(2ME)I need an urgent answer for this one!Instructions: 1. Show your complete solution to the problem. 2. State clearly your assumptions in your solution. 3. Type only the solutions here, please do not handwritten it. 2. A firm sells its output in aPCM. The firm's short-run costfunctiongivenSC = 9'-0.29 + 4g + 10.a. Derive the short-run supplyfunction of a typical firm inthis industry.isbyb. Assuming that there are 100identical firms in thisindustry, derive the short-run market supply function.c. If currently the marketdemand for these firm'sproduct is Q =200p", determine the short-run equilibrium marketprice.= 8,000 -%3Dd. At this equilibrium marketprice, calculate the level ofoutput and profit that eachfirm produces in the short-run. With this information,comment on the potentialentry/exit of firms in thisindustry in the long-run.

Answered: PCM. The finm's short-rur function is…

Business

Economics

PCM. The finm's short-rur function is given SC = 7q' -0.2q' + 4g + 1 a. Derive the short-run su

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 1PA

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