Question
A market has many firms. Each firm has a short-run cost function C(y) = 500 + y^3 . If market supply q = 100 at
A market has many firms. Each firm has a short-run cost function C(y) = 500 + y^3 .
If market supply q = 100 at the minimum aggregate costs (in the short-run)
(a) What is the optimal number of firms n ?
(b) What is the optimal level of each firm's output y ?
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The Great Divide Unequal Societies And What We Can Do About Them
Authors: Joseph E Stiglitz
1st Edition
0393352188, 9780393352184
