Assume the demand and total cost functions for soccer balls are given in the following form: Demand: P = 120 – 20 and Total Cost TC = 10Q + Q4. where Q is quantity and Pis the price measured in dollars. a) How many soccer balls is produced in the competitive market? What will be the price in the competitive market? . b) Calculate CS, PS and DWL in the competitive market Show them on a granh:

Assume the demand and total cost functions for soccer balls are given in the following form: Demand: P = 120 – 20 and Total Cost TC = 10Q + Q4. where Q is quantity and Pis the price measured in dollars. a) How many soccer balls is produced in the competitive market? What will be the price in the competitive market? . b) Calculate CS, PS and DWL in the competitive market Show them on a granh:

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter11: Resource Markets

Section: Chapter Questions

Problem 4QFR

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