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Determine the market supply function

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Reference no: EM131472391

Suppose that a firm has the following cost function: C(q) = 10q^2+ 200q + 1,500

a. Find the marginal cost function for this firm.

b.Suppose that there are 10 identical firms in the market. Determine the market supply function. (Hint: add up along the quantity dimension)

c. Now suppose that the market demand is given by C(q) = 500 -1/2 P. Solve for the market equilibrium price and quantity.

Reference no: EM131472391

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