Essay
Suppose that there are 80 firms in a market,each with the following cost function:
C(q)= 100 + 4q²
a.Derive the short-run market supply curve.
b.Suppose the market demand is
QD = 1280 - 30p
Find the equilibrium market quantity and price.
c.How much output will each firm produce? How much profit is each firm making?
Correct Answer:
Verified
a.Each firm sets p = MC to determine the...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q5: Lelu runs a firm that sells multipasses
Q8: Suppose the Christmas trees market is perfectly
Q11: Suppose there are 1000 identical wheat farmers.For
Q28: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3096/.jpg" alt=" -The above figure
Q56: In a competitive market,if buyers did not
Q61: In a perfectly competitive market,<br>A) firms can
Q70: If a firm sets marginal revenue equal
Q74: If a firm operates in a perfectly
Q80: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3096/.jpg" alt=" -The above figure
Q103: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3096/.jpg" alt=" -The above figure