Answered: Market demand is given as QD = 75 - 2P.…

Market demand is given as QD = 75 - 2P. Market supply is given as QS = 2P + 15. Each identical firm has MC = 3Q and ATC=2Q. What is a firm's average total cost? $4.50 $10.00 $5.00 $15.00

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.2: Perfect Competition In The Short Run

Problem 2ST

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Question

Market demand is given as QD = 75 - 2P. Market supply is given as QS = 2P + 15. Each identical firm has MC = 3Q
and ATC=2Q. What is a firm's average total cost?
$4.50
$10.00
$5.00
$15.00

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