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For each of the following market structure characteristics, insert the correct Market Type(s). There may be more than one. Use these abbreviations PC perfect competition MC monopolistic competition and M monopoly. Market Structure Characteristic Market TypeAdvertising is not effective for the individual firm. MRDThe seller is a price-taker.Neither an individual buyer nor seller can affect the market demand and supply curves.Long-run economic profits are possible. In long run equilibrium, each supplier produces where SRATC and LRATC are at a minimum.Advertising is used extensively.In equilibrium, P MR MC.Profits are maximized at the output where MR MCPMRProduct is unique. In equilibrium, products cannot be produced at a lower cost or sold at lower price.Economies of scale are often a barrier to entry. Products have many close substitutes. Assume a perfectly competitive market structure. Complete the diagram to show the profit maximizing price and quantity. Label each (use Insert textbox). Is the firm earning economic profits or losses If so, what will occur over the long-term SHAPE MERGEFORMAT 3. A firm sells its product in a perfectly competitive market where other firms charge a price of 80 per unit. The firms costs are C(Q) 40 8Q 2Q2. Show your computations. a. How much output should the firm produce in the short-run b. What price should the firm charge in the short-run c. What are the firms short-run profits d. What adjustments should be anticipated in the long-run 4. Complete the diagram showing the profit maximizing price and quantity. Label each. Show and label the deadweight loss (In MS Word, use Insert/Curved Connector, a curved line). SHAPE MERGEFORMAT 5. A firm is a monopoly with demand and cost functions given by P 200 2Q and C(Q) 2,000 3Q2 respectively. Show your computations. a. Show the equations for MR and MC. b. Compute the profit maximizing quantity. c. What is the price at the profit maximizing quantity d. Compute total revenue. e. Compute total cost. f. What are the profits Page PAGE 2 of NUMPAGES 2 MBAA 523 Problem Set 5 Page PAGE 1 of NUMPAGES 2 xSUI6ii)X@)B9i/S Ob6(30v kqQDQAakWUIn6iy/wscl9HuqQcq2f/Zc(o)TZ0mae T7M, oW@,jw3vWih-NSn1q8 34ZPCoV QpeQTV YM Fp9)ak(m gxi@Y nP/9)-VnFDj)jv64tAziiQfy ONIlJQTN GgJSpaG3L3tFz7WSk T (. ,Z0Q0uZxqTtW44D)3t 7rk d@88DZhVr4oGa-2dd@-NX_h-GG2p v F19P8hJo9q2zmLWI GAZpyqCP1j8o0cpU9w apN l lakZMmcvvccp ,5W Wj 5mQ0 d 9.M VxjzZy94N7MveSezEiP.57(SYy N. skybM HjDpLUqMGB 5H9qqLFDzS4 OxuU9cXypLfTUO hNSAI 7X@7HXu0g.WeiMl3uats-8V j6uVcGlgiclGN76 clTcjyxOz6D(dstvO8wFiJi6ir(OyNj051wKy3Hs7@aaUvdCs,V9Q18eQs (Dz@Tn2v2NnewG VoDnFr_Bw/@e. DqYOyrohJL_x rWmknHnC@nWn)DBgl C/mwPU)uEna66RW9sRnWW5wlv93tn/WcdDDJ T8cxnMr 84R@SLAr,6fAHSxL M2_(bge OuQzS E./A4cIJ M9rGo.fmlsQmgqtcdQDaW u_8JYXWXPv7 u,8w /lNx8.O( 8yaU,Wguk aSuV Gn soWYAS7cfk/O.7y9@Cp q eQmQAaworc2CrZ z _5rKyJc 7.s fsgNMdgXXsZQuFBs /.FWPtFQOc)P,Qxl.T7M/ELO(K2 A6@c ,o4mGG6@s1tNapkPGjYYGWkagcDj.cn77.qp17h/D9l / ,iARkGYu WRf9 l@6p6pXeXXm0 Y, dXiJ(x( I_TS 1EZBmU/xYy5g/GMGeD3Vqq8K)fw9 xrxwrTZaGy8IjbRcXI u3KGnD1NIBs RuKV.ELM2fi V vlu8zH (W uV4(Tn 7_m-UBww_8(/0hFL)7iAs),Qg20ppf DU4p MDBJlC5 2FhsFYn3E69 45Z5k8Fmw- dznZ xJZp /P,)KQk5qpN8KGbe Sd17 paSR 6Q xSUI6ii)X@)B9i/S Ob6(30v kqQDQAakWUIn6iy/wscl9HuqQcq2f/Zc(o)TZ0mae T7M, oW@,jw3vWih-NSn1q8 34ZPCoV QpeQTV YM Fp9)ak(m gxi@Y nP/9)-VnFDj)jv64tAziiQfy ONIlJQTN GgJSpaG3L3tFz7WSk T (. ,Z0Q0uZxqTtW44D)3t 7rk d@88DZhVr4oGa-2dd@-NX_h-GG2p v F19P8hJo9q2zmLWI GAZpyqCP1j8o0cpU9w apN l lakZMmcvvccp ,5W Wj 5mQ0 d 9.M VxjzZy94N7MveSezEiP.57(SYy N. skybM HjDpLUqMGB 5H9qqLFDzS4 OxuU9cXypLfTUO hNSAI 7X@7HXu0g.WeiMl3uats-8V j6uVcGlgiclGN76 SkV0f Wk4ICvzH9hbjbO/YIv ngRZl9-4iPsX MKg)8o rQtnD7)YgenwWqTB6eonfhDzoYIp0V MFbm912cygzN(pICZ,jIurb a hNG iNtz0 g owKy., TUdVf9M@Y5zEH 4BPP EI @lQKSF@t8i17YmWP clTcjyxOz6D(dstvO8wFiJi6ir(OyNj051wKy3Hs7@aaUvdCs,V9Q18eQs (Dz@Tn2v2NnewG VoDnFr_Bw/@e. DqYOyrohJL_x rWmknHnC@nWn)DBgl C/mwPU)uEna66RW9sRnWW5wlv93tn/WcdDDJ T8cxnMr 84R@SLAr,6fAHSxL M2_(bge OuQzS E./A4cIJ M9rGo.fmlsQmgqtcdQDaW u_8JYXWXPv7 u,8w /lNx8.O( 8yaU,Wguk aSuV Gn soWYAS7cfk/O.7y9@Cp q eQmQAaworc2CrZ z _5rKyJc 7.s fsgNMdgXXsZQuFBs /.FWPtFQOc)P,Qxl.T7M/ELO(K2 A6@c ,o4mGG6@s1tNapkPGjYYGWkagcDj.cn77.qp17h/D9l / ,iARkGYu WRf9 l@6p6pXeXXm0 3-@rFr9EvP Oz0U6E2dS1_ Fa.ZGoMfR5RJv44HW
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