Solution) A firm in a perfectly competitive industry has this cost function: TC = 2700 + 3q2 a) If market dema
Question: A firm in a perfectly competitive industry has this cost function: TC = 2700 + 3q2
a) If market demand is QD = 1500 – 5P, what is an individual firm’s optimal price, output, and profit? What is the industry’s total price and output? How many firms are there in the industry?
b) Now, if demand increases to QD = 2400 – 5P, what is the short-run optimal price, output and profit? What is the industry’s total price and output? How many firms are there in the industry?
c) What happens in the long-run?
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Solution: The downloadable solution consists of 2 pages
Deliverables: Word Document
Deliverables: Word Document
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Math Solutions
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Math Solutions
