AgConsider some firms with identical cost functions c(q) = 90 + 20q + 0.1q2 for q>0, and c(0) = 0, where q is firm output. Suppose as well that aggregate demand is D(p) = 800 10p.a) What is the supply function for the single firm?b) If there are 10 firms, what are the competitive equilibrium priceand quantity? What is the consumer surplus? What is each firms profit?c) In the long run firms are free to enter or leave the industry. What is the long run competitive equilibrium price and quantity? How many firms operate in this industry, and what is each firms profit?
Ag Consider some firms with identical cost functions c(q) = 90 + 20q + 0.1q2 for q0, and c(0) = 0, where q is firm output. Suppose as well that…
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