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Question :
(a) Suppose Firm A is a perfectly competitive firm producing good X and faces the following average revenue and average cost
Average Revenue: P = 10 Average Cost: AC = 4 + 0.6 Q
(i) Find the total cost and marginal cost function
(ii) Calculate the profit maximisation output level and the resulting profit/ loss.
(iii) Calculate market output and market price
(iv) If market demand shift to D = 420 - 2P and Firm A faces an average cost given by AC = 2 + 0.8Q what is the profit maximisation output level and resulting profit /loss for Firm A if AC is unchanged?
(v) What is the resulting output if we were in a LR situation?
Surplus: Anysector or agent in economy (business, householdor government) experiences a surplus when its income surpasses its expenditure. Surplus, Economic: For the economy
Consider an infinitely repeated prisoner's dilemma game by two players. The resultant payoffs at each stage by the actions of two players are given below in the table (payoffs are
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Price elasticity of supply – Computes the percentage change in quantity supplied resulting from a 1 percent variation in price. – The elasticity is usually positive as price
-1- ASSIGNMENT #1 The demand function for Product X is given by: Qdx = 80- 2Px- 0.05P²x -0.2Py + 4Pz + 0.01I+ 2A Where: Px Price of good X $120.00 Py Price of related good y $100.0
Calculate the price elasticity of demand or supply for the following function when P=8 p=6(I)p=40-0.5q
a firm has fixed costs of $60 and variable costs as indicated at the bottom of this page. complete the table and check your calculations
how do i make one on excel
Increasing returns to scale and decreasing returns to scale: Increasing returns to scale occur when increases in all inputs by a certain percentage cause a relatively higher p
#question.contrast the long run equilibrium position of monopolistic competition firm and oligopoly.
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