A firm operates in three markets: Nur-Sultan, Karaganda, and Almaty. Each market can be described by the demand equations: qf = 200, 000 – 1P q5 = 200, 000 – 2.5P qf = 200, 000 – 4.5P The firm has the following cost structure: Total Cost: TC(q) = 13000 + 4500q+ 550q² Marginal Cost: MC(q) = 4500 + 1100q. Suppose that there are 3200 identical firms in the market. As usual, in all your calculations and answers, use a precision of 4 decimals. What is the firm's shutdown price? What is the market equilibrium price? What is the market equilibrium quantity?

A firm operates in three markets: Nur-Sultan, Karaganda, and Almaty. Each market can be described by the demand equations: qf = 200, 000 – 1P q5 = 200, 000 – 2.5P qf = 200, 000 – 4.5P The firm has the following cost structure: Total Cost: TC(q) = 13000 + 4500q+ 550q² Marginal Cost: MC(q) = 4500 + 1100q. Suppose that there are 3200 identical firms in the market. As usual, in all your calculations and answers, use a precision of 4 decimals. What is the firm's shutdown price? What is the market equilibrium price? What is the market equilibrium quantity?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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