How many firms will exist in market in the long run, Microeconomics

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How many firms will exist in market in the long run

Consider a monopolistically competitive market with N firms. Each firm's business opportunities are described by the following equations:

Demand:Q=100N-P
Marginal revenue:MR=100N-2Q
Total Cost:TC=50+Q2
Marginal Cost:MC=2Q

a.How does N, the number of firms in the market, affect each firm's demand curve? Why?
b.How many units does each firm produce?
c.What price does each firm charge?
d.How much profit does each firm make?
e.In the long run, how many firms will exist in this market?

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Microeconomics: How many firms will exist in market in the long run

Reference No:- TGS069231

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How many firms will exist in market in the long run

Reference No:- TGS069231

Recent Questions Asked Microeconomics

Q : Find maximum output if marginal product of input is given

Q : Guidelines for writing academic essays

Q : Prepare a tax memo-highly appreciated land and inventory

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Q : How many firms will exist in market in the long run

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