Question: The table below shows the cost structure for a perfectly competitive firm of which there are a total of 100 in the industry and the

The table below shows the cost structure for a perfectly competitive firm of which there are a total of 100 in the industry and the following table shows the market demand and market supply schedules.

P Qd Qs

30 12000 6000

35 11000 7000

40 10000 8000

45 9000 9000

50 8000 10000

55 7000 11000

60 6000 12000

a) (4 marks) What is the market equilibrium price? At this price what quantity will the firm produce?

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