Given demand P=600-(1/50)Q
Total Cost=(1/5)Q^2+500
and the minimum average cost for each of the firms is achieved at an output level of 50 apples
a)what is the equilibrium price in the market?
B)what is the total output?
c)how many firms are there in the market?
d)what is the profit of each firm?
Total Cost=(1/5)Q^2+500
and the minimum average cost for each of the firms is achieved at an output level of 50 apples
a)what is the equilibrium price in the market?
B)what is the total output?
c)how many firms are there in the market?
d)what is the profit of each firm?