(Answered) 1 assume the following market supply and demand functionsqs

Economics

1. Assume the following market supply and demand functions

Qs = 10 e0.1 P - 20
Qd = 150 e-0.2 P

Determine the equilibrium price and quantity.

2. A firm operating in a noncompetitive market has the following cost function

TC = Q3:
- 20Q2:
+ 150Q + 1000
The market demand function for the firm's product is Q = 3000 - 200 P0.8

Find the firm's profit-maximizing combination of price and quantity.

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Microeconomics, Economics

Category:- Microeconomics
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