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Hortrun equilibrium price and quantity of cobalt

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The industry for cobalt mining is perfectly competitive. A typical mine has a capacity constraint of 200 tons (that is, it cannot produce more than 200 tons) and a constant marginal cost of 400. All fixed cost is sunk. Currently there are 60 identical mines in the industry. The current market demand for cobalt is D(P) = 20,000 - 10P.

a) What is the shortrun equilibrium price and quantity of cobalt?

b) What is the supply curve for each firm?

Reference no: EM132488401

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