Infоrmаtiоn fоr questions 13-19 The following figure shows the cost curves for а firm in а perfectly competitive market. Only exact answers are accepted. For numeric questions, enter 0, if the question cannot be answered with the information provided. In particular, since the figure does not have a grid, do not try to approximate any numbers using its scale. You can only use the numbers provided on the figure to perform an exact calculation. If you feel that an exact calculation is not possible for a given question, then the correct answer would be 0, or “none of the above.” The last three questions in this group assume that we have reached the long-run equilibrium, following the process of the previous question. In particular, we’ll assume that the free entry or free exit of firms has stopped, the market is in equilibrium, and demand is sufficient to accommodate many (>100, say) firms. In the long-run equilibrium, how many firms will operate in the market?
Infоrmаtiоn fоr questions 20-22 Suppose thаt demаnd for a monopolist is given by Q = 2100 – 20 P. The monopolist’s total cost function is given by TC = 100 + 50 Q + Q2 / 200. Derive an equation for Marginal Cost, as a function of quantity Q. Enter the equation in the blank provided. To be graded correctly, your answer must be exactly in the format “MC=A+BQ”, or “MC=A-BQ”. Here A and B are whole or decimal numbers for you to calculate, MC and Q need to be capitalized, and there are no spaces.