Consider the  market  for  solar  power.  Assume the market  is perfectly  competitive and  initially  in long-run  equilibrium;  solar  power  sells for $.25 per kwh (kilowatt hour, a unit of power).  Draw2graphs, oneto represent  the  market  (supply  and  demand),  and  one  to represent asingle firm (demand, marginal cost, and average cost curves).  Assume a  u-shaped  average  cost      Show  the  equilibrium  price  and  the  quantity produced by the market (Q) and by each individual firm (q).

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A: Explanation. The cost function is C(q) = 20 + 2q ^ 2 Therefore, Average Cost: AC = C(q) / q = 20 / q…

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Q: Consider the  market  for  solar  power.  Assume the market  is perfectly  competitive and…

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Q: QUESTION 6 Consider a firm with a cost function C=16+ q? Suppose the firm can sell its output in a…

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