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ECON 4001 – The market demand function for a good

by | Nov 29, 2023 | Posted Questions

(l) The market demand function for a good is given by Q 2 13(3)) = 800 — 5013. For each
?rm that produces the good the total cost function is TC(Q) = 4Q + 92:. Recall that
this means that the marginal cost is M C (Q) = 4 + Q. Assume that ?rms are price
takers. 

(a) What is the supply function of a firm in this market?
(b) If there are currently 100 firms producing the good, what is the market supply function? What is the short-run competitive equiJibrimn in this market with
100 firms? What is the profit of each firm?
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