Suppose that a perfectly competitive industry consists of 192 firms and fixed cost of an individual firm is 288 half of which is sunk fixed cost while the average variable cost is 4q. Market demand is given by Q-1440-12P. Find the equilibrium output and profit, respectively. q=5, profit--188 q-24, profit-768 q=12, profit-144 q-0, profit144

Suppose that a perfectly competitive industry consists of 192 firms and fixed cost of an individual firm is 288 half of which is sunk fixed cost while the average variable cost is 4q. Market demand is given by Q-1440-12P. Find the equilibrium output and profit, respectively. q=5, profit--188 q-24, profit-768 q=12, profit-144 q-0, profit144

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section: Chapter Questions

Problem 10SQP

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