22 Jul WHAT IS THE EQUILIBRIUM QUANTITY(Q)?
where Q is Show more Consider a market with the following aggregate inverse demand function. P(Q)= 51-3Q where Q is the aggregate quantity. Suppose the cost structure in this industry is C(Q)= 3Q Assume that the market is perfectly competitive. Solve for equilibrium price and quantity (PQ). Also compute the resulting aggregate firm profit and consumer surplus. 1. What is equilibrium price? a=3 b=2 c=1 d=1/2 e=1/4 f=none of the above 2. What is the equilibrium quantity(Q)? a=6 b=12 c=18 d=16 e=14 f= none of the above 3. Compute the resulting firm profit a=16 b=326 c=0 d=214 e=15 f= none of the above 4. Compute the consumer surplus a=384 b=296 c=0 d=112 e=-112 f= none of the above Assume the market is served by a monopoly 5. Solve for equilibrium price a=3 b=12 c=25 d=15 e=27 f= none of the above 6. Solve for equilibrium quantity a=16 b=8 c=12 d=9 e=27 f=none of the above 7. Compute the resulting firm profit a=164 b=0 c=192 d=256 e=112 f= none of the above 8. Compute the Consumer Surplus? a=96 b=25 c=48 d=0 e=112 f= none of the above 9= Compute the Lerner Index a=0.89 b=0.75 c=3 d=0.84 e=0.13 f= none of the above Show less
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