Each firm in a perfectly competitive industry has the short run cost function shown below.
output
0
1
2
3
4
5
total cost (dollars)
10
12
16
22
30
40
There are 1000 firms in this industry and the market demand cure is as follows:
price
3
5
7
9
quantity demanded
3000
2000
1500
1000
a) what us the eyuilibrium price of the product? (assume that the price must be 3$ , 5$, 7$ , or 9$)
b)what will be the output of each firm ?
ill be more than happy if u show me the way u answered it .
Each firm in a perfectly competitive industry has the short run TOTAL cost function shown below
output
0
1
2
3
4
5
total cost (dollars)
10
12
16
22
30
40
There are 1000 firms in this industry and the market demand cure is as follows:
price
3
5
7
9
quantity demanded
3000
2000
1500
1000
a) what us the eyuilibrium price of the product? (assume that the price must be 3$ , 5$, 7$ , or 9$)
b)what will be the output of each firm ?
ill be more than happy if u show me the way u answered it .
Each firm in a perfectly competitive industry has the short run TOTAL cost function shown below