Question
1.Consider an industry in the U.S. facing aggregate (inverse) demand function: p(y) = 1050 - 5y The industry is currently in long run equilibrium. The
1.Consider an industry in the U.S. facing aggregate (inverse) demand function:
p(y) = 1050 - 5y
The industry is currently in long run equilibrium. The market price is $225 and there are n = 11 firms producing. Each firm's variable cost is:
cv(y) = [1] y3
a.What is each firm's fixed cost?
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Classics In Game Theory
Authors: Harold William Kuhn
1st Edition
1400829151, 9781400829156
