What is the market price and quantity in the short-run

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In a competitive market, all firms have cost-functions C(y) = y^2 + y + 4. The market demand function is Q = 112-2p. Initially there are 40 firms.. (a) What is the market supply function? (b) What is the market price and quantity in the short-run? (c) How much profit do firms make in the short-run? (d) What happens in the long-run?

Reference no: EM13221192

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What is the market price and quantity in the short-run : In a competitive market, all firms have cost-functions C(y) = y^2 + y + 4. The market demand function is Q = 112-2p. Initially there are 40 firms. (a) What is the market supply function (b) What is the market price and quantity in the short-run

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