a) Perfectly competitive industry

A perfectly competitive industry has the following demand and supply curves with Qs=16+P and Qd=90-P. What is the market

equilibrium price and quanitty?

a ) P=30, Q=48

b) P=32, Q=48

C) P=32, Q=40

b) Perfectly competitive firm

A firm in the industry described in question 1 (industry demand and supply curve are Qs=16-P. Qd=80-P) has the following total

cost curve TC=64+Q^2. How many units does this firm produce?

Q=40

Q=48

Q=16

c) Perfectly competitive firm

Using the information about the firm from question 2 (TC=64+Q^2), which is in the perfectly competitive industry from question 1

(Qs=16+P, Qd=80-P). Does this firm produce in the SR? Does this firm produce in the LR?

.A Firm produces in SR, Firm produces in LR

B Firm produces in SR, firm exits in LR

C. Firm shuts down in SR, firm exits in LR

d) Perfectly competitive firm

The market price for a good in a perfectly competitive market is $8. What quantity would the farmer produce in the SR and what

quantity would the farmer produce in the LR if the firm's total cost curve is TC=64+Q-27

A Firm produces in SR, Firm produces in LR

B Firm produces in SR, Firm exits in LR

C Firm shuts down in SR, Firm exits in LR