QUESTION 11Consider the following setup for a perfectly competitive market: Suppose that for the firm, TC=625+ Q² and MC=20, and for the industry,demand is given by P= 100-Q and supply is given by S=Q.Solve for the market output and corresponding price.O Q=50, P-50O Q=25, P=75O Q=75, P=25O Q=50, P=25

Equilibrium is obtained where demand and supply curves intersect each other.

QUESTION 11 Consider the following setup for a perfectly competitive market: Suppose that for the firm, TC=625+Q² and MC=2Q, and for the industry, demand is given by P=100-Q and supply is given by S=Q. Solve for the market output and corresponding price. O Q=50, P-50 O Q=25, P=75 O Q=75, P=25 O Q=50, P=25

QUESTION 11 Consider the following setup for a perfectly competitive market: Suppose that for the firm, TC=625+Q² and MC=2Q, and for the industry, demand is given by P=100-Q and supply is given by S=Q. Solve for the market output and corresponding price. O Q=50, P-50 O Q=25, P=75 O Q=75, P=25 O Q=50, P=25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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