Question
Suppose that identical firms in a competitive market have following cost function: C(q) = 100 + 4q 2 What is the short-run supply curve for
Suppose that identical firms in a competitive market have following cost function:
C(q) = 100 + 4q2
What is the short-run supply curve for each firm (q as a function of p)?
Suppose the market demand is QD = 1280 - 30p and the market supply curve is QS = 10p. Find the short-run equilibrium market quantity and price.
How much will each firm produce? What are each firm's profits? How many firms are there in the market?
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International Economics
Authors: James Gerber
7th edition
134472098, 134523873, 978-0134472096
