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The short run variable costs below are for a firm in a perfectly competitive market. All firms producing this good have the same costs. The demand is the market demand for the good this firm produces

FIRM MARKET DEMAND

Q VC P Q P Q

1 12 10 500 19 320

2 21 11 480 20 300

3 31 12 460 21 280

4 43 13 440 22 260

5 58 14 420 23 240

6 78 15 400 24 220

7 105 16 380 25 200

8 140 17 360 26 180

18 340 27 160

Find the quantity this firm will produce in the short run if the price of output is $20. If $20 is the short run competitive equilibrium price, find the number of firms in the market.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91032452

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