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Consider the competitive market for good x. Also, Short Run Market Supply Curve = 3Q, Short Run ATC = 18/q + q/2, and Px = 5. (a) What is the short-run equilibrium price and quantity of good x? (b) Ho...

Question

Consider the competitive market for good x. Also, Short Run Market Supply Curve = 3Q, Short Run ATC = 18/q + q/2, and Px = 5. (a) What is the short-run equilibrium price and quantity of good x? (b) Ho...

Consider the competitive market for good x. Also, Short Run Market Supply Curve = 3Q, Short Run ATC = 18/q + q/2, and Px = 5.

(a) What is the short-run equilibrium price and quantity of good x?

(b) How much will each firm produce? What will their short-run profits be?

(c) Graph the market (demand and supply curve etc.) and the graph of one of the firms (marginal revenue “curve,” marginal cost curve, average total cost curve, profits, etc.) side-by-side.

Please let me know if you need more information, as I'm think more may be needed but I'm not 100% sure what. Let me know and I'll respond promptly, thanks.

Answers

4) ト,111 Cem 5 ーズARKE 6 TIRM 85 5 1 shaded area 쵸 bepeh nt the hmLu」 ( 61- (5- 2 ニ(1-1) ( 5)


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