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N firms compete in a perfectly competitive industry. Market demand Q, for a good is given by Q=3000-50P, where P is the market price. For each firm I, the long run total cost function , C(qi) is:

C(qi) = 0 if qi = 0

C(qi) = 100 + qi² for qi > 0

a. What is the long-run supply curve for an individual firm? Explain

b. Assume that there is freen entry and exit. What is the level of output of each firm, total market output and the market price in the long-run equilibrium? If we measure welfare as the sum of profits and consumers’ surplus, what is the level of welfare associated with long run equilibrium?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91697003

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