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Suppose there are two technologies for producing steel. Under technology A, a firm's short-run total cost function is STCa(q)=1/2q^2+100q+10 with SMCa(q)=q+100, and using technology B it is STCb(q)=2q^2+6 with SMCb(q)= 4q. Assume there are 100 firms using technology A and 400 firms using technology B.

If market demand is given by Q = 50,000 -100 p what is the short-run equilibrium price, quantity, and output per firm?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9472628

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