What are consumer surplus-producer surplus-social welfare

Reference no: EM13332845

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.

Reference no: EM13332845

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