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Equilibrium point: price and quantity of equilibrium

 Microeconomics Task brief & rubrics

· Individual task.

· Format:

Document with answers: PDF

Formalities:

· Answers must be typed out. Images of handwritten documents will not be accepted.

· Font: Arial 12,5 pts.

· Text alignment: Justified.Submission:

· Due 10:30

· Weight:This task is a 30% of your total grade for this subject.

Description and information of the task:

You have to answer the questions of the exam. All the information is contained in the text;thus,you do not need to make any hypothesis.

1) In ourmarket we have made the following observations:

Price

Q demand

Q supply

85

3,045

2,662.20

80

3,360

2,537.20

Calculate:

a) Equilibrium point: price and quantity of equilibrium

b) Price Elasticity of the Demand and Price Elasticity of the Supplyin the given interval. Use the midpoint method.

c) Consumer Surplus

2) Complete the following table with the right figures.

Q

Variable cost

Fix cost

Total cost

Average Variable cost

Average fix cost

Average total cost

Marginal cost

0

0

--

--

--

1

15

2

48

37.5

3

9

51

4

168

42

48.75

5

87

6

360

60

3) Our company has a fix cost of 20,and we are in a perfectly competitive market where we have observed the following points of the demand:

Price

Quantity

30

8750

60

5000

a) The actual market price is 32,

a. How many units are going to be sold in the market?

b. Complete the following table:

Q

Marginal cost

Total cost

Average total cost

Total revenue

Total profit

0

1

8

2

16

3

24

4

32

5

40

6

48

7

56

c. Considering that all the producers in this market have the same costs, how many units does each producer make?

d. How many producers are in this market?

e. How much profit does each producer earnper unit?

f. Can we expect any new supplier entering in the market? (Y/N); Why?

b) According to the information given:

a. How many firms there will be in this market in the long run?

b. How much Economic Profit will each company earn in the long run?

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