Ilustrate what is the market price and level of each firm

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Reference no: EM1356846

A perfectly competitive industry is composed of 60 firms. The industry demand curve is Q = 1100 - 40P , where P is price and Q is the total market demand.

Firms have identical costs: C = 50 + 5q + 1/2q^2, where q is the firm's output. 2

(a) Ilustrate what is the market price and level of each firm's output in the short run?

(b) How much profit does each firm make? Comment.

Reference no: EM1356846

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