a competitive industry have identical cost functions c(y)=y2+ 25 for y> 0 and C(0) = 0. The demand function for this industry is given by D(p) = 90-p. 1. If this industry is served by 8 firms in the short run, the equilibrium price in the short run will be: 2. If the market price is p= 18, each firm will supply an output of: 3. If the market price is p = 18, each firm will earn a profit of: 4. In the long run, firms are free to enter and exit the market. The equilibrium price in

a competitive industry have identical cost functions c(y)=y2+ 25 for y> 0 and C(0) = 0. The demand function for this industry is given by D(p) = 90-p. 1. If this industry is served by 8 firms in the short run, the equilibrium price in the short run will be: 2. If the market price is p= 18, each firm will supply an output of: 3. If the market price is p = 18, each firm will earn a profit of: 4. In the long run, firms are free to enter and exit the market. The equilibrium price in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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