Essay
Harolds' is one of many identical firms in the highly competitive egg hatching industry. Its cost function is given by: TC = (1/4)y2 + 1
i)Give an equation for the firm's short- run supply curve.
ii)Give an equation for the industry's long- run supply curve.
iii)If the demand for egg hatching is given by Q = 108 - 12p how many firms will there be in the egg hatching industry in the long- run competitive equilibrium?
iv)How much profits will a typical firm make in the long- run equilibrium? How much producer's surplus?
Correct Answer:
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i)p = y/2;
ii)LRS is given by ...View Answer
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ii)LRS is given by ...
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