There are 300 identical firms in a perfectly competitive market, the price of the output is p, the short-run cost function of a typical firm in the market is as follows: C(q) = q³-2q²+2q+10 %3D e. If p = 17, what is this firm's producer surplus? f. What is the short-run market supply function? g. If the market demand function is D = 500 – 50/3p – 2, what is the short-run market equilibrium price and market equilibrium output quantity? h. What is the output level and the profit of a typical firm at the market equilibrium from (g)?
There are 300 identical firms in a perfectly competitive market, the price of the output is p, the short-run cost function of a typical firm in the market is as follows: C(q) = q³-2q²+2q+10 %3D e. If p = 17, what is this firm's producer surplus? f. What is the short-run market supply function? g. If the market demand function is D = 500 – 50/3p – 2, what is the short-run market equilibrium price and market equilibrium output quantity? h. What is the output level and the profit of a typical firm at the market equilibrium from (g)?
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:1. There are 300 identical firms in a perfectly competitive market, the price of the output is
p, the short-run cost function of a typical firm in the market is as follows:
C(q) = q³-2q?+2q+10
e. If p = 17, what is this firm's producer surplus?
f. What is the short-run market supply function?
g. If the market demand function is D = 500 – 50/3p – 2, what is the short-run
market equilibrium price and market equilibrium output quantity?
h. What is the output level and the profit of a typical firm at the market equilibrium
from (g)?
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