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Cost curve related to the market supply curve

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Reference no: EM131228944

1. Why must buyers and sellers be price takers for a market to be perfectly competitive?

2. How is a firm's marginal cost curve related to the market supply curve?

3. Based on the following table output price total cost

0 10 31

1 10 40

2 10 45

3 10 48

4 10 55

5 10 65

6 10 80

7 10 100

8 10 140

9 10 220

10 10 340

a. what is the profit maximizing output?

b. what will happen to the market price in the long run?

Reference no: EM131228944

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