Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. economics
  3. perfectly competitive market. an individual firm h

Perfectly competitive market. An individual firm has the following cost function: TC = 36 + 2q +q2.   Find...

70.2K

Verified Solution

Question

Economics

  1. Perfectly competitive market. An individual firm has thefollowing cost function:

TC = 36 + 2q +q2.  

  1. Find the firm’s supply curve.

  2. If there are 100 identical firms in the market, what isthe market supply curve?

  3. In the long run, how many units would each firm produce?What is the price in the long run?

  4. What is each firm’s profit? Show this.

  5. If the market demand= Qd = 614 - p, how many firms wouldbe in the market?

Answer & Explanation Solved by verified expert
3.8 Ratings (413 Votes)
TC 36 2q q2MC 2 2qfirms supply curve isgiven asP MCP 2 2qP 2 2qq P2 1Therefore firms supplycurve is q P2    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

6. Two common sources of emerging diseases are mutations in disease-causing organisms that enable them to...

Biology
1.2K views

My Activities 0 075 mol of tungsten contains how many atoms O 4 5 x...

Physics
1.2K views

For the circuit in the figure assume that 12 0 V R 7 200 and...

Physics
1.2K views

3 Maximum 4 Maximum velocity A body oscillates with SHM according to the equation x...

Geometry
1.2K views

7 Demonstrate using diagrams 4 marks a that vector addition is commutative ie a b...

Algebra
1.2K views

Solve the triangle LL F mZF mZG mZHz 9 47 G 4 5 12 H

Accounting
1.2K views

You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage...

Accounting
1.2K views

Top executive officers of Rooney Company, a merchandising firm, are preparing the next years budget....

Accounting
1.2K views

When preparing a bank reconciliation, the balance as reported by the bank is adjusted until...

Accounting
1.2K views

Which of the following best describes a fixed cost? It may change in total when...

Accounting
1.2K views

Sharp Company manufactures a product for which the following standards have been set: ...

Accounting
1.2K views

Please provide the layers of how messages should be transmitted using OSI model? 1 i...