Marginal cost (MC) = 2(Q) + 8
In a perfectly competitive market:
the market price is 30
Marginal cost (MC) = 2(Q) + 8
average total cost at equilibrium is 34, and
average variable cost at equilibrium is 5
Part 1: The profit maximizing price is
Part 2: The profit maximizing quantity is
Part 3: Total revenue is
Part 4: Total cost is
Part 5: Average fixed cost is
Part 6: Total fixed cost is
Part 7: Total profit/loss is
Part 8: Marginal revenue is
Part 9: At this market price, would firms
1. Enter the industry
2. leave the industry
3. There is no incentive to enter or leave the industry.
(assume all firms have the same cost structure)
Part 10: At the market price, could this be a long run equilibrium price? (if yes=1, no=2) (assume all firms have the same cost structure)
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In a perfectly competitive market:
the market price is 30
Marginal cost (MC) = 2(Q) + 8
Marginal cost (MC) = 2(Q) + 8
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