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Equilibrium price and quantity in the market

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Reference no: EM133082055

Suppose that the market for some good is competitive and the demand curve can be written as Qd= 200 - 4P and the supply curve can be written as Qs= 20 + 2P

  1. What is the equilibrium price and quantity in the market?
  2. Suppose that every firm in the market has total costs which can be expressed as TC= 8+10Q+5Q^2.  What is the marginal cost function of each firm?
  3. How much will each firm produce?
  4. How many firms are currently in the market?
  5. What are the profits of the firms?
  6. Will the firms produce in the short run?
  7. Will the firms produce in the long run?
  8. What will happen to the number of firms in the market in the long run?i.
  9. What will be the profits of firms in the long run?

Reference no: EM133082055

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