Apple cider is produced in a perfectly competitive market. Firms are identical and all have the short run cost function C(q) = 50+ 50q+q² Assume that there are 10 firms in this industry. The market demand for cider is D(p) = 400-p (a) What is the short run equilibrium price? (b) What would be the deadweight loss if the price was mandated to be p = 120?

Apple cider is produced in a perfectly competitive market. Firms are identical and all have the short run cost function C(q) = 50+ 50q+q² Assume that there are 10 firms in this industry. The market demand for cider is D(p) = 400-p (a) What is the short run equilibrium price? (b) What would be the deadweight loss if the price was mandated to be p = 120?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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