Microeconomics 2

ull vodafone AU 4G 20:11 7 0 44% A moodle.telt.unsw.edu.au Microeconomics 2 Question 1: Perfect Competition The demand curve for a product is given by Q = 800 - 01P where I' drones price and Q dancers quantity of the product. The industry comprises large number of finn, Each firm's cust function is Cig) = 2010 + 500q+ 20q' (2) Write down each firm's Average Fixed cost (AFC), Average varuble cost (AVC). Averages Cost (MC) and Marginal cost (MIC) as a function of q AFC AVCE ACE MC Student ID: Microeconomics 2 (b) Find the shore can supply function for each firm