What quantity of output will a typical firm produce

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Q1)Market demand is given as QD = 200 - 3P. Market supply is given as QS = 2P + 100. Each identical firm has MC = 0.5Q andATC = 0.25Q.

1.) What quantity of output will a typical firm produce?

2.) What is a firm's average total cost?

3.) What is each firm's profit?

Q2)If a firm in a perfectly competitive market doubles the number of units of output sold, what will happen to total revenue?

Reference no: EM13185787

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