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Question #1 (Imperfect Competition and Perfect Competition) Suppose that the (inverse) demand curve for Ginseng is given by P = 24 6Q and TC =10
Question #1 (Imperfect Competition and Perfect Competition)
Suppose that the (inverse) demand curve for Ginseng is given by P = 24 6Q and TC =10 + $3Q2
- What are four conditions required for a competitive market?
- What is equilibrium Price and Quantity and Profit if the market is competitive?
- What is equilibrium Price and Quantity and Profit if there are two firms in the market (note Q = q1 + q2)?
- What is equilibrium Price and Quantity and Profit if there are monopoly in the market (note Q = Q)?
- If there were 3 firms, where do you estimate the output and the price would bethis does not require a mathematical calculationit is based on the expectations created by the prior three answers (1-b, 1-c, and 1-d).
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Survey of Accounting
Authors: Carl S Warren
5th Edition
9780538489737, 538749091, 538489731, 978-0538749091
