please show me complete and neat solution thank you C. Market for Electric FansIn the long-run equilibrium of a competitive market, the market supply and demand for electric fansare:Supply:Demand:P = 30 +0.50QP = 100 - 1.5Q.where P is dollars per unit and Q is rate of production and sales in hundreds of units per day.A typical firm in this market has a marginal cost of production expressed as:MC = 3.0+ 15q.Please use correct units.a. Determine the market equilibrium price and rate of production in this market.b. Determine the rate of production by the typical firm per month at the equilibrium price.c. If all firms had the same cost structure, how many firms would compete to produce themarket output at the equilibrium price (computed above)?d. Determine the producer surplus the typical firm has under the conditions described above.(Note that the marginal cost function is linear and is the supply curve of the firm.)

Given , Market Long Run Supply : P = 30 + 0.5Q Market Long Run Demand : P = 100 - 1.5 Q MC of…

C. Market for Electric Fans In the long-run equilibrium of a competitive market, the market supply and demand for electric fans are: Supply: Demand: P = 30 +0.50Q P = 100-1.5Q. where P is dollars per unit and Q is rate of production and sales in hundreds of units per day. A typical firm in this market has a marginal cost of production expressed as: MC = 3.0 + 15q.

C. Market for Electric Fans In the long-run equilibrium of a competitive market, the market supply and demand for electric fans are: Supply: Demand: P = 30 +0.50Q P = 100-1.5Q. where P is dollars per unit and Q is rate of production and sales in hundreds of units per day. A typical firm in this market has a marginal cost of production expressed as: MC = 3.0 + 15q.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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