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d) As this is perfect competition, new firms may enter the market and compete these profits away. What therefore will ensure that only normal profits are made?
e) The answer to part d) should be the same as the answer to c (4), why?
Qd = 250-60P
Where Qd is the quantity demanded in thousands at a given price P.
If we further assume constant returns to scale, then:
a) What is the total demand at the N$1 flat fare?
b) If the market is shared equally by 4 firms, what is the number of passengers per vehicle carried by each company?
c) If the cost per vehicle kilometer is N$1.60, average utilization 20 passengers per vehicle kilometer and average trip distance 10 kilometers:
i) What is the level of bus kilometers required to service this market?
ii) What profits are being made?
iii) What type of profit is this, normal or abnormal?
iv) What is the cost per passenger carried (as opposed to the cost per vehicle kilometer)?
(a) Find his marginal revenue function.
(b) At what price is marginal revenue zero
ference in the shape of the
curve in the short run and the long run
Up (5,4) (1,3)
Down (4,1) (2,2
1) 500N. 2) 20N. 3) 100N. ) 200N
1) pai/4. 2) pai/2. 3) 3pai/4. 4) 5pai/6