Consider an industry with 60 firms. Using this information, please: a. Find short-run industry supply for 60 firms, each with TC = 5q + 15q2 + 20. b. Calculate (price elasticity of supply) for firm at q = 3 c. Calculate (price elasticity of supply) for industry at Q = 180 d. Find equilibrium (p, Q, q) if Qd = 25 – 5p
Consider an industry with 60 firms. Using this information, please: a. Find short-run industry supply for 60 firms, each with TC = 5q + 15q2 + 20. b. Calculate (price elasticity of supply) for firm at q = 3 c. Calculate (price elasticity of supply) for industry at Q = 180 d. Find equilibrium (p, Q, q) if Qd = 25 – 5p
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter10: Price-searcher Markets With Low Entry Barriers
Section: Chapter Questions
Problem 16CQ
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Consider an industry with 60 firms. Using this information, please:
a. Find short-run industry supply for 60 firms, each with TC = 5q + 15q2 + 20.
b. Calculate (price elasticity of supply) for firm at q = 3
c. Calculate (price elasticity of supply) for industry at Q = 180
d. Find equilibrium (p, Q, q) if Qd = 25 – 5p
e. Find equilibrium (p, Q, q) if Qd = 500 – 2p
f. How much profit is made in this last case?
g. What price would give zero profit?
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d. Find equilibrium (p, Q, q) if Qd = 25 – 5p
e. Find equilibrium (p, Q, q) if Qd = 500 – 2p
f. How much profit is made in this last case?
g. What price would give zero profit?
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