Consider the perfectly competitive market with the demand function Q(p)=1-p. Every firm has the cost function C(Q)=1/128 + Q^2/2.;A) What are the long run equilibrium price, quantity of a single firm and the industry output? How many firms are in the market?;b)What are the consumer surplus, producer surplus, and social welfare in the market?
Paper#28590 | Written in 18-Jul-2015Price : $22