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A industry consists of 20 producers, all of whom operate with the identical short-run total cost curve ST C(Q) = 16+2Q+Q^2. The market demand curve for A is D(P ) = 110?P , where P is the market price.

a) Assuming that all of each firm’s $16 fixed cost is sunk, what is a firm’s short-run supply curve? What is the short run market supply curve?

b) Determine the short run equilibrium price and quantity in this industry.(assume all of each firm’s $16 fixed cost is sunk)

c) Assuming that all of each firm’s $16 fixed cost is non-sunk, what is a firm’s short supply curve? What is the short run market supply curve?

d) Determine the short run equilibrium price and quantity in this industry.(assume all of each firm’s $16 fixed cost is non-sunk)

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91234614

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