A CONSULTING COMPANY ESTIMATED MARKET DEMAND

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A CONSULTING COMPANY ESTIMATED MARKET DEMAND

A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results: Qd = 25,000 – 5,000P + 25M Qs = 240,000 + 5,000P – 2,000PI where P is the price, M is the income, and PI is the price of a key input. The forecasts for the next year are M = $15,000 and PI = $20. Average variable cost is estimated to be AVC = 14 – 0.008Q + 0.000002Q2. Total fixed cost will be $6,000 next year. What is the price forecast for next year? What is the firm’s minimum average variable cost? What is the profit-maximizing output choice for the firm? What will the firm’s profit (loss) be for next year? Show work

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Title: A CONSULTING COMPANY ESTIMATED MARKET DEMAND
Price: £ 99
Post Date: 2018-11-08T10:51:21+00:00
Category: Assignment
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