(Answered) Now assume there are 500 identical firms in this industry

Economics

Now assume there are 500 identical firms in this industry, that they have identical cost data as the firm above, and that the industry demand schedule is as follows:

Price	Quantity Demanded
$72	2500
52	3500
45	4000
28	5200
22	5900
15	6700

(a) What will the equilibrium price be?

(b) What will the equilibrium output for each firm be?

(d) What will profit or loss be per firm?

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Macroeconomics, Economics

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