Consider a monopolistically competitive market with NN firms. Each firm's business opportunities are described by the following equations: Demand: Q=100N−PQ=100N−P Marginal Revenue: MR=100N−2QMR=100N−2Q Total Cost: TC=50+Q2TC=50+Q2 Marginal Cost: MC=2QMC=2Q How much profit does each firm make? a: 1,250/N*2−50 b: 2,500/N*2−50 c: 50+625/N*2 d: 1,875/N*2 In the long run, how many firms will exist in this market?
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Demand: | Q=100N−PQ=100N−P |
Marginal Revenue: | MR=100N−2QMR=100N−2Q |
Total Cost: | TC=50+Q2TC=50+Q2 |
Marginal Cost: | MC=2QMC=2Q |
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- Assume the demand for a companys drug Wozac during the current year is 50,000, and assume demand will grow at 5% a year. If the company builds a plant that can produce x units of Wozac per year, it will cost 16x. Each unit of Wozac is sold for 3. Each unit of Wozac produced incurs a variable production cost of 0.20. It costs 0.40 per year to operate a unit of capacity. Determine how large a Wozac plant the company should build to maximize its expected profit over the next 10 years.Barbara Flynn sells papers at a newspaper stand for $0.40. The papers cost her $0.30, giving her a $0.10 profit on each one she sells. From past experience Barbara knows that: a) 20% of the time she sells 150 papers. b) 20% of the time she sells 200 papers. c) 30% of the time she sells 250 papers. d) 30% of the time she sells 300 papers. Assuming that Barbara believes the cost of a lost sale to be $0.05 and any unsold papers cost her $0.30 and she orders 250 papers. Use the following random numbers: 14, 4, 13, 9, and 25 for simulating Barbara's profit. (Note: Assume the random number interval begins at 01 and ends at 00.) Based on the given probability distribution and the order size, for the given random number Barbara's sales and profit are (enter your responses for sales as integers and round all profit responses to two decimal places): Random Number Sales Profit 14 4 13 9 25A metal producing company wishes to blend a new allow that consists of 40 percent tin, 35 percent zinc, and 25 percent lead. They will select a combination of the alloys available in the table with the indicated percentages and costs per lb. Formulate and solve for the minimum cost to produce 110 lbs of the new alloy? <- - Alloy --- 4 20 50 50 40 10 94 Property\... percent tin percent zinc percent lead 30 Cost (Dollar/lb) 1 2 3 60 25 45 10 15 45 60 10 30 77 74 88 84 LO 5
- - Consider demand: x(p₁) = 400 — 2p1 At a market price of p₁ = $125 per unit: • Determine the social loss due to moral hazard when assuming: 1. Full insurance compared to uninsured 2. A co-payment of $50 compared to uninsured 3. A 75% coinsurance rate compared to uninsuredSuppose the demand for a particular good is given by = QD 103-15P, where QD represents the quantity demanded and P is the per unit price. Suppose the supply for a particular good is given by QS 5+ 6P, where QS represents the quantity supplied and P is the per unit price. What is the equilibrium quantity? Enter a number rounded to two decimal places.A metal producing company wishes to blend a new allow that consists of 40 percent tin, 35 percent zinc, and 25 percent lead. They will select a combination of the alloys available in the table with the indicated percentages and costs per lb. Formulate and solve for the minimum cost to produce 110 lbs of the new alloy? The minimum cost is Property\... percent tin percent zinc percent lead Cost (Dollar/lb) <----- 1 60 10 15 2 25 30 60 77 74 Alloy --- 3 4 45 20 45 50 10 30 88 84 5 50 40 10 94
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