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In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones.  The total demand function for hair styling per day is Q=180-10P, where P is in dollars. The marginal cost function of all the small salons together is SMCf=4+0.1Q, and the marginal cost function on the dominant or leading salon is MCL=7+0.1Q.

What would be the best level of output and price if the large salon did exist in the market but operated as a perfect competitor, just like the small salons?

 

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9167151

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