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All firms in the ind… Show more Industry demand is given b

Paper help Economics All firms in the ind… Show more Industry demand is given b

Economics

All firms in the ind… Show more Industry demand is given b

All firms in the ind… Show more Industry demand is given by: Q = 660-P[with proviso that Q must be at least 20] All firms in the industry have identical cost structures – the industry’s total cost has fixed cost of 6000 and constant variable cost of 50. Calcualte the following: a. If the industry is perfectly competitive, what will industry output be? What will be the equilibrium price? What profit will each firm earn? b. Now suppose that there are five firms in the industry, and that they collude to set a price. What price will they set? What willbe the output of each firm? What will be the profit of each firm? How much did total production go down because of the collusion? How much did the price go up? • Show less

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