1. A competitive market has two types of producers. The first type has cost C₁ (y) = 10y + y². The second type has cost C₂ (y) = 5y². There are 100 of each type. (a) Find the individual supply curve for each producer. (b) How high must the price be to get both producers to supply a positive amount in the market? (c) Find the market supply function. (d) Find the competitive equilibrium if demand is D (p) = 100 – 10p. (e) Find the competitive equilibrium if demand is D (p) = 6500 - 10p.
1. A competitive market has two types of producers. The first type has cost C₁ (y) = 10y + y². The second type has cost C₂ (y) = 5y². There are 100 of each type. (a) Find the individual supply curve for each producer. (b) How high must the price be to get both producers to supply a positive amount in the market? (c) Find the market supply function. (d) Find the competitive equilibrium if demand is D (p) = 100 – 10p. (e) Find the competitive equilibrium if demand is D (p) = 6500 - 10p.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please all parts (a,b,c,d,e)
![1. A competitive market has two types of producers. The first type has cost C₁(y)
10y + y². The second type has cost C₂(y) = 5y². There are 100 of each type.
=
(a) Find the individual supply curve for each producer.
(b) How high must the price be to get both producers to supply a positive amount in
the market?
(c) Find the market supply function.
-
(d) Find the competitive equilibrium if demand is D(p) = 100 10p.
(e) Find the competitive equilibrium if demand is D (p) = 6500 – 10p.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faff8e4ac-1d5b-4bf7-a44b-1cc580194b25%2F98f3a999-e0ac-4a1d-9091-719c5fc7758b%2Fv04esl_processed.png&w=3840&q=75)
Transcribed Image Text:1. A competitive market has two types of producers. The first type has cost C₁(y)
10y + y². The second type has cost C₂(y) = 5y². There are 100 of each type.
=
(a) Find the individual supply curve for each producer.
(b) How high must the price be to get both producers to supply a positive amount in
the market?
(c) Find the market supply function.
-
(d) Find the competitive equilibrium if demand is D(p) = 100 10p.
(e) Find the competitive equilibrium if demand is D (p) = 6500 – 10p.
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