In a perfectly competitive market, suppose that there are 1280 firms. Market demand is given by Q-1600-4P. All fixed costs are sunk and Total fixed cost is $120 and average variable cost is 160q. Find the equilibrium market price and market output, respectively: $160, 960 $300, 400 $100, 1200 $200, 800

In a perfectly competitive market, suppose that there are 1280 firms. Market demand is given by Q-1600-4P. All fixed costs are sunk and Total fixed cost is $120 and average variable cost is 160q. Find the equilibrium market price and market output, respectively: $160, 960 $300, 400 $100, 1200 $200, 800

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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