Suppose you are given the following information about a particular industry:QD = 6500 – 100P Market DemandQS = 1200P Market SupplyTC(q) = 722 + q2/200 Individual firm’s total cost functionMC(q) = q/100 Individual firm’s marginal cost function Assume that all firms are identical and that the market is characterized by perfect competition.Find an individual firm’s supply curve.How many firms are there currently in the market?Find the equilibrium price and equilibrium market quantity.How much is output supplied by each firm, and how much profit does each firm make in the short run?Would you expect to see entry into or exit from the industry in the long run? Explain.What effect will entry or exit have on the market equilibrium? Find the long-run equilibrium price, the number of firms, and the amount of output each firm produces in the long run.

Name: Suppose you are given the following information about a particular ind
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Description: Suppose you are given the following information about a particular industry:QD = 6500 – 100P Market DemandQS = 1200P Market SupplyTC(q) = 722 + q2/200 Individual firm’s total cost functionMC(q) = q/100 Individu

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Answered: Find an individual firm’s supply curve.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose you are given the following information about a particular industry:

Q^D = 6500 – 100P Market Demand

Q^S = 1200P Market Supply

TC(q) = 722 + q²/200 Individual firm’s total cost function

MC(q) = q/100 Individual firm’s marginal cost function

Assume that all firms are identical and that the market is characterized by perfect competition.

Find an individual firm’s supply curve.
How many firms are there currently in the market?
Find the equilibrium price and equilibrium market quantity.
How much is output supplied by each firm, and how much profit does each firm make in the short run?
Would you expect to see entry into or exit from the industry in the long run? Explain.
What effect will entry or exit have on the market equilibrium? Find the long-run equilibrium price, the number of firms, and the amount of output each firm produces in the long run.

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