30 Jun Question Description Market Structures and Pricing Decisions
Question Description
Market Structures and Pricing Decisions Applied Problems**** Please Read Carefully and Follow all instructions to the letter!!!Number and label each Question!!!!Original work!!!!!!introduction an d conclusion paragraph is needed along with references!!!!
Please complete the following two applied problems:
Problem 1:
Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its demand curve for the product is expressed as Q = 5000 – 25P where Q is the number of vacuum cleaners per year and P is in dollars. Cost estimation processes have determined that the firm’s cost function is represented by TC = 1500 + 20Q + 0.02Q2.
Show all of your calculations and processes. Describe your answer for each question in complete sentences, whenever it is necessary.
What are the profit-maximizing price and output levels? Explain them and calculate algebraically for equilibrium P (price) and Q (output). Then, plot the MC (marginal cost), D (demand), and MR (marginal revenue) curves graphically and illustrate the
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