Suppose that a perfectly competitive industry consists of 96 firms and fixed cost of an individual firm is 144 half of which is sunk fixed cost while the average variable cost is 2q. Market demand is given by Q-360-6P. Find the equilibrium output and profit, respectively. Oq-12, profit-216 Oq=0, profit=-72 q=3, profit=-126 q=6, profit=72

Suppose that a perfectly competitive industry consists of 96 firms and fixed cost of an individual firm is 144 half of which is sunk fixed cost while the average variable cost is 2q. Market demand is given by Q-360-6P. Find the equilibrium output and profit, respectively. Oq-12, profit-216 Oq=0, profit=-72 q=3, profit=-126 q=6, profit=72

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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