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Perfectly competitive market. An individual firm has the following cost function: TC = 36 + 2q +q2.   Find...

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Question

Economics

  1. Perfectly competitive market. An individual firm has thefollowing cost function:

TC = 36 + 2q +q2.  

  1. Find the firm’s supply curve.

  2. If there are 100 identical firms in the market, what isthe market supply curve?

  3. In the long run, how many units would each firm produce?What is the price in the long run?

  4. What is each firm’s profit? Show this.

  5. If the market demand= Qd = 614 - p, how many firms wouldbe in the market?

Answer & Explanation Solved by verified expert
3.8 Ratings (413 Votes)
TC 36 2q q2MC 2 2qfirms supply curve isgiven asP MCP 2 2qP 2 2qq P2 1Therefore firms supplycurve is q P2    See Answer
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