Computing aggregate demand and aggregate supply

Reference no: EM1316010

Suppose there are 10 consumers in the industry. Each has the following demand: p = 10 - q. There are 2 firms who behave competitively. Each has the following cost function: C (q) = q².

a. Calculate aggregate demand and aggregate supply in the market.

b. Calculate the equilibrium quantity and price, and graph the market equilibrium. Please include the supply curve, the demand curve, the price, and the quantity in the graph.

Reference no: EM1316010

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