Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Management Posted 21 Jan 2018 My Price 4.00

short-run market equilibrium

The daily demand for pizzas is Q=750-25, where P is the price of a pizza. The daily costs for a pizza company initially include $50 in fixed costs (which are avoidable in the long run), and variable costs equal to VC=Q^2/2, where Q is the number of pizzas produced in a day. Marginal cost is MC=Q. Suppose that in the long run there is free entry into the market. If marginal costs rise by $6 per pizza and, in the short run, the number of firms is fixed (so that neither entry nor exit is possible) and fixed costs are sunk, what is the new short-run market equilibrium? What is the new market equilibrium in the long-run?

 

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Maurice Tutor
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Status NEW Posted 21 Jan 2018 07:01 PM My Price 4.00

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