1. There are 300 identical firms in a perfectly competitive market, the price of the outpu p, the short-run cost function of a typical firm in the market is as follows: C(q) = q³-2q²+2q+10 e. If p = 17, what is this firm's producer surplus? f. What is the short-run market supply function? g. If the market demand function is D = 500 – 50/3p – 2, what is the short-run market equilibrium price and market equilibrium output quantity? h. What is the output level and the profit of a typical firm at the market equilibrium from (g)?

1. There are 300 identical firms in a perfectly competitive market, the price of the outpu p, the short-run cost function of a typical firm in the market is as follows: C(q) = q³-2q²+2q+10 e. If p = 17, what is this firm's producer surplus? f. What is the short-run market supply function? g. If the market demand function is D = 500 – 50/3p – 2, what is the short-run market equilibrium price and market equilibrium output quantity? h. What is the output level and the profit of a typical firm at the market equilibrium from (g)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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