Market price and level of firm output in short run, Microeconomics

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Market price and level of firm output in short run

A perfectly competitive industry is composed of 60 firms. The industry demand curve is Q = 1100 - 40P , where P is price and Q is the total market demand. Firms have identical costs: C = 50 + 5q + 1/2q^2, where q is the firm's output. 2

(a) What is the market price and level of each firm's output in the short run?

(b) How much profit does each firm make? Comment.

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Microeconomics: Market price and level of firm output in short run

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Microeconomics: Market price and level of firm output in short run

Reference No:- TGS064640

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Communist economic system

Q : What is the best communication channel for the situations

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Market price and level of firm output in short run

Reference No:- TGS064640

Recent Questions Asked Microeconomics

Q : Communist economic system

Q : What is the best communication channel for the situations

Q : Functions of five primary federal regulatory commissions

Q : Depreciation expense using the straight-line rate

Q : Market price and level of firm output in short run

Q : Overstatement or understatement

Q : Explain independent variables in multiple regression model

Q : Definition of macroeconomics-national income

Q : Determine the unadjusted rate of return

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