Consider a perfectly competitive market with 10 firms firm

Reference no: EM13377968

Consider a perfectly competitive market with 10 firms; Firm 1, Firm 2...Firm 10. Firm 1 through Firm 9 have the same cost function given by C(qi)=2q^2,

where q is the quantity produced by firm i. Firm 10 has a different cost function C(q10)= 3q^2.Let Q represent the aggregate output of all firms, Q= \(\sum_{i=10}^{10}qi\) Consumers' aggregate inverse demand function is given by P(Q)=90-12Q1. T/F Firms have an increasing returns to scale technology. Explain2.Solve for the equilibrium price and quantities (P, q1, q2 %u2026 q10).What is the equilibrium price?a-1b-4c-3d-10e-9f-1/23.What are the equlibrium quantities (q1, q2 %u2026 ,q10)?. A-q1, q2 %u2026 ,q10 = 2B-q1, q2, %u2026 ,q9= 2 q10=1/2c-q1, q2, %u2026 ,q9= 3/2 q10=1/2d-q1, q2, %u2026 ,q9, q10= 3/2e- q1, q2, %u2026 ,q9= 3/4 q10=1/2f-q1, q2, %u2026 ,q9= 3 q10=1/2g-none of the above4. Does Firm 10 produce at all in equillibrium? Explain why?

Reference no: EM13377968

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