Answer:
Explanation:
a )
At equilibrium price , total demand = total supply
60 – 2P = -10 + 5P
7P = 70
P = 10 .
quantity produced Q = 60 - 2P = 60 - 2 x 10 = 40 .
b )
cost function C = 16 + 2Q + Q²
marginal cost MC = dC / dQ = 2 + 2Q
In the long run , no profit , or
marginal cost = Average cost = Price
2 + 2 Q = 16 + 2Q + Q² / Q
2 Q + 2 Q² = 16 + 2Q + Q²
Q² = 16
Q = 4
Marginal cost = price
Price = 2 + 2 Q
= 2 + 2 x 4
= 10
Same as that in part ( a )
c ) No of firms
Production by one firm = 4
Total production = 40
no of firm = 40 /4 = 10 .
The answer is
"Kotter (1990)".
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