Answered: inverse demand function is P = 200 -20,…

inverse demand function is P = 200 -20, and the firm's cost function is C( Determine the firm's equilibrium price and corresponding profits.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Suppose a single firm produces all of the output in a contestable market. The market
inverse demand function is P = 200 -20, and the firm's cost function is C(Q) = 8Q.
Determine the firm's equilibrium price and corresponding profits.
Price: $
Profits: $

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