Suppose there is a perfectly competitive industry where all the firms are identical with identical cost curves. Furthermore, suppose that a
representative firm’s total cost is given by the equation TC=100+q2+q
where q is the quantity of out put produced by the firm. You also know that the
Market Demand For This Product Is Given By The Equation=1000–2Q where
Q is the market quantity. In addition, you are told that the market supply curve
is given by the equation P=100+Q.
What is the equilibrium quantity and price in this market given this
information?
Answers: 1
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Suppose there is a perfectly competitive industry where all the firms are identical with identical c...
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