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Finding out the short run and long run profit maximizing price - quantity and number of firms in the industry.

One hundred perfectly competitive firms face the following cost function:

TC = 200 + 20 q + 2q2;

Furthermore, the market demand curve is:

Qd = 100 - P;

Find out the short-run supply curve of the firm and the market. What is the price, quantity, profit/loss for each firm? Is this industry in the long-run? If not, what will be the price in the long-run and how many firms will be in the industry?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M916100

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