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In a competitive market, there are two groups of firms. For every firm in group A, the long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 20 and output is 4. There is an unlimited number of firms in group A. Every firm in group B has a special resource used as an input. For every firm in group B , long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 10 and output is 6. For these firms, we also know that when output is 25, marginal cost is 20. There are only 100 firms in group B.
Answer the following problems:

a. If market demand curve is given by

Q = 10,000 - 10p,

find

Long run equilibrium price

Industry output

Output of every firm in Group A

Output of every firm in Group B.

Number of firms in group A that produce positive output in long run equilibrium

Number of firms in group B that produce positive output in long run equilibrium

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M940889

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