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A price searcher faces a demand that is given by P = 100/Q.
a. What does the Marginal Revenue curve look like (graph it).
b. What is the value of elasticity of demand at quantities Q = 10; Q = 50; Q = 100? Can you make a general statement about the value of elasticity of demand? (If so, do so; if not, explain why you cannot.)
c. If there are fixed costs of production, can you determine the wealth maximizing output? (for example, if the Total Cost function is given by TC = 10 + Q, what is the wealth maximizing output?)
d. Are there any “common sense” issues with your answer to part (c)?
Assume that the market for wheat is perfectly competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by T C = 1+Q+Q2 , which results in marginal cost of MC = 1 + 2Q...
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