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PRINCIPLES OF ECONOMICS ECON F211
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Total Cost function of a representative firm in a perfectly competitive market is
Calculate the profit maximizing output of this firm if market price= 6
Consider a perfectly competitive market for rice. Suppose the supply function is 10P and the demand function is 80-10P where P denotes the price of rice.
Government announces a Floor price = 5 and it would also purchase excess supply of rice at the floor price. Calculate the Social Welfare due to this policy.
Note: You do not need to calculate the change in Social Welfare.
Consider a perfectly competitive market for rice. Suppose the supply function is 10P and the demand function is 80-10P
Government announces a Floor price = 5. Calculate the Social Welfare due to this policy.
Note: You do not need to calculate the change in Social Welfare.
A monopolist faces demand function P=100-Q.
The Total Cost of production of the firm is 500+28Q+Q
Suppose the government regulates the price such that there is no deadweight loss.
Calculate the
Producer Surplus of the firm due to such regulation
A monopolist faces demand function P = 100-Q
The Total Cost of production of the firm is 500+28Q+Q
Assume that the firm is maximizing profit.
Calculate Total Revenue of the firm.
Total Cost function of a representative firm in a perfectly competitive market is
Calculate Total Revenue -Total Cost of the firm if market price=6
Total Cost function of a representative firm in a perfectly competitive market is
If market price=21 then calculate the Producer Surplus of this firm
A monopolist faces demand function P=100-Q.
The Total Cost of production of the firm is 500+28Q+Q
Suppose the government enforces a ceiling price that would eliminate the Deadweight loss in this market. Calculate the Marginal Revenue of the firm at Q=18.
Suppose the production function of a firm is where symbols have their usual significance as discussed in class. Per unit price of L is 15 and per unit price of K is 1920.
It is known that in long run equilibrium, the firm is operating with 1 unit of capital. Calculate the output produced by the firm.
Suppose the production function of a firm is where symbols have their usual significance as discussed in class. Per unit price of L is 15 and per unit price of K is 1920. In the short run, firm is operating with 1 unit of K.
The firm wants to produce 2 units of output. Calculate the Total Cost in short run.