Maurice Tutor

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Category > Management Posted 06 Jun 2017 My Price 12.00

daily costs for a pizza company

Firms can often exit a market more quickly than they can enter one. What would change in the answers to exercises 14.8 and 14.9 if active firms could shut down in the short run avoiding all costs, but inactive firms could enter only in the long run?

Exercises 14.8

The daily demand for pizzas is Qd = 750 - 25P, where P is the price of a pizza. The daily costs for a pizza company initially include $50 in fixed costs (which are avoidable in the long run), and variable costs equal to VC = Q2/2, where Q is the number of pizzas produced in a day. Marginal cost is MC = Q. Suppose that in the long run there is free entry into the market. If fixed costs fall to $18 and, in the short run, the number of firms is fixed (so that neither entry nor exit is possible) and fixed costs are sunk, what is the new short-run market equilibrium? What is the new market equilibrium in the long run?

Exercises 14.9

The daily demand for pizzas is Qd = 750 - 25P, where P is the price of a pizza. The daily costs for a pizza company initially include $50 in fixed costs (which are avoidable in the long run), and variable costs equal to VC = Q2/2, where Q is the number of pizzas produced in a day. Marginal cost is MC = Q. Suppose that in the long run there is free entry into the market. If marginal costs rise by $6 per pizza and, in the short run, the number of firms is fixed (so that neither entry nor exit is possible) and fixed costs are sunk, what is the new short-run market equilibrium? What is the new market equilibrium in the long run?

Answers

Maurice Tutor
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Status NEW Posted 06 Jun 2017 09:06 PM My Price 12.00

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