Answer A, B, C 1- Assume all firms operating in a competitive market have the following total cost function:<TC = 2.5Q³ - 35.5Q² +210Q + 320<a) Determine the profit maximizing level of output for a typical firm if the market demand andsupply functions areQmd = 32000 - 50Pb) How many firms are in this industry?<c) What is the long run price established in the market?d) How many firms enter or leave the market in the long run?e) What is the equation of supply in the long run?<f) What is the firms' shutdown price?<andQms=-2000 + 30P

Given The cost function of the typical firm: TC=2.5Q3-35.5Q2+210Q+320 Market demand function:…

1- Assume all firms operating in a competitive market have the following total cost function:< TC = 2.5Q³ – 35.5Q² +210Q + 320< a) Determine the profit maximizing level of output for a typical firm if the market demand and ↔ supply functions are Qmd=32000 - 50P and b) How many firms are in this industry? c) What is the long run price established in the market? Qms = -2000 + 30P

1- Assume all firms operating in a competitive market have the following total cost function:< TC = 2.5Q³ – 35.5Q² +210Q + 320< a) Determine the profit maximizing level of output for a typical firm if the market demand and ↔ supply functions are Qmd=32000 - 50P and b) How many firms are in this industry? c) What is the long run price established in the market? Qms = -2000 + 30P

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section: Chapter Questions

Problem 4WNG

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