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Suppose the market for pizza is perfectly competitive. Furthermore, suppose the total cost curve for a typical pizzeria is TC = 2 + 12q2 where q represents the quantity of pizzas sold by a single pizzeria each day. Suppose that there are 20 pizzerias in this market, sharing a market demand given by P = 100 – 4Q, where P represents price pizza and Q represents the total number of pizzas sold in the entire market. a) The supply curve for this market will be equal to: S = Answer Qs b) In the short-run, what is the quantity of output and the market price in the market? Q = Answer ; P = $ Answer c) In the long-run, what is the quantity of output market price in the market? Q = Answer ; P = $Answer d) How many firms will operate in this market in the long-run? Q = Answer

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91870263

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