"> (Answered) ECON 562 THIRD PROBLEM SET (20 pts) NAME:____________________________ 1. A firm has the following total costs, where Q is output and TC is total - Tutorials Prime

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(Answered) ECON 562 THIRD PROBLEM SET (20 pts) NAME:____________________________ 1. A firm has the following total costs, where Q is output and TC is total


ECON 562 THIRD PROBLEM SET (20 pts) NAME:____________________________ 1. A firm has the following total costs, where Q is output and TC is total


Hello,Please help me with the below problem set.  Showing the work is important.Thank you,ECON 562

 

THIRD PROBLEM SET (20 pts)

 

NAME:____________________________

 

1.

 

A firm has the following total costs, where Q is output and TC is total cost:

 

Q

 

TC

 

$ 100

 

1

 

110

 

2

 

130

 

3

 

160

 

4

 

200

 

5

 

250

 

6

 

310

 

7

 

380

 

8

 

460

 

9

 

550

 

10

 

650

 

11

 

760

 

a.

 

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?

 

b.

 

Say the market price rises to $ 80. At what output level (as a perfect competitor) will this

 

produce at?

 

c.

 

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?

 

d.

 

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?

 

2.

 

(6 pts) A market has six competitors in it, with the following total sales amounts:

 

FIRM

 

Total sales

 

A

 

$ 400 (million)

 

B

 

300

 

C

 

500

 


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DATE ANSWERED

Jan 02, 2020

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