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Suppose there are n identical firms in a market.Each firm has fixed cost equal to 392, and variable cost given by VC = 2q2, where q is the amount that an individual firm produces. This means that an individual firm's marginal cost is given by MC = 4q.Also, the market demand is given by

P = 1148- 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 of them produce?

b) What will be the market price?

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

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9442651

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