Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
MBAA 523 Problem Set 5 r4-16
1. For each of the following market structure characteristics, insert the correct Market Type(s). There may be more than one. Use these abbreviations: PC – perfect competition; MC – monopolistic competition; and M – monopoly.
2. Assume a perfectly competitive market structure. Complete the diagram to show the profit maximizing price and quantity. Label each (use Insert textbox).
a. Is the firm earning economic profits or losses?
b. What should the firm do in the short run?
c. In the long run, what changes should be anticipated in this market?
3. A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm’s costs are C(Q) = 40 + 8Q + 2Q2. Show your computations.
a. What price should the firm charge in the short-run?
b. What is the marginal cost (show computation)?
c. How much output should the firm produce in the short-run?
d. What are the firm’s short-run profits?
e. In the long run, what adjustments should be anticipated in this market?
4. Complete the diagram showing the profit maximizing price and quantity. Label each. Show and label the deadweight loss (In MS Word, use Insert/Curved Connector, a curved line).
5. A firm is a monopoly with demand and cost functions given by P = 200 – 2Q and C(Q) = 2,000 + 3Q2 respectively. Show your computations.
a. Show the equations for MR and MC.
b. Compute the profit maximizing quantity.
c. What is the price at the profit maximizing quantity?
d. Compute total revenue.
e. Compute total cost.
f. What are the profits?
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more