Suppose there are n identical firms in a market.Each firm ha

Homework Assistance Economics Suppose there are n identical firms in a market.Each firm ha

Economics

Suppose there are n identical firms in a market.Each firm ha

Suppose there are n identical firms in a market.Each firm has fixed cost equal to 392, and variable… Show more Suppose there are n identical firms in a market.Each firm has fixed cost equal to 392, and variable cost given by VC = 2q 2 , where q is the amount that an individual firm produces.This means that an individual firm’s marginal cost is given by MC = 4q.Also, the market demand is given by P = 1148– 3Q, where Q is the total amount of the good produced by all of the firms combined.Therefore, Q = n*q. a) How much output will each of them produce? b) What will be the market price? c) How many firms will there be in long run equilibrium? • Show less

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