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Suppose a firm in a perfectly competitive market has total costs equal to 5Q 2 + 9Q + 19.
1. Suppose a firm in a perfectly competitive market has total costs equal to 5Q2 + 9Q + 19. If this firm is earning zero economic profits, and is producing 48 units of the good, what must the market price be?
Round your answer to two decimal places. Do not include a $ sign.
2. Suppose that a firm in a perfectly competitive industry has the following marginal cost curve: MC = 2Q + 13. If the market price for the good they produce is $38.59, how many units of this good will the firm produce?
Round your answer to two decimal places.
3. Suppose a monopolist faces the demand curve P = 130 - 3Q. The monopolist's marginal costs are a constant $18 and they have fixed costs equal to $134. Given this information, what will the profit-maximizing price be for this monopolist?
Round your answer to two decimal places. Do not use a $ sign.
4. Suppose a monopolist faces the demand curve P = 165 - 4Q. The monopolist's marginal costs are a constant $23 and they have fixed costs equal to $96. Given this information, what are the maximum profits this firm can earn?
Round your answer to two decimal places. Do not use a $ sign.
5. Suppose a monopolist faces the demand curve P = 168 - 1Q. The monopolist's marginal costs are a constant $20 and they have fixed costs equal to $82. Given this information, if the firm maximizes their profits, what would be size of the deadweight loss in this market?
Round your answer to two decimal places. Do not use a $ sign.
6. A monopolist is seeking to price discriminate by segregating the market. The demand in each market is given as follows:
Market A: P = 114 - 4Q
Market B: P = 101 - 1Q
The monopolist faces a marginal cost of $25 and has no fixed costs. Given this information, what price should the monopolist charge in Market B?
Round your answer to two decimal places. Do not include a $ sign.
Note: The demand equations presented above show P equal to a function of Q, rather than the usual other way around. This is so you can use the same trick used in Unit 11 to find the marginal revenue curve.
7. A monopolist is seeking to price discriminate by segregating the market. The demand in each market is given as follows:
Market A: P = 167 - 2Q
Market B: P = 101 - 1Q
The monopolist faces a marginal cost of $18 and has no fixed costs. Given this information, what is the difference between the total quantity the price-discriminating monopolist will supply across both markets and the total quantity that would be supplied in a perfectly competitive market with the same marginal costs for firms at equilibrium?
Round your answer to two decimal places. Do not include a $ sign. Your answer should be a positive number.
Note: The demand equations presented above show P equal to a function of Q, rather than the usual other way around. This is so you can use the same trick used in Unit 11 to find the marginal revenue curve.
8. A monopolist is seeking to price discriminate by segregating the market. The demand in each market is given as follows:
Market A: P = 110 - 4Q
Market B: P = 171 - 2Q
The monopolist faces a marginal cost of $18 and has no fixed costs. Given this information, what are the monopolists total profits across both markets when they price discriminate?
Round your answer to two decimal places. Do not include a $ sign.
Note: The demand equations presented above show P equal to a function of Q, rather than the usual other way around. This is so you can use the same trick used in Unit 11 to find the marginal revenue curve.
