Question: Change in the profit of each firm rom (1 (iii) What is the percentage 4. (a) There is only one fi…

30 Apr Question: Change in the profit of each firm rom (1 (iii) What is the percentage 4. (a) There is only one fi…

Posted at 23:19h in 2Past Paper by Exams

change in the profit of each firm rom (1 (iii) What is the percentage 4. (a) There is only one firm in a market. This firm has 100 plants, each produces according to cos function c(q) q2 The market demand is p = 18-100 Find the price, output and profit. (b) If each plant in (a) is now controlled by different owners and they behave competitively, find th market price and market output. (c) How much is the deadweight loss in (a)? (d) If the firm in (a) sells 40 plants to 40 different firms and these 40 firms behave competitively, fin the market equilibrium, profit of each firm, consumers’ surplus, and welfare. 5. Consider a competitive market with identical firms. Each firm has a cost function with average co ACa)-(-2)+5. The market demand is p 8-100 (a) Find the deadweight loss if there are 100 firmsinthe market y 18-56) (b) How many additional firms are needed to achieve market efficiency? Why these additional firn are interested in this market?包50 (c) After the additional firms in (b) have entered the market, a firm with cost function c(g)-q also ent the market. What will be the equilibrium price and output level? 6. Consider a market with two identical firms. Each firm has a cost function c(q)-100+20q. The mark demand is p-200-q. Find the market price, each firm’s output and profit, consumers’ surplus, a DWL if (a) cartel, (b) Cournot model, (c) Stackelberg model, (d) Bertrand model. 7. Let the cost function of a monopolist be c(a)-100+20q. Find the market equilibrium, price elastici ofdemand atthe equilibrium, profit, and DWL if (a) market demand is p-100-qo (b) market demand is q-120-2p Iyaa toD 2

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