Certain industry is competitive and there are many firms

Assignment Help Business Economics

Reference no: EM13984934

Suppose that a certain industry is competitive and there are many firms all with the same cost function given by: LRTC=q3 - 2 q2 + 2q (MC = 3 q2 – 4 q + 2 ) The industry inverse demand curve is given by: p = 11 - .2 Q Find LR equilibrium q, Q, n, p, and ∏. Please try to explain how you got your answer.

Reference no: EM13984934

Questions Cloud

What is the inductance l of the inductor : An inductor is connected to the terminals of a battery that has an emf of 12.0 V and negligible internal resistance. The current is 4.91 mA at 0.700 ms after the connection is completed. After a long time the current is 6.40 mA. What is the resist..

Equlibrium level of aggregate income in an economy : If equlibrium level of aggregate income in an economy is $250 billion while full-employment level of income is $450 billion, and if the value of MPC is 0.60, then additional investment needed to reach the full-employment level of income $____________..

Calculate market output-price-consumer-producer surplus : The industry demand curve for a particular market is: Q = 1800 - 200P. The industry exhibits constant long run average cost at all levels of output, regardless of the market structure. Long run average cost is a constant $1.50 per unit of output. Cal..

Find the current in the small circuit after s is closed : The distance c is 5.0 cm. (The figure is not drawn to scale.) Both circuits are held stationary. Assume that only the wire nearest the small circuit produces an appreciable magnetic field through it. Find the current in the small circuit 210 mus af..

Certain industry is competitive and there are many firms : Suppose that a certain industry is competitive and there are many firms all with the same cost function given by: LRTC=q3 - 2 q2 + 2q (MC = 3 q2 – 4 q + 2 ) The industry inverse demand curve is given by: p = 11 - .2 Q Find LR equilibrium q, Q, n, p, ..

Assume a banking system with many banks : Assume a banking system with many banks. The reserve ratio in all banks is 16 percent and excess reserve is held in the banking system (i.e. banks are all "loaned up"). Sam sells gis government bond to the Fed. Sam received $3,000 in cash, which he ..

How is the disease being treated : How is the disease being treated? What organizations are involved in helping stop the spread of the disease.Explain how they are doing this.

Two countries are exactly alike in every respect except : Suppose that two countries are exactly alike in every respect except that the citizens of country A have a higher depreciation rate than the citizens of country B. a) Which country will have the higher level of output per worker in the steady state?

Currency to the banking system : If the required reserve ratio is 8 percent, a new deposit of $10,000 in currency to the banking system, assuming banks all remain "loaned up", will result in an increase in money supply of $__________________. Show how you have found your answer.

User Account

All Pages