Question: Final exam practice Question 4 [CL02, 5 Marks] Assume a market characterized by a large number of companies selling a homogeneous good. Assume market demand

Final exam practice Question 4 [CL02, 5 Marks] Assume a market characterized by a large number of companies selling a homogeneous good. Assume market demand is as follows: Q=800-P Assume supply is given by: P2500 Questions: lDetermine market quantity and price at equilibrium [2 marks]. 2-The quantity produced by a given company (company x) with total cost given by TC=2+10Q2 [2 marks]. 3-If the government introduces a minimum price equal to 300, what is the impact, if any, on the market? [1 mark] Question 5 [CL01, 5 Marks] Discuss 3 main macroeconomic indicators and explain why they are important for managers. Examples: GDP/Ination/Unemployment/Interest rates/Exchange rm

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