Question
5 -Assume 402 identical firms operate in a competitive market.A typical firm has the following total cost function TC =Q 3 8Q 2 + 30Q
5-Assume 402 identical firms operate in a competitive market.A typical firm has the
following total cost function
TC =Q3 8Q2 + 30Q + 100
Assume the market demand function is
Q=4500 18 P
a) Determine the short run market equilibrium price and quantity.
b) What is the short run profit maximizing level of output for each firm?
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Microeconomics
Authors: Roger A. Arnold
12th Edition
1285738306, 978-1285738307
