Question
COURSE: MICROECONOMICS - PERFECT COMPETITION Assume an industry in perfect competition composed of 100 firms whose total cost function is TC = 20 + 2q
COURSE: MICROECONOMICS - PERFECT COMPETITION
Assume an industry in perfect competition composed of 100 firms whose total cost function is TC = 20 + 2q + q2. a) Given the individual supply curve, find the supply of the industry. Please GRAPH b) Knowing now that demand is Qd = 200 - 50P, find the profits of each firm. Is this a long-run equilibrium? JUSTIFY
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Global Business Today
Authors: Charles W. L. Hill Dr, G. Tomas M. Hult
10th edition
1259686698, 978-1259686696
