In a perfectly competitive market, industry demand is given by Q =1,000 - 20P. The typical firms
Question:
a. Confirm that Qmin = 30. (Set AC equal to MC.) What is ACmin?
b. Suppose 10 firms serve the market. Find the individual firm’s supply curve. Find the market supply curve. Set market supply equal to market demand to determine the competitive price and output. What is the typical firm’s profit?
c. Determine the long-run, zero-profit equilibrium. How many firms will serve the market?
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a Average cost is AC 300Q Q3 Thus total cost is C 300 Q 2 ...View the full answer
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Related Book For 
Managerial economics
ISBN: 978-1118041581
7th edition
Authors: william f. samuelson stephen g. marks
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