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Find current market p and market q

Assignment Help Business Economics
Reference no: EM133065603

You will use this information to answer this question PLUS the next three questions.

Assume there are exactly 5 firms in your market BUT (despite this) the market is perfectly competitive.

The market demand function is Q = 270 - 2*P.  The market supply function is Q = 15 + P.

All firms have the same ATC curve, and it is this:

ATC = 88 - .66Q + .02Q2  

Which of the following are the current market P and market Q in this market?

Multiple Choice

  • P = 65 and Q = 150
  • P = 85 and Q = 100 
  • P = 75 and Q = 120
  • None of the above

Reference no: EM133065603

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