ECON 562 THIRD PROBLEM SET (20 pts) NAME:____________________________ 1. A firm has the following total costs, where Q is output and TC is total
THIRD PROBLEM SET (20 pts)
A firm has the following total costs, where Q is output and TC is total cost:
Say the firm is in a perfectly competitive market. If the current market (equilibrium) price
is $ 60, at what output level will the firm as a profit maximizer produce at?
Say the market price rises to $ 80. At what output level (as a perfect competitor) will this
How much profit is the firm making at a price of $80? Based on this calculation, do you
expect firms to enter or leave this market?
Say instead this firm is a monopoly. If the firm maximizes profit at an output level where
marginal revenue equals $ 50, at what output level will this be?
(6 pts) A market has six competitors in it, with the following total sales amounts:
$ 400 (million)
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