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Determining the perfect competition market conditions

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Reference no: EM13961865

Firm PQR produces a product 'Alpha' under perfect competition market conditions. The cost function for the firm is:

TC = 1500 + 200Q + Q^2

The market supply and demand equations for the product 'Alpha' in the perfect competition market are:

QS = 40,000 + 60 P

QD = 80,000- 40 P

Based on the information given above, calculate:

1. The profit maximizing output for PQR.

2. The economic profits earned by PQR.

3. Is the industry for product 'Alpha' in equilibrium?

Reference no: EM13961865

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