ECON 342 ECON342 Homework 1 with Answers (Penn State University)

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ECON 342 ECON342 Homework 1 Answer (Penn State University)

1. (18 points) Suppose in the short run a perfectly competitive firm has a fixed cost, F = $507. The firm’s variable cost of production is given by TVC = 6q +3q², where q is the quantity of output that the firm produces. The marginal cost of the firm is given by MC = 6 + 6q. The market demand for the good is given by Q_d = 542 - 3P, where Q_d is the total quantity demanded and P is the price of the good. Also, the market supply is given by Q_s = -130 + 4P.

2. (12 points) Suppose the demand for a product is given by Q = 200 – 5P.

3. (20 points) A monopolist faces a demand curve given by:

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