Pls solve all questions otherwise I will give you downvote 5. Suppose there are 100 firms each with a short run total cost of STC = q² + q + 10, so thatmarginal cost is MC = 2q +1. Suppose market demand is given by Qp = 1050 - 50P. Answerthe following questions. Show your work.a. Find the market supply curve.b. What is the equilibrium price?c. How much will each firm produce?d. How much will be produced in the market?e. How much profit each firm will make?

(a) P = MC is the short run supply curve for a perfectly competitive firm. => P = 2q + 1 =>…

Suppose there are 100 firms each with a short run total cost of STC = q² +q + 10, so that marginal cost is MC = 2q +1. Suppose market demand is given by QD= 1050 - 50P. Answer the following questions. Show your work. a. Find the market supply curve. b. What is the equilibrium price? c. How much will each firm produce? d. How much will be produced in the market? e. How much profit each firm will make?

Suppose there are 100 firms each with a short run total cost of STC = q² +q + 10, so that marginal cost is MC = 2q +1. Suppose market demand is given by QD= 1050 - 50P. Answer the following questions. Show your work. a. Find the market supply curve. b. What is the equilibrium price? c. How much will each firm produce? d. How much will be produced in the market? e. How much profit each firm will make?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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