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### Quiz 18 Perfect Comp.2

Course: ECONOMICS ECON 201, Summer 2007
School: Emory
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Word Count: 136

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Banerjee Shomu ECON 201 PERFECT COMPETITION CONTD QUIZ Recall the perfectly competitive firm with a cost function given by C(q) = 72 + 2q + 0.5q2. In the previous quiz, you had calculated the firms supply curve to be qs(P) = P 2 for P &gt; 2 and zero otherwise. (a) There are 40 identical firms like the one above in this perfectly competitive market. Denote the quantity supplied on market the by Qs. What is...

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Banerjee Shomu ECON 201 PERFECT COMPETITION CONTD QUIZ Recall the perfectly competitive firm with a cost function given by C(q) = 72 + 2q + 0.5q2. In the previous quiz, you had calculated the firms supply curve to be qs(P) = P 2 for P > 2 and zero otherwise. (a) There are 40 identical firms like the one above in this perfectly competitive market. Denote the quantity supplied on market the by Qs. What is the market supply curve Qs(P)? (b) If the market demand curve is given by Qd = 820 - 5P, what is the market equilibrium price (P*) and quantity (Q*)? (c) The firm expects to be earning normal profits in the long run. What does the firm expect its long-run price to be? (d) Approximately how many firms will there be in this market after entry or exit?
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Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 PERFECT COMPETITION CONTD ANSWERS Recall the perfectly competitive firm with a cost function given by C(q) = 72 + 2q + 0.5q2. In the previous quiz, you had calculated the firms supply curve to be qs(P) = P 2 for P &gt; 0 and zero othe
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 MONOPOLY Trygve is a monopolist with a cost function given by 1 C(Q) = 72 + 100Q + 2 Q2 facing an inverse market demand curve P = 700 - Q. Its marginal cost is MC = 100 + Q. (a) Find his profit-maximizing price and output combinati
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 MONOPOLY ANSWERS Trygve is a monopolist with a cost function given by 1 C(Q) = 72 + 100Q + 2 Q2 facing an inverse market demand curve P = 700 - Q. Its marginal cost is MC = 100 + Q. (a) Find his profit-maximizing price and output c
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 MONOPOLY WITH TAX QUIZ A monopolist producer faces the (inverse) demand curve given by P = a - Q, where P is the price charged and Q is the quantity demanded. The total cost of producing the good is C(Q) = cQ; the marginal cost is
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 MONOPOLY WITH TAX QUIZ ANSWERS A monopolist producer faces the (inverse) demand curve given by P = a - Q, where P is the price charged and Q is the quantity demanded. The total cost of producing the good is C(Q) = cQ; the marginal
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 CONSUMPTION EXTERNALITY Suppose Atkins and Bodkins are the only two consumers in our economy, there are two goods x and y, and Atkins endowment is a = (10, 0) while Bodkins is b = (0, 10). Their utility functions are given by uA(xa
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 CONSUMPTION EXTERNALITY ANSWERS Suppose Atkins and Bodkins are the only two consumers in our economy, there are two goods x and y, and Atkins endowment is a = (10, 0) while Bodkins is b = (0, 10). Their utility functions are given
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 EXTERNALITY QUIZ A honey farm is located next to an apple orchard. The honey producers cost function is cH(h) = (h2/100) a/5, where h is the quantity of honey produced and a is the quantity of apples producedthere is a positive ext
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 EXTERNALITY QUIZ ANSWERS A honey farm is located next to an apple orchard. The honey producers cost function is cH(h) = (h2/100) a/5, where h is the quantity of honey produced and a is the quantity of apples producedthere is a posi
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201GROUP PRICING QUIZA monopolist engages in third degree differential pricing (i.e., group pricing) across two markets with demand curves given by and Its cost function is given by P1 = 60 0.5Q1 P2 = 80 Q2. C(Q) = Q2,where Q = Q1 +
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201GROUP PRICING ANSWERSA monopolist engages in third degree differential pricing (i.e., group pricing) across two markets with demand curves given by and Its cost function is given by P1 = 60 0.5Q1 P2 = 80 Q2. C(Q) = Q2,where Q = Q
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201BUNDLING QUIZDull Computers produces laptop computers (a high-quality good) for \$300 each, or desktop computers (a low-quality good) for \$200. There are 100 potential buyers each of whom will buy either one or none. Buyers are eit
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201BUNDLING ANSWERSDull Computers produces laptop computers (a high-quality good) for \$300 each, or desktop computers (a low-quality good) for \$200. There are 100 potential buyers each of whom will buy either one or none. Buyers are
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201GAME THEORY QUIZTom is a monopoly manufacturer who can use laborers to pack his product into boxes or use an expensive set of robotic arms which will reduce the number of workers he hires but increase his fixed cost. Toms profit i
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201GAME THEORY ANSWERS(a) Fill in the payoffs for each player in the matrix below:Ann's actions Stay out Use labor Tom's actions Use robot 500, 0 132, -36 900, 0 Enter 400, 300(b) Does either Tom or Ann have a dominant strategy? If
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201CAMPAIGN GAME QUIZThree candidates are in the running for an election. Each candidate has one unit of effort that s/he can spend on running a positive campaign or a negative campaign directed at one of the other candidates; a cand
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201CAMPAIGN GAME ANSWERSThree candidates are in the running for an election. Each candidate has one unit of effort that s/he can spend on running a positive campaign or a negative campaign directed at one of the other candidates; a c
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 COURNOT DUOPOLY Suppose two duopolists produce the same identical product. The market demand for their product is given by the inverse demand curve p = 120 q1 q2, where p is the price, and q1 and q2 the output levels of the firms.
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 COURNOT DUOPOLY ANSWERS Suppose two duopolists produce the same identical product. The market demand for their product is given by the inverse demand curve p = 120 q1 q2, where p is the price, and q1 and q2 the output levels of the
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 COURNOT STACKELBERG DUOPOLY Suppose two duopolists produce the same identical product. The market demand for their product is given by the inverse demand curve p = 120 q1 q2 , where p is the price, and q1 and q2 the output levels o
Emory - ECONOMICS - ECON 201
Shomu Banerjee ECON 201 COURNOT STACKELBERG DUOPOLY ANSWERS Suppose two duopolists produce the same identical product. The market demand for their product is given by the inverse demand curve p = 120 q1 q2 , where p is the price, and q1 and q2 the output
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