Question

Solve subparts a, b, c and d early. Plz explain this. 

I upvote definitely. 

Suppose the market demand is Qp =
and the market supply is Qs = 2NP, where N is the number of
%3D
firms in the market. Suppose N = 25.
(a) What are the short-run equilibrium price and the equilibrium quantity?
(b) What is the output level for each firm?
(c) What is the profit for each firm?
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Aggregate Demand

Aggregate Supply

Classical economics

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Transcribed Image Text

Suppose the market demand is Qp = and the market supply is Qs = 2NP, where N is the number of %3D firms in the market. Suppose N = 25. (a) What are the short-run equilibrium price and the equilibrium quantity? (b) What is the output level for each firm? (c) What is the profit for each firm?