What will be the short-run equilibrium price of street art

Reference no: EM13221821

Kate is one of 60 price-taking street artist. she and other street artist each produce their artwork with total costs given by SRTC = 3q^2 where q is the armound produced by each artist. the demand for such artwork is given by Q = 600 - 10P where Q is the total amount sold in the city and P is the price

a) what will be the short-run equilibrium price of the street art? how much will be produced and sold?

b) if kate were to organize all the street artist to form a cartel, what price should the cartel set for street art in the city? how much will be roduced and sold

c) is there a deadweight loss associated with the formation of this cartel?

Reference no: EM13221821

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