Find the competitive equilibrium price and quantity traded

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Reference no: EM131112639

In a particular competitive market, the industry’s private marginal cost at output level Q ≥ 0 is PMC(Q) = 1 (in $ per unit) when Q ≤ 11 and PMC(Q) = 2Q − 11 when Q > 11. The height of the demand curve for the industry’s output is 7 − (Q/3) when the quantity demanded is Q ≤ 21. Draw the supply and demand curves and find the competitive equilibrium price and quantity traded when there is no tax. Show all your work and explain all your steps.

Reference no: EM131112639

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