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Find the equilibrium market quantity and price

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Q1: Suppose a representative firm in a perfectly competitive market has short-run total costs of TC = 0.5q^2 +7q

a) Find the firm's short-run supply curve.

b) Find the market supply curve if there are 200 firms in the industry.

Q2: There are 130 firms in a perfectly competitive market, with supply curves of q = 0.3P - (100/13).

Market demand is given by Q = 600 - P

a. Find the equilibrium market quantity and price.

b. We can show that the firm's total cost equals  . Given this cost curve, and your result from above, would firms enter or exit this market? Show me using algebra how you know (hint: what do firms want above all things?).

Reference no: EM131427953

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