SophiaPretty

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Category > Economics Posted 06 Sep 2017 My Price 6.00

check attached file and help me to solve these questions.

1) Suppose you are given the following information about a particular perfectly competitive industry:

QD=6500-100P                    Market demand

QS=1200P                              Market Supply

C(Q)=722+(Q²)/200          Firm’s total cost function

 

Assume all firms in this perfectly competitive industry are identical.

 

a)Suppose the long run total cost function is given by C(Q)=6Q-3Q²+Q³. What will the price be in long run equilibrium long run equilibrium in this industry? Is profit positive, negative or zero? Explain.

 

 

 

2)A monopolist sells in two geographically divided markets, the East and the West. Marginal cost is constant at $50 in both markets (marginal cost is also equal to average total cost). The inverse demand curve in each market is as follows:

PE=450-0.5QE

Pw=700-QW

 

a)     Find the profit-maximizing quantity, price and profit in each market.

 

 

b)     In which market is demand more elastic?

 

 

 

c) Show what will happen to the monopolist’s profit if it is to charge the same price in both markets (That is, profit if the monopolist treats the markets as if they are the same). 

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SophiaPretty
(5)
Status NEW Posted 06 Sep 2017 07:09 AM My Price 6.00

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