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ClassOf1 Price Output Perfect

ClassOf1 Price Output Perfect

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Given the equation of demand & supply curves for a perfect competitve industry, find the perfect competitive price & output, monopoly price & output, consumer surplus at competitive & monopoly equilibrium.
Given the equation of demand & supply curves for a perfect competitve industry, find the perfect competitive price & output, monopoly price & output, consumer surplus at competitive & monopoly equilibrium.

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Published by: ClassOf1.com on Sep 11, 2009
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07/14/2011

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ClassOf1provides exert guidance for College, Graduate and High schoolhomework and liveonline  tutoring on subjects likeFinance, Marketing,Statistics, Economicsand others. Check out more solved   problems in our Solution Library.
 
Sub: Economics Topic: Micro Economics
Question:
Given the MC or supply curves fro 5 perfect competitivefirms, sketch the market supply curve, determine theequilibrium price & quantity, consumer surplus atequilibrium & impact of tax on consumer surplus.
 There are 5 firms in this perfectly competitive industry for a good that canonly be purchased in units of 1 (e.g.,1,2,3 etc.). The firms have the followingmarginal cost, or short-run supply,curves.
 
Solution:
1. For firm 1,P1= 1+(1/2)Q1
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*
 The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not forsubmitting the same inlieu of your academic submissions for grades.
 
Sub: Economics Topic: Micro Economics
P- 1= (1/2)Q1
Q1= 2P-2
For firm 2,P= 2+(1/2)Q2
Q2= 2P-4
For firm 3,P= 3+(1/2)Q
Q3= 2P-6
For firm 4,P= 4+(1/2)Q4P-4=(1/2)Q4
Q4 = 2P-8
For firm 5,P= 5+(1/2)Q5P-5=(1/2)Q5
Q5 =2P-10
 The market supply curve is the horizontal summation of the individual firm’ssupply curves.Q= Q1+Q2+Q3+Q4+Q5
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*
 The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not forsubmitting the same inlieu of your academic submissions for grades.

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