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28 Sep 2019
1. Consider a competitive industry with a large number of firms, all of which have identical cost functions c(y)=y2+1 for y>0 and c(0)=0. Suppose that initially, the demand curve for this industry is by D(p)=52-p. Find the industry supply curve.
1. What is the smallest price at which the product can be sold?
2. What will be the LR equilibrium number of firms in the industry, equilibrium price, equilibrium output of each firm, equilibrium output of the industry?
1. Consider a competitive industry with a large number of firms, all of which have identical cost functions c(y)=y2+1 for y>0 and c(0)=0. Suppose that initially, the demand curve for this industry is by D(p)=52-p. Find the industry supply curve.
1. What is the smallest price at which the product can be sold?
2. What will be the LR equilibrium number of firms in the industry, equilibrium price, equilibrium output of each firm, equilibrium output of the industry?
Yusra AneesLv10
28 Sep 2019
