firm's average cost is AC = 300 +오 3. a. to * Suppose 10 firms serve the market. Find the individual firm's supply curve. Find the market supply curve. Set market supply equal to market demand to determine the competitive price and output. What is the typical firm's profit? Determine the long-run, zero-profit equilibrium. How many firms will serve the market?
firm's average cost is AC = 300 +오 3. a. to * Suppose 10 firms serve the market. Find the individual firm's supply curve. Find the market supply curve. Set market supply equal to market demand to determine the competitive price and output. What is the typical firm's profit? Determine the long-run, zero-profit equilibrium. How many firms will serve the market?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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gren Y Q= 1,000 = 20P. The typicat 19, Ina pert e e demand ® average costis AC = 222+ ¢ ot el o MO Whst S ACa? idual s supply curve. Find the maket competitive prce a. Confirm that Qmin _ 30. (Hint: St AC determine th erve the market. Find the ind? 10 market demand to arket supply €qua! b. Suppose 10 firms s 1 firm’s profit supply curve. Set m: and output. What s the typica 1, zero-profit cquii sum, How many firms will serve the matke® Determine the long-ru
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supply curve. Set market supply equal to market demand to determine the competitive price
and output. What is the typical firm's profit?
C.
Determine the long-run, zero-profit equilibrium. How many firms will serve the market?
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