14.1 Suppose there are 100 identical firms in a perfectly competitive industry. Each firm has a short-run

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14.1 Suppose there are 100 identical firms in a perfectly competitive industry. Each firm has a short-run total cost curve of the form C=

3^0 9 3 + 0.2q 2 + 4q+l0.

a. Calculate the firm's short-run supply curve with q as a function of market price (P).

b. On the assumption that there are no interaction effects among costs of the firms in the industry, calculate the short-run industry supply curve.

c. Suppose market demand is given by Q= — 200P + 8,000. What will be the short-run equilibrium price-quantity combination?

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Microeconomic Theory Basic Principles And Extensions

ISBN: 9780030335938

8th Edition

Authors: Walter Nicholson

Question Posted: Nov 14, 2024 03:00 AM

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14.1 Suppose there are 100 identical firms in a perfectly competitive industry. Each firm has a short-run

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Microeconomic Theory Basic Principles And Extensions

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