2/a/Perfect Competition
Firm cost equation: TC = 64 - 4Q + Q²
Market demand: Q = 608 - 4P
Solve for how many firms serve the market. Enter as a value.

b/Producer surplus is the:?

-Area below the market price and above the supply curve

-Minimum amount consumers will pay for a good.

-Area below the demand curve and above the market price of the good.

-Area above the supply curve but below the demand curve.

c/If demand is P = 80 - 2Q and supply is P = 20 + 3Q, what is the value of the Producer Surplus?
Enter as a value.

Both the perfectly competitive firm and the monopolist produce at the output where marginal revenue equal marginal cost, but only the perfect competitive firm achieves allocative efficiency. Explain why?

2-3 PARAGRAPH RESPONSE PLEASE

When it comes to international trade and government intervention, which is a better policy for a country to adopt to enrich itself: free trade or protectionism?

Is it possible for the US to default on its debt in the future? Explain

"Being the only seller in the market, the monopolist can choose any price and quality it desired" Explain and evaluate this statement

The Us national debt Is it going to hamper the economic growth as some have claimed?

Suppose that the cost function of some manufacturer is TC(q) = 160 + 8q + 10q2 .

a. Find expressions for the firm’s ATC, AVC, AFC, and MC curves.

b. Sketch the ATC, AVC, and MC curves. At what output level does the firm’s ATC reach its minimum point?

c. What can you say about the marginal product curve (for the variable factor; e.g., MPL) that must underlie this cost function? Briefly explain.

Why are the marginal and average cost curves U shaped? Explain what is the relationship between the marginal cost of production and marginal product of labour in the short term.

Assume that a teeth-whitening kit manufacturer wishes to achieve a markup 10% of the total cost.

Assuming that the variable costs per unit is $8.00, fixed costs is $1,000,000.00 and the expected sales is 1,000,000 units, what should be the target return price?

For the same teeth-whitening kit manufacturer, it is observed that when the kit is priced at $10.00 (P1), the quantity demanded is 1,000,000 (Q1). However, when the price is increased to $15.00 (P2), the quantity decreases to 500,000 (Q2).

What is the percentage change in quantity demanded?

What is the percentage change in price?

How much is the price elasticity demand?

What is included in calculating Investment spending?

explain why it is for a seller to know the price elasticity of demand and describe three important determinants of price elasticity/

Describe and illustrate the derivation of the optimal choice of health status, health care, and the composite “all other consumption” commodity in the Wagstaff model of the demand for health care.1 Analyse the impact of an increase in the price of health care on the optimal choice of health status, health care, and the composite “all other consumption” commodity in the Wagstaff model.

“To understand what causes the business cycle, leading variables alone are of interest. Coincident and lagging variables merely display the consequences of changes in the economy.”

Do you agree with the statement above? Explain.

Ted describes his preferences over combinations of hamburgers and glasses of scotch as follows. “I like both hamburgers and scotch up to a point, but after that point further consumption of either of them makes me feel increasingly ill.” Draw a family of representative indierence curves that illustrate Ted’s preferences. Indicate the direction(s) of increasing satisfaction for Ted in your diagram. Are Ted’s preferences locally non-satiated? You should include a brief explanation that provides a justification for each of your answers.