Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. economics
  3. let a perfectly competitive industry have 100 iden

Let a perfectly competitive industry have 100 identical firms with a marginal cost curve given by...

80.2K

Verified Solution

Question

Economics

Let a perfectly competitive industry have 100 identical firmswith a marginal cost curve given by MC = Q/2.

a. Construct the short run industry supply curve with 100firms.

b. Let the market demand curve be Q = 4000 – 200*P. Find theshort run equilibrium price, industry quantity, and firmquantity.

c. This is a constant cost industry with a cost of $8. Willfirms be making profits or losses in the short run equilibrium inb?

d. Find the long run equilibrium price, industry quantity, firmquantity, number of firms, and profit for each firm.

Answer & Explanation Solved by verified expert
3.9 Ratings (550 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Which enzyme/s are used in recombinant DNA technology? ligase polymerase helicase restriction enzyme

Biology
Q

The reaction of glucose, C6H12O6, to carbon dioxide and water is a common reaction in the...

Chemistry
Q

85 A population of lotus plants in a pond is 450 in the starting of...

Physics
Q

A Potating, panoramic camera attached to a helium balloon can capture images of all the...

Basic Math
Q

Suppose Set A contains and B have 6 elements Answer 95 elements and the total...

Statistics
Q

The probability that an individual has 20 20 vision is 0 14 In a class...

Statistics
Q

Which of the following matches correctly? ProtectionSelf-actualization needs MasterySocial needs...

Accounting
Q

Elaine's original basis in the Hornbeam Partnership was $25,000. Her share of the taxable income...

Accounting
Q

Frank Weston, supervisor of the Freemont Corporations Machining Department, was visibly upset after being reprimanded...

Accounting
Q

the company name is sony Corporation & sharp corporation UECM/UECB2201 ACCOUNTING AND FINANCIAL...

Accounting
Q

When determining support for a qualifying child or qualifying relative dependent, which item is included...

Accounting
Q

Sage Inc. experienced the following transactions for 2018, its first year of operations 1. Issued...

Accounting