1. There are 300 identical firms in a perfectly competitive market, the price of the output is the short-run cost function of a typical firm in the market is as follows: p, C(q) = q³-2q?+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 output is the short-run cost function of a typical firm in the market is as follows: p, C(q) = q³-2q?+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)?
Chapter12: The Partial Equilibrium Competitive Model
Section: Chapter Questions
Problem 12.9P
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![1. There are 300 identical firms in a perfectly competitive market, the price of the output is
p, the short-run cost function of a typical firm in the market is as follows:
C(q) = q³-2q?+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)?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1719c5d8-e5b4-4818-9732-bce18c4f6d37%2Ff5d8e137-4a20-4fa1-98bb-cafd25987a4b%2Fi40f7mj_processed.png&w=3840&q=75)
Transcribed Image Text:1. There are 300 identical firms in a perfectly competitive market, the price of the output is
p, the short-run cost function of a typical firm in the market is as follows:
C(q) = q³-2q?+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)?
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