SuperTutor

(15)

$15/per page/Negotiable

About SuperTutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Accounting,Business & Finance See all
Accounting,Business & Finance,Economics,Engineering,HR Management,Math Hide all
Teaching Since: Apr 2017
Last Sign in: 327 Weeks Ago, 5 Days Ago
Questions Answered: 12843
Tutorials Posted: 12834

Education

  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

Experience

  • Professor
    Strayer University
    Jan-2007 - Present

Category > Economics Posted 12 Jul 2017 My Price 10.00

ECON 562 THIRD PROBLEM SET

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
0
1
2
3
4
5
6
7
8
9
10
11 TC
$ 100
110
130
160
200
250
310
380
460
550
650
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
A
B
C Total sales
$ 400 (million)
300
500 D
E
F 600
200
700
a. Calculate the four firm concentration ratio for this industry.
b. Calculate the Herfindahl index for this market. c. Based on your calculation in (b), would you classify this market as moderately or
highly oligopolistic? Why?

Attachments:

Answers

SuperTutor
(15)
Status NEW Posted 12 Jul 2017 05:07 AM My Price 10.00

-----------

Attachments

file 1499837847-Solutions file.docx preview (51 words )
S-----------olu-----------tio-----------ns -----------fil-----------e -----------Hel-----------lo -----------Sir-----------/Ma-----------dam----------- T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e q-----------uic-----------kly----------- on-----------lin-----------e a-----------nd -----------giv-----------e y-----------ou -----------exa-----------ct -----------fil-----------e a-----------nd -----------the----------- sa-----------me -----------fil-----------e i-----------s a-----------lso----------- se-----------nt -----------to -----------you-----------r e-----------mai-----------l t-----------hat----------- is----------- re-----------gis-----------ter-----------ed -----------onÂ----------- th-----------is -----------web-----------sit-----------e -----------Tha-----------nk -----------you----------- -----------
Not Rated(0)