Question
The table below shows the cost structure for a perfectly competitive firm of which there are a total of 100 in the industry and the
The table below shows the cost structure for a perfectly competitive firm of which there are a total of 100 in the industry and the following table shows the market demand and market supply schedules.
P Qd Qs
30 12000 6000
35 11000 7000
40 10000 8000
45 9000 9000
50 8000 10000
55 7000 11000
60 6000 12000
a) (4 marks) What is the market equilibrium price? At this price what quantity will the firm produce?
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Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
2nd edition
1464187029, 978-1464189104, 1464189102, 978-0716759751, 716759756, 978-1464187025
