Chap9

1Suppose there are 100 firms each with a short run total cost of STC = q² + q + 10, so that marginal cost is MC = 2q +1. The market supply curve is

a. Q_S = 50 + 50P

b. Q_S =-1/2+1/2p

c. Q_S = 100 + 100P

d. Q_S = 50 + 50P²

2Suppose there are 100 firms each with a short run total cost of STC = q² + q + 10, so that marginal cost is MC = 2q +1. If market demand is given by Q_D = 1050 50P, what is the equilibrium price?

a. 5

b. 10

c. 11

d. 50

3Suppose there are 100 firms each with a short run total cost of STC = q² + q + 10, so that marginal cost is MC = 2q +1. If market demand is given by Q_D = 1050 50P, how much will the individual firm produce?

a. 3

b. 4

c. 5

d. 6

4Suppose there are 100 firms each with a short run total cost of STC = q² + q + 10, so that marginal cost is MC = 2q +1. If market demand is given by Q_D = 1050 50P, how much will be produced in the market?

a. 300

b. 400

c. 500

d. 600