(Answered) Suppose there are n identical firms in a market each firms

Engineering

Suppose there are n identical firms in a market. Each firm's cost function is given by C = 648 + 8q^2, where q is the amount that an individual firm produces. This means that an individual firm's marginal cost is given by MC = 16q. Also, the market demand is given by P = 306 - 3Q, where Q is the total amount of the good produced by all of the firms combined. Therefore, Q = n*q.

a) How much output will each firm produce?

b) What will be the market price?

c) How many firms will there be in long run equilibrium?

View complete question

Computer Engineering, Engineering

Category:- Computer Engineering
Reference No.:- M92759899
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Computer Engineering

Suppose you are given a connected graph g with edge costs

Suppose you are given a connected graph G, with edge costs that are all distinct. Prove that G has a unique minimum spanning tree.

Mary kate is a project manager in the it department for a

Mary Kate is a project manager in the IT department for a university. She has been asked to manage a project to create faculty intranet. The university has multiple campuses in various locations, and professors and other ...

Directionspick one topic for word and one topic

Directions Pick one topic for Word and one topic for PowerPoint to discuss. Word Watermark: What is the purpose of watermark for a document? What do you consider when you work on a watermark in Word? Newsletter: What are ...

Lnguage isnbspcgenerate a sparse vector class with

Language is C++ Generate a sparse vector class with * operator, such as Vector Vector::operator * (Vector& param) A multiplication (*) operators returns element-wise multiplication of two vectors in another vector. Giv ...

Recall that the cpu execution time of a program is given by

Recall that the CPU execution time of a program is given by CPU time = IC times CPI times T. Suppose two different processors P 1 and P 2 execute the same number of instructions for a given benchmark. If P 1 is a 2 Ghz p ...

Select one of the discussion topics and respond begin your

Select one of the discussion topics and respond. Begin your response by indicating which question you chose. Discussion topics: Section 1 Should the government set a maximum wage? Why or why not? Section 2 Most people be ...

According to the same national collegiate athletic

According to the same National Collegiate Athletic Association data, the means and standard deviations of eligibility and retention rates (based on a 1,000-point scale) for the 2013-2014 academic year are presented, alon ...

A bar wants to move into a new area they want to find out

A bar wants to move into a new area. They want to find out the average income of people in the area to set a price point. To estimate the income of the locals with an error of at most $5,000 at a 80% confidence level, wh ...

What is the lithium by mass in a sample of pure lithium

What is the % lithium by mass in a sample of pure lithium carbonate that has a sample size of 10.0g?

Case studyjulian lim purchased a put option at the cost of

Case study: Julian Lim purchased a put option at the cost of $0.30 each. The put option has a strike price of S$3.00 and the underlying stock is currently trading at S$3.50. Julian Lim bought 100 shares. Question: Determ ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Computer Engineering Expert