PROBLEM (8) In a monopolistically competitive market with N firms, each firm faces a demand 100 Q = N p and has costs TC (Q) = 50 + Q² (a) As a function of the number of firms N, how many units does each firm produce and what price does it charge? What is the net profit of each firm? (b) In the long run how many firms will populate this market?

PROBLEM (8) In a monopolistically competitive market with N firms, each firm faces a demand 100 Q = N p and has costs TC (Q) = 50 + Q² (a) As a function of the number of firms N, how many units does each firm produce and what price does it charge? What is the net profit of each firm? (b) In the long run how many firms will populate this market?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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