Answer to Question #333831 in Microeconomics for Keegan

Question

A highly competitive market is made up of 100 identical firms. Each firm has a short-run

marginal cost function as follows:

MC = 10 + Q,

where Q represents units of output per unit of time. The firm's average variable cost curve

intersects the marginal cost at a vertical distance of 10 above the horizontal axis.

a. Determine the market short-run supply curve.

b. Calculate the price that would make 2,000 units forthcoming per time period.

Answer 1

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