Find the price and output of the firm

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Reference no: EM131504995

Question: With p measured as £ per thousand units and X measured as thousands of units per week, the market demand for X is given by
p = 20 - X

A group of small firms are able to provide X along a supply curve given by
p = 2 + 2X

(a) Find:

(i) the price of X; and

(ii) the quantity of X.

(b) A large firm appears on the market which can produce X at a constant long-run marginal and average cost of £8 per thousand units. Find:

(i) the demand curve facing that firm;

(ii) the price and output of the firm;

(iii) the firm's profit;

(iv) the overall output of X; and

(v) the quantity of X produced by the small competitive firms.

Reference no: EM131504995

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