Suppose the inverse demand for an industry was given by p , Ask an Expert

Economics

In the short-run, firms' fixed costs (FC) are $160 and their variable costs (VC) are $22q+ 0.1q2. Suppose the inverse demand for an industry was given by P = 60 - 0.03Q.

1. What price results from perfect competition in this market?

2. How many units are sold in this market?

3. How many firms operate in this market?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9442413

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