Elucidate how many units does each industry produce, Ask an Expert

Economics

Q. a. Consider a monopolistically competitive marketplace with N industries. Each industry's business opportunities are described by the subsequent equations:
Demand: Q=100N-P
Marginal revenue: MR=100N-2Q
Total Cost: TC=50+Q2
Marginal Cost: MC=2Q

a. Elucidate how does N, the number of industries in the marketplace, affect each industry's demand curve? Why?

b. Elucidate how many units does each industry produce?

c. Illustrate what price does each industry charge?

d. Elucidate how much profit does each industry make?

e. In the long run, elucidate how many industries will exist in this marketplace?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9170629

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