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Market demand schedule for noodles
Price Q Demanded
5.4 50200
6.4 45200
7.4 40000
8.4 35000
9.4 30000
10.4 24800
11.4 19800
12.4 14800

The market is perfectly competitive which constant input prices and each firm has the same cost structure from the table listed below;
Output Marginal Cost AVC ATC
150 6 8.8 16.5
200 6.4 7.8 13.6
250 7 7 11.64
300 7.65 7.1 10.97
350 8.4 7.2 10.52
400 10.4 7.5 10.4
450 12.4 8 10.58
500 12.7 9 11.32
Initially there are 100 companies in the industry

[A] What is the market price and output in the short run?
[B] What is the Economic profit of each firm in the short run?
[C] Determine the shutdown point for firms in the short run?
[D] Find the long run equilibrium price and the number of firms?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9309646

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