3. Suppose that an entrepreneur patents a revolutionary digital camera and creates a new firm, DigCam, to produce and sell it. The market demand for the camera can be expressed as: Q = 120-2P Where Q is the number of cameras in millions and P is the price per camera in dollars. DigCam's production costs can be expressed as TC200 +0.5Q2 Express the price that DigCam charges and the firm's total revenues as a function of the quantity produced and sold. What is the equation for marginal revenue? If DigCam seeks to maximize profits how many cameras will it produce and sell? What price will it charge for each camera? What is the firm's total revenues, total costs, and profits? What is the consumer surplus in this market? a. b. c. Now suppose that the government intervenes in this market and sets the price at $40 per camera. The firm must produce and sell a camera at this price to all consumers that demand one or exit the market. If DigCam decides to continue producing cameras, how many cameras would it produce? What would happen to total revenues, total costs and profits? What happens to the consumer d. Would DigCam in fact continue to produce cameras? e.
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