Find the total consumer surplus in the market

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Reference no: EM131094589

A competitive market has 30 identical firms each with a short-run cost of SC(q) = 3/2q2 + 15q + 150. The market demand for the good is P =105 – 1/5QD. Find the equation for the market supply curve P = S(QS) and use that to find the equilibrium price. Show that this price is a LR equilibrium price. Also find the total consumer surplus in the market. You won’t need an integral for this, just geometry.

Reference no: EM131094589

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Find the total consumer surplus in the market : A competitive market has 30 identical firms each with a short-run cost of SC(q) = 3/2q2 + 15q + 150. The market demand for the good is P =105 – 1/5QD. Find the equation for the market supply curve P = S(QS) and use that to find the equilibrium price...

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