Find the equilibrium quantity mathematically and find the, Ask an Expert

Economics

A competitive market consists of 54 firms with an identical cost function given by: TC = 16 + X2 and the market price is PX = 8.

a) find out and graph the representative firm's MC, MR, AFC, AVC, and ATC curves and show the equilibrium quantity for the representative firm on the same graph.

b) Find the equilibrium quantity mathematically and find the equilibrium values of MC, MR, AFC, AVC, and ATC. Also find the equilibrium quantity for the market, as well as, the TR and TC for the market.

c) find out the representative firm's total economic profit at the equilibrium.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M968207

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