Hand written solutions are strictly prohibited. KAssume a competitive firm faces a market price of $100, a cost curve of:C=0.002q³+50q+750,MC = 0.006q² + 50.If a specific tax of $6 per unit is implemented, what would be the new equilibriumoutput level?It would be units. (round your answer to two decimal places)If, instead, a lump sum tax of $548 is implemented, what would be the new equilibriumoutput level?It would be units. (round your answer to two decimal places)and a marginal cost curve of:

The market price is given as $100The cost curve is given The marginal cost is given as

Assume a competitive firm faces a market price of $100, a cost curve of: C=0.002q³+50q+750, MC = 0.006q² + 50. If a specific tax of $6 per unit is implemented, what would be the new equilibrium output level? and a marginal cost curve of: It would be units. (round your answer to two decimal places) If, instead, a lump sum tax of $548 is implemented, what would be the new equilibrium output level?

Assume a competitive firm faces a market price of $100, a cost curve of: C=0.002q³+50q+750, MC = 0.006q² + 50. If a specific tax of $6 per unit is implemented, what would be the new equilibrium output level? and a marginal cost curve of: It would be units. (round your answer to two decimal places) If, instead, a lump sum tax of $548 is implemented, what would be the new equilibrium output level?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter11: Price And Output Determination: Monopoly And Dominant Firms

Section: Chapter Questions

Problem 3E

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