(Answered) L the market demand function for a good is given by q 2 133

Economics

(l) The market demand function for a good is given by Q 2 13(3)) = 800 - 5013. For each ?rm that produces the good the total cost function is TC(Q) = 4Q + 92:. Recall that this means that the marginal cost is M C (Q) = 4 + Q. Assume that ?rms are price takers.

(a) What is the supply function of a ?rm in this market?

(b) If there are currently 100 ?rms producing the good, what is the market supply function? What is the short-run competitive equiJibrimn in this market with 100 ?rms? What is the pro?t of each ?rm?

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