Over the past few decades, Boeing’s chief competitor was Airbus. Recently, smaller firms have entered the…

Over the past few decades, Boeing’s chief competitor was Airbus.
Recently, smaller firms have entered the market. One of these firms
is Embraer. Embraer recently had one of the best-selling business
jets, the Phenom 300. Though, there are competitors, Boeing has led
the market in terms of pricing.
1. What type of market structure is this and what model might we
use to analyze it? These companies have the following total cost
functions with A = Airbus, E = Embraer and B = Boeing: TCA=
$1,500,000 + $30,000,000QA + $500,000QA2 TCE= $484,000,000 +
$10,000,000QE + $250,000QE2 TCB= $3,000,000,000 + $2,000,000QB +
$55,000QB2 The industry demand curve for this type of jet aircraft
is: Q = 950 – 0.000015P
2. What are the supply functions for Airbus and Embraer? (Hint:
these firms operate as price takers)
3. What is Boeing’s demand function? (Hint: Boeing’s demand
function is the industry demand curve minus the following firms’
supply or QB= Q – QA– QE. Use the answers you found in question
2)
4. What is Boeing’s profit-maximizing price and output.
5. What are Airbus’ and Embraer’s profit-maximizing output
levels?
6. Is the industry in short-run equilibrium, i.e. does firm
supply equal total demand?
7. Which firms are earning an economic profit? Which ones are
earning a normal rate of return? How do you know?
8. Is the industry in a long-run equilibrium? Why or why
not?
I have answered 1-4 but need help with 5-8
Can you have it done by February 20th?

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