Question: The short-run total cost function associated with each firm's long-run equilibrium output is given as C(q) = 0.5q2 - 10q + 200 . (c) At

The short-run total cost function associated with each firm's long-run equilibrium

(c) At what level of output does short-run average cost reach a

The short-run total cost function associated with each firm's long-run equilibrium output is given as C(q) = 0.5q2 - 10q + 200 . (c) At what level of output does short-run average cost reach a minimum? 1.5 pts (d) What is the equation of the short-run supply function for each firm? 1.5 pts (e) What is the equation of the short-run industry supply function? 0.5 pts3. The industry of some perfectly competitive market has a large number of potential entrants. Each rm therein faces constant input prices and has an identical cost structure such that long-run average cost is minimized at an output of 20 units. The minimum average cost is $10 per unit. Total market demand is given by Q=150050p

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