Suppose That Lots of Companies Make Widgets

question 44

Essay

Suppose that lots of companies make widgets. Tim's is a representative competitive firm in this industry and has TC = 10q² + 5q + 40.
i)At what market price will Tim's break even?
ii)What is the shut down price for Tim's?
iii)What is the equation for Tim's short- run supply curve?
iv)Suppose that demand for widgets is P = 95 - Q. If there are a total of 30 widgets traded in the market, how many widgets will Tim's make and how many firms are competing against Tim's?
v)Will there be entry or exit in the widget industry, why?

---

Definitions:

Biopsychosocial Approach

An integrated perspective that considers biological, psychological, and social factors in understanding health and illness.

Socioeconomic Groups

Categories of people sharing similar levels of wealth, income, education, and occupation, which influence their social status and opportunities.

Psychopathology

The study of mental disorders, including their symptoms, etiologies, and treatments.

Maladaptive

Behaviors or traits that inhibit an individual's ability to adjust to particular situations, often leading to psychological stress or dysfunction.