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Find the firms short-run supply function

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The following market demand and firm cost conditions describe a perfectly competitive industry:

p = 100 - 0.0005Q

T C = 10q - 0.1q2 + 0.0005q3

(a) Find the firms short-run supply function.

(b) Explain the firm's shutdown rule.

(c) Suppose we are on the short-run and the num- ber of firms is 1000. Determine the equilib- rium price (p), market output (Q), and firm output (q). Briefly explain whether there will be entry or exit in the long run.

(d) Determine the long-run equilibrium price (p), market output (Q), firm output (q) and number of identical firms (N).

Reference no: EM132795572

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