Question
Glowglobes are produced by identical firms in a perfectly competitive market. There are 19 firms in the market. Each firm's Total Cost function is TC=621+2q+q^2
Glowglobes are produced by identical firms in a perfectly competitive market. There are 19 firms in the market. Each firm's Total Cost function is TC=621+2q+q^2 and Marginal Cost function is MC=2+2q. Market demand is Q=301-P. What is the short-run market quantity? Enter a number only, remember fractions of goods are possible.
Answer is 30.48 but why?
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Managerial Economics And Financial Analysis
Authors: M.S. Bhat, A.V. Rau
1st Edition
9352300211, 978-9352300211
