107 812
Assignments Done
100%
Successfully Done
In January 2025
In January 2025
Your physics assignments can be a real challenge, and the due date can be really close — feel free to use our assistance and get the desired result.
Physics
Be sure that math assignments completed by our experts will be error-free and done according to your instructions specified in the submitted order form.
Math
Our experts will gladly share their knowledge and help you with programming projects. Keep up with the world’s newest programming trends.
Programming
Answer to Question #89015 in Economics of Enterprise for Jossy
Question #89015
Problem one
Most weeks, the demand for long-stem roses can be approximated by QD = 2400 - 50p, where QD is the total quantity demanded (in dozens) at price p (per dozen). Currently, roses are supplied by 100 identical growers, each having total costs C=0.25q2+0.5q+36, where q is the number of roses (again, in dozens) supplied by the grower. The $36 cost can be avoided on a daily basis.
(a) What is the short-run supply curve for each individual grower? Describe this curve both algebraically and graphically.
Most weeks, the demand for long-stem roses can be approximated by QD = 2400 - 50p, where QD is the total quantity demanded (in dozens) at price p (per dozen). Currently, roses are supplied by 100 identical growers, each having total costs C=0.25q2+0.5q+36, where q is the number of roses (again, in dozens) supplied by the grower. The $36 cost can be avoided on a daily basis.
(a) What is the short-run supply curve for each individual grower? Describe this curve both algebraically and graphically.
Expert's answer
(a) The short-run supply curve for each individual grower is a portion of MC curve above the intersection with AVC curve.
MC = C' = 0.5q + 0.5.
So, MC = p = 0.5qs + 0.5,
qs = 2p - 1.
Learn more about our help with Assignments: Economics of Enterprise
Comments
Leave a comment