HW1.pdf - Last Name First Name SID ECON104B Intermediate Microeconomic Theory Spring 2019 University of California Riverside Homework 1 Due in the

HW1.pdf - Last Name First Name SID ECON104B Intermediate...

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Last Name: First Name: SID: ECON104B: Intermediate Microeconomic Theory Spring 2019 University of California, Riverside Homework 1 : Due in the beginning of Lecture, at 3:40 pm, Tuesday, April, 9, 2019 Please answer the following questions. For reference, read Chapter 25 of the textbook. 1. Monopoly Competitive Market Consider a firm with total cost function of C = 0 . 5 Q 2 + 20 Q + 20 is facing the market demand equation Q = 80 - P . (a) What is the average fixed cost, average variable cost, and marginal cost? Write down as functions of Q . (b) Find the profit-maximized price, output quantity, and profit of the firm if the market is competitive. (c) Find the profit-maximized price, output quantity, and profit of the firm if the market is monopoly. 1
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Last Name: First Name: SID: 2. Social Welfare Suppose the market of a good has linear market demand as
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