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Write the equation of the individual firms short-run supply

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In a perfectly competitive industry, every firm has identical cost structure. The short-run total cost curve of an individual firm is STC(q)=40+10q+0.1q2. Currently there are 10 firms in the market. The market demand curve is D(P)=700-10P.

a) What is the equation of an individual firm's short-run supply curve?

b) What is the short-run equilibrium price and quantity in this market?

c) At the equilibrium, what is the total producer surplus in the market? What is the profit of an individual firm?

Reference no: EM13455340

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