Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p= 100 -0.01Q, The long-run market supply is: p = 10 Each firm's total cost function is: C(q) = 500 +0.05q² What is the marginal cost faced by each firm? MC = Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number). Now suppose the government is thinking of restricting the number of firms to only seven. At what quantity will the long-run inverse market supply curve go from being horizontal to upward sloping? The long-run inverse market supply curve will become upward sloping at a quantity of (Enter your answer as a whole number.)

Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p= 100 -0.01Q, The long-run market supply is: p = 10 Each firm's total cost function is: C(q) = 500 +0.05q² What is the marginal cost faced by each firm? MC = Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number). Now suppose the government is thinking of restricting the number of firms to only seven. At what quantity will the long-run inverse market supply curve go from being horizontal to upward sloping? The long-run inverse market supply curve will become upward sloping at a quantity of (Enter your answer as a whole number.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Only typed answer

Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following:
Inverse market demand is:
p= 100 -0.01Q,
The long-run market supply is:
= 10
р
Each firm's total cost function is:
C(q) = 500 +
+0.05q²
What is the marginal cost faced by each firm?
MC =
Assuming the industry is in long-run equilibrium, how many firms are currently in this market?
(enter your answer rounded to the nearest whole number).
Now suppose the government is thinking of restricting the number of firms to only seven. At what quantity will the long-run inverse market supply curve go from being
horizontal to upward sloping?
The long-run inverse market supply curve will become upward sloping at a quantity of. (Enter your answer as a whole number.)

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