q1 and Q2 The profit functions for Firm 1(I1) and for Firm 2(II2) are (in terms of the quantities) II1= The profit functions for Firm 1(1) and for Firm 2(2 ) are (in terms of the quantities) 1= and Suppose (as in the Cournot model) that each firm chooses its profit-maximizing level of output on the assumption that its competitor's output is fixed. Find each firm's "reaction curve" (i.e., the rule that gives its desired output in terms of its competitor's output) The reaction curves for Firm 1 and Firm 2 are and Calculate the Cournot equilibrium (i.e, the values of Q1 and Q2 for which each firm is doing as well as it can giver its competitor's output.). What are the resulting market price and profits of each firm? When competing, each firm will produce units of output The market price will be:s More When competing, each firm will produce units of output. The market price will be $ In tum, each firm will earn profit of $ Suppose there are N firms in the industry, all with the same constant marginal cost, MC=5. Find the Cournot equilibrium. How much will each firm produce, what will be the market price, and how much profit will each firm earn? Each firm will produce output (in terms of N) such that Q= The market price will be (in terms of N ) P= Firm n will earn profit (in terms of N ) of Also, show that as N becomes large, the market price approaches the price that would prevail under perfect competition. As N becomes large, the market price approaches $

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