I need urgently solutions of A,B,C 2. In a perfectly competitive and constant cost industry, all firms are identical. Ifthe market demand function is: Qº = 100 – P, a typical firm's cost function10q – 4q² + q³.In the long run, what is the typical firm's supply curve/function?b. In the long run, what is the market equilibrium price and quantity?In the long run, what is the whole industry’s long run supplyis: TC =-а.с.curve/function?d. In the long run, how much would the typical firm supply? How manyfirms will stay in this industry?e. If the government decide to impose a per-unit tax of $4, what is the newlong run equilibrium market price and quantityf. How many firms are still producing after the tax?

The perfectly competitive market is the market structure where a large number of firms compete in…

In a perfectly competitive and constant cost industry, all firms are identical. If the market demand function is: Qº = 100 – P, a typical firm's cost function is: TC = a. In the long run, what is the typical firm's supply curve/function? b. In the long run, what is the market equilibrium price and quantity? c. In the long run, what is the whole industry's long run supply 10q – 4q² + q³. curve/function?

In a perfectly competitive and constant cost industry, all firms are identical. If the market demand function is: Qº = 100 – P, a typical firm's cost function is: TC = a. In the long run, what is the typical firm's supply curve/function? b. In the long run, what is the market equilibrium price and quantity? c. In the long run, what is the whole industry's long run supply 10q – 4q² + q³. curve/function?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 11PA: Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 + q2...

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