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Perfect Competition Problem

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Perfect Competition Problem -

Each firm L/R Avg Cost minimized at qi = 20 units @$10/unit QD = 1500 - 5P

(a) What is L/R supply?

(b) What is L/R equilibrium price P*, quantity Q* output eq. firm q*, N number of firms? Profits each firm π*.

(c) Short Run cost Cq1 = 0.5q2 - 10q + 200.  

Calculate SRAC + SMC function.

(d) Calculate S/R supply function eq. firm and industry total.

(e) Change in demand QD = 2000 - 50P

Answer "b" again in S/R when output can't change.

(f) In S/R, use industry S/R supply to recalculate (b).

(g) What is new L/R equilibrium?

(h) What id profit function + supply function [π(p,w) + q(p,w)]  For F(Z) = Z1αZ2β.

Reference no: EM132392577

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