How much profit does the typical firm earn

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Reference no: EM13200317

The short-run total cost curve of a firm in a hypothetical market is given by:

STC = 10Q^2 + 4Q + 100

with short-run marginal cost given by:
SMC = 20Q + 4

There are 100 firms in the market.
Market demand is:
Qd = 500 - Pmkt

What is the equation for the firm's short-run supply schedule?
What is the short-run market equilibrium price?
How much does each firm produce?
How much profit does the typical firm earn?

Reference no: EM13200317

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