Equilibrium quantity for the representative firm

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Reference no: EM1319473

Q. A competitive market consists of 54 firms with an identical cost function given by: TC = 16 + X2 also the market price is PX = 8.

a) Calculate also graph the representative firm's MC, MR, AFC, AVC also ATC curves also Elucidate how the equilibrium quantity for the representative firm on the same graph.

b) Find the equilibrium quantity mathematically also find the equilibrium values of MC, MR, AFC, AVC also ATC. Also find the equilibrium quantity for the market, as well as the TR also TC for the market.

c) Calculate the representative firm's total economic profit at the equilibrium.

Reference no: EM1319473

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