Just looking for the answer to number two and three. Thank you Now suppose that

Question

Just looking for the answer to number two and three. Thank you

Now suppose that the demand curve shifts outward as follows: m the short-run (before entry/exit. but after firms that are cum have made profit maximizing adjustments), what is the new price of widgets how man does each firm produce? In the long-run, what is the new price of widgets and how many does each firm produce? How many firms will enter or leave the industry? Consider a price-taking firm with the following total cost curve: What is the lowest price at which this firm will want to supply a positive amount to the market in the short-run? At this "lowest" price, how much will be supplied. How much will be supplied in the short-run if the price is $10. A monopolist serves a market in which the demand is P = 120 - 2Q. It has a 300 Its marginal cost is 10 for the first 15 units (MC = 10 when 0 - Q - IJ. If it ants to produce more than 15 units, it must pay overtime wages to its workers, and marginal cost is then 20, What is the maximum amount of profit the firm can earn.

Explanation / Answer

2. (a) Lowest price at which firm would be willing to supply is equal to average variable cost.

P = Q2/3 - 2Q + 6

(c) P = 10

Q2- 6Q - 12 = 0

36 - 4(12) = -12 <0

Thus no solution

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