Question
There are 8 identical firms in a perfectly competitive market. They all face short-run total cost: STC (Q): {F+50+3Q+2Q^2 when Q>0, F when Q=0 where
There are 8 identical firms in a perfectly competitive market. They all face short-run total cost: STC (Q): {F+50+3Q+2Q^2 when Q>0, F when Q=0
where F is the sunk cost. The market demand is D(P)= 171-P. Solve A.
A.) When P=31, what are the profits for a single firm in terms of F
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
