(Question 4 of 4): Consider that a perfectly competitive constant long-run cost industry with identical firms is currently in long run equilibrium. The market demand is described by the equation Q = 2020 - 2P and the total cost function for each firm is C(q) = 0.5q² + 10q + 50. What is the equation of the market short-run supply curve?
(Question 4 of 4): Consider that a perfectly competitive constant long-run cost industry with identical firms is currently in long run equilibrium. The market demand is described by the equation Q = 2020 - 2P and the total cost function for each firm is C(q) = 0.5q² + 10q + 50. What is the equation of the market short-run supply curve?
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter8: Perefect Competition
Section8.5: Long-run Supply Curves Under Perfect Competition
Problem 2YTE
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Transcribed Image Text:(Question 4 of 4): Consider that a perfectly competitive constant long-run cost industry with identical firms is currently in
long run equilibrium. The market demand is described by the equation Q
= 2020 - 2P and the total cost function for each
firm is C(q) = 0.5q² + 10q + 50.
What is the equation of the market short-run supply curve?
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