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Category > Economics Posted 12 Jul 2017 My Price 7.00

Perfect Competition

71. Perfect Competition

Consider a market that faces the following market safari}r and demand fimctions Q3 = —2+a
1 D
= 1a—-
62 2a where identical firms face the total cost function of
TIL? = 4 + q + 9-2 a) 1F.F'iu'hat is the market price? b) Derive the average variable cost, average total cost, and marginal cost functions. c) In the short run, how much does each firm produce? d) In the short run, how much economic profit or loss will he obtained? e) Based on the results in part (d), will firms want to enter or exit the market? Why? f} In the long run, what is the market price? (Hint: You can find the long run firm quantityr
by setting two of the cost functions equal to one another]

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SuperTutor
(15)
Status NEW Posted 12 Jul 2017 02:07 AM My Price 7.00

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