2. The market for a gadget in Austria consists of 300 identical firms, and the market demand curve is given by QD(P)=60-P. Each firm has
2. The market for a gadget in Austria consists of 300 identical firms, and the market demand curve is given by QD(P)=60-P. Each firm has a short-run total cost curve TC(Q)=0.1+150Q2. Assume that all fixed costs are sunk. The corresponding short-run marginal cost curve is MC(Q)=300Q, and the corresponding average variable cost curve is AVC(Q)=150Q. What is the short- run equilibrium price in this market
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