Find the short-run equilibrium price

Reference no: EM131248572

The oil drilling industry consists of 60 producers, all of whom have an identical short-run total cost curve, STC(Q) = 64 + 2Q² , where Q is the monthly output of a firm and $64 is the monthly fixed cost. The corresponding short-run marginal cost curve is SMC(Q) = 4Q. Assume that $32 of the firm's monthly $64 fixed cost can be avoided if the firm produces zero output in a month. The market demand curve for oil drilling services is D(P) = 400 - 5P, where D(P) is monthly demand at price P. Find the market supply curve in this market, and determine the short-run equilibrium price.

Reference no: EM131248572

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