Log in
Economics
1
answer
0
watching
74
views

A firm is in a perfectly competitive industry and has total cost function

C(Q)=10Q2 -10Q+3

How much will the firm produce in the shortrun if P=50? If P=70?

Ā 

Watch
1
answer
0
watching
74
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Anne Gillian Duero
Anne Gillian DueroLv10
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

Consider a perfectly competitive industry with the following information
Market demand - p=(Q/40) -30.
There is an unknown number of firms with identical cost structure given by
C=.5(q^2)-10q+200.
Each firm is earning zero profits (it is a long-run equilibrium)
How many firms are there in the industry?

N firms compete in a perfectly competitive industry. Market demand for goods is given by Q = 21 50 - 5P, where P denotes the market price. For each firm, I, the long-run total cost function, C(qi ), is

C(qi ) = 0 if q i = 0

C(qi ) = 100 - 10q + 100 qi^2 for qi > 0

Assume that there are free entry and exit. Find the level of output of each firm, the market price, and the total number of firms in the long-run equilibrium.

3. There is currently 20 identical firms in a perfectly competitive market. Each firm has a cost function of the form: SC(q)=10q^2+200q+7000. The market demand is P= -4QD+3000.

b) Explain why this is not a long run competitive equilibrium.

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in