2 Consider the market for X. Suppose it is competitive. Two types of firms produce X. Type 1 has a MC function given by MC₁ = (Q₁-10)² + 100. Type 2 has a MC function given by MC₂ = (Q₂ - 8)² + 100. Fifty firms of each type exist. a. b. Calculate and draw the short-run supply curve for a typical firm of each type, labeling carefully. (Hint: you may decide that integrating one or both of the above functions is helpful. If so, you'll be less likely to make an error if you write them out as quadratic equations.) Calculate and draw the INDUSTRY short-run supply curve, labeling carefully.

2 Consider the market for X. Suppose it is competitive. Two types of firms produce X. Type 1 has a MC function given by MC₁ = (Q₁-10)² + 100. Type 2 has a MC function given by MC₂ = (Q₂ - 8)² + 100. Fifty firms of each type exist. a. b. Calculate and draw the short-run supply curve for a typical firm of each type, labeling carefully. (Hint: you may decide that integrating one or both of the above functions is helpful. If so, you'll be less likely to make an error if you write them out as quadratic equations.) Calculate and draw the INDUSTRY short-run supply curve, labeling carefully.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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