2. Consider a competitive market where there are two types of firms, Type A and Type B, with total cost functions TC^ (q) = 2 + 4q + 2q? 3 TC®(q) =3+q+ 29 (a) Derive the short-run supply curve for each firm type. (b) What is the short-run market supply, if there are 8 Type A firms, and 6 Type B firms? (c) What is total quantity produced when p=5? (d) How does your answer at (c) change if we consider long run supply rather than short run? Here, assume again that p=5 and that there are 8 Type A firms and 6 Type B firms.

2. Consider a competitive market where there are two types of firms, Type A and Type B, with total cost functions TC^ (q) = 2 + 4q + 2q? 3 TC®(q) =3+q+ 29 (a) Derive the short-run supply curve for each firm type. (b) What is the short-run market supply, if there are 8 Type A firms, and 6 Type B firms? (c) What is total quantity produced when p=5? (d) How does your answer at (c) change if we consider long run supply rather than short run? Here, assume again that p=5 and that there are 8 Type A firms and 6 Type B firms.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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