Suppose a firm operates in a perfectly competitive market where every firm has the same cost function given by:

C(q)=5q²+q+20

Suppose initially the market price is p=31.

How much output will this firm produce?

At the price p=31, how much profit does this firm make?

Now suppose the market price changes. Below what price will this firm shut down? (what is the "shut-down price")

At what price will this firm earn zero profits (what is the "break-even price")?

Suppose the market consists of 20 firms. The market demand is Q_D=602-2p. What will be the short-run equilibrium price?

Suppose the market consists of 20 firms. The market demand is Q_D=602-2p.

What will be the short-run equilibrium output per firm?

Continuing with the previous question:

Suppose the market consists of 20 firms. The market demand is Q_D=602-2p.

What will be the short-run equilibrium market quantity?

Continuing with the previous question:

Suppose the market consists of 20 firms. The market demand is Q_D=602-2p.

In the long run, what do you expect to happen to the number of firms in the industry, the market price, margkey quantity, and output per firm?

Number of firms will             ["", "", ""]                      [ Select ]decreasestay the sameincrease

Market price will             ["", "", ""]                      [ Select ]stay the sameincreasedecrease

Market quantity will             ["", "", ""]                      [ Select ]stay the sameincreasedecrease

Output per firm will             ["", "", ""]                      [ Select ]increasestay the samedecrease

Sandboxes are produced according to the following cost function:

c(q) = q² + 100

where the fixed cost of 100 represents an annual license fee the firms pay. Every firm uses the same technology to produce sanboxes.

In the long run, what will be the equilibrium price?

The market demand for sandboxes is given by Q_D = 1500 – 5p. Find the long-run equilibrium market quantity.

The market demand for sandboxes is given by Q_D = 1500 – 5p. Find the long-run equilibrium number of firms.

Recent trends have increased the demand to Q_D=2250–5p. In the short run, what will be the new equilibrium price? (Note: you will need to use the number of firms you found in the previous question to find this)

Suppose demand remains high at QD=2250–5p in the long run.

What will be the long-run equilibrium price?

Suppose demand remains high at Q_D=2250–5p in the long run.  

What is the number of firms operating in the long run?

Suppose the operating fee is increased from 100 to 225. So now each firm has the cost function

C(q)=q² + 225

In the long run, with the demand Q_D=2250–5p, what will be the equilibrium price?

How did raising the operating fee from $100 to $225 affect the firm's profits in the long run? (compare the profits in the previous question to to the profits in the first question in this story).

Group of answer choices

It decreased from >0 to =0

it stayed the same as is =0

it decreased from 0 to <0

it increased from 0 to >0

it stayed the same and is >0

You have just signed a contract to purchase your first house. The price is $160,000 and you have applied for a $100,000, 24-year, 4.6% loan. Annual property taxes are expected to be $5,509. Hazard Insurance costs $600 per year. Your car payment is $150, with 31 months left. Your monthly gross income is $4,225. What is your monthly payment of principal and interest?

You have just signed a contract to purchase your first house. The price is $210,000 and you have applied for a $110,000, 25-year, 6.3% loan. Annual property taxes are expected to be $5,617. Hazard Insurance costs $691 per year. Your car payment is $325, with 27 months left. Your monthly gross income is $4,700. What is your monthly PITI (principal, interest, taxes, and insurance)?

Demonstrate the First Fundamental Welfare Theorem for the following topics: Price Controls, Taxes and Subsidies, and Monopoly. Detail how each meets the three requirements for the First Fundamental Welfare Theorem.

Download RegHousePrice.xlsx from the course Blackboard site. The first variable measures the price of the house, and this is followed by the number of bedrooms, the size of the house (in sq. ft.), and the size of the lot (i.e. yard; also in sq. ft.). a. Build and estimate a regression model to predict the selling price of a house. b. Evaluate the model: be sure to mention the goodness of fit, the sign of the coefficients, the statistical significance of the coefficients, and the economic plausibility of the results. c. Suppose your house is 1,600 sq. ft., there are four bedrooms, and the lot size is 5,000 sq. ft. According to your model, what should its price be?

When personal computers were first introduced in the 1980s, their price exceeded $5000. Since then, the price has decreased dramatically. Use demand and supply analysis to explain the price reduction of computers. What effect did the price reduction have on the quantity of computers demanded?

Suppose that researchers estimate that for very 1-percent change in the price of computers, the quantity demanded will change by 2.5 percent. Describe the price elasticity of demand for computers. What if researchers estimate that the quantity demanded for computers will change by 0.5 percent in response to a 1-percent change in price?

Assume that the price elasticity of demand for corn is 0.6 and the farmers have a record harvest-corn production is higher than ever. What will happen to their total revenue received by farmers?

Determine the demand functions of x₂for each utility function. The price of the first good (x₁) is p_1. The price of the second good (x₂) is p₂. Income is m.

a.) U(x₁, x₂) = min{3x₁, 2x₂}

b.) U(x₁, x₂) = 4x₁+2x₂

c.) U(x₁, x₂) = 4x₁^2/3 x₂^1/3

Please show all work and box final answers.

The average retail price of Gasoline(all types) for the first half of 2005 was 212.2 cents. What would the standard deviation have to be in order for a 24% probability that a gallon of gas costs less than $1.80? Round z-value calculations to 2 decimal places and final answer to the nearest cent

What is the current stock price of Slack Inc. that will pay its first yearly dividend of $3.00 in year 5, which will then grow for another 30 years at 8% per year, after which it will grow at 4% forever? The required rate of return on this stock is 13%.

  1. Currency conversion: Write a snippet that first asks the user to type

  today's price for one dollar in Euros, then continues to read US dollar values

from the user and convert each to Euros until the sentinel value 0 is entered.

Format output to 2 decimal places.

*****IN JAVA********

In this market, price is given by P= 24 - Q/2. Firm 1 moves first, the firm 2. The firms have the cost functions C(q)= q^2.

1. Find the marginal revenue for firm 2.

2. What is the reaciton function for firm 2?

3. Find the marginal revenue for firm 1.

4. What is the equilibrium price and quantity?