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European automobile markets without trade

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Reference no: EM131079439

Suppose that fixed costs for a firm in the automobile industry (start-up costs of factories, capitalequipment, and so on) are $5 billion and that variable costs are equal to $15,000 per finishedautomobile.Because more firms increase competition in the market, the market price falls asmore firms enter an automobile market, or specificallyP = 15,000 + 5000/n, wherenrepresentsthe number of firms in a market. Assume that the initial size of the U.S and the Europeanautomobile markets are 300 million and 533 million people, respectively.a. Calculate the equilibrium number of firms in the U.S. and European automobile markets without trade.

Reference no: EM131079439

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