question archive Consider a firm producing under conditions of pure competition, in a market characterized by the following demand and supply conditions: P = 200 - 0
Consider a firm producing under conditions of pure competition, in a market characterized by the following demand and supply conditions: P = 200 - 0
Subject:EconomicsPrice: Bought3
Consider a firm producing under conditions of pure competition, in a market characterized by the following demand and supply conditions:
P = 200 - 0.5Qd (Demand); P = 60 + 1.5Qs (Supply)
i. What is the market equilibrium price and quantity?
ii. If a representative firm has a Marginal Cost function that is depicted below, at what level of output would it maximize its individual profits?
MC = 180q - 15
iii. If all of the firms were identical, how many would constitute this market?
