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Suppose there are 100 firms in a perfectly competitive industry. Each firm has a U-shaped, long-run average cost curve that reaches a minimum of $10 at an output level of 8 units. Marginal costs are given by and market demand is given by MC(q) = q + 2 Q = 1000 − 20P a. Find the long-run equilibrium in this market and determine the consumer and producer surplus (in this case, the areas of the triangles). b. Suppose instead there was a single supplier whose marginal cost curve is MC(Q)= 1/100Q+2 i) From the above expression for market demand, determine the monopolist’s average revenue curve. ii) From part (i),find the monopolist’s total revenue curve. iii) Differentiate the expression in part (ii) to obtain the monopolist/s marginal revenue curve. iv) From part (iii), what is the monopolist’s optimal supply? v) Explain why this outcome is inefficient in comparison to the competitive outcome. I only need the consumer and producer surplus in part a, and iv in part b.
Why is market demand the result of summing individual demand curves horizontally as oposed to summing them vertically?
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Read the article by David Author entitled "Why Are There Still so Many Jobs?". Then write a 300-450 word essay (around 1.5 to 2 double spaced typed pages) that (1) discusses five items you found of interest and (2) for each item, identify whether tha..
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Other things equal, if more firms enter a monopolistically competitive industry:
Explain with a graph how a ticket price ceiling placed on a monopoly sports franchise that does not sell out its games may actually lower ticket prices and raise attendance. Assume that marginal costs are fixed. Do you support legislation that would ..
q.get an answer from tutors to this homework question now1.explain how does the existence of money reduce the costs of
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