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Find the partial market equilibrium price and quantity

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Reference no: EM132208348

Question: Suppose the generators described below compete as price takers in a market with perfect competition and a price-dependent demand given by PD = -20p + 400.

The two generators are

H1 = 8p1 + 0.024p12 + 80

H2 = 6p2 + 0.04p22 + 120

Where

H = fuel input to unit in MBtu per hour (millions of Btu per hour)

P = unit output in megawatts

The cost of fuel is 1.5 $/MBtu

Find the partial market equilibrium price and quantity, and the output of each generator?

Find the profit made by each generator at the market equilibrium?

Reference no: EM132208348

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