Suppose you are given the following information about a particular industry: QD = 2200 - 100P Market demand QS = 1000P Market supply q? Firm total cost function C(q) = 616 + 400 29 MC(a) = 400 Firm marginal cost function. Assume that all firms are identical and that the market is characterized by perfect competition. Find the equilibrium price, the equilibrium quantity, the output supplied by the firm, and the profit of each firm. The equilibrium price is $. (Enter your response rounded to two decimal places.)
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
![Suppose you are given the following information about a particular industry:
QD = 2200 – 100P
Market demand
QS = 1000P
Market supply
Firm total cost function
C(q) = 616 +
400
29
MC(q) =
400
Firm marginal cost function.
Assume that all firms are identical and that the market is characterized by perfect competition.
Find the equilibrium price, the equilibrium quantity, the output supplied by the firm, and the profit of each firm.
The equilibrium price is $]. (Enter your response rounded to two decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6dda6253-0c2e-4e25-8b0e-555a0fd8ab7a%2Ff7932ad1-4541-4cf4-8d53-d7bf7c9aaad3%2Feucc0so_processed.jpeg&w=3840&q=75)
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