Use the following to answer questions 3-6: The market for sweet potatoes consists of 10 identical firms. The market demand curve is given by Q=100-5P . Each firm has a short- run total cost curve of C(q)=5+10q+2q?. What is the price in this market, P*? a. 0< p* <5 O b. 5< P*<10 O c. 10< P* <20 O d. 20< P*<50
Use the following to answer questions 3-6: The market for sweet potatoes consists of 10 identical firms. The market demand curve is given by Q=100-5P . Each firm has a short- run total cost curve of C(q)=5+10q+2q?. What is the price in this market, P*? a. 0< p* <5 O b. 5< P*<10 O c. 10< P* <20 O d. 20< P*<50
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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answer the following question?
![Use the following to answer questions 3-6:
The market for sweet potatoes consists of 10 identical firms. The market demand curve is given by Q=100-5P . Each firm has a short-
run total cost curve of C(q)=5+10q+2q?.
What is the price in this market, P*?
a. 0< p* <5
O b. 5< P*<10
c. 10< P. <20
O d. 20< P*<50
O e. None of the above
O f.
h.
9,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3441c870-6ffd-4dcc-93b8-2f0c4f6bfe99%2F2eb2bff4-2679-40d0-af4a-c29abb4de0bd%2Fd1bb2gb_processed.png&w=3840&q=75)
Transcribed Image Text:Use the following to answer questions 3-6:
The market for sweet potatoes consists of 10 identical firms. The market demand curve is given by Q=100-5P . Each firm has a short-
run total cost curve of C(q)=5+10q+2q?.
What is the price in this market, P*?
a. 0< p* <5
O b. 5< P*<10
c. 10< P. <20
O d. 20< P*<50
O e. None of the above
O f.
h.
9,
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.
Marginal cost (MC): - it is the additional cost incurred due to the production of additional units of a good.
Total revenue (TR): - it is the total amount that a seller receives selling his goods and services to the buyers.
Marginal revenue (MR): - it is the additional revenue generated by selling additional units of a good.
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