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Find the industry supply curve

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Reference no: EM132421803

Problem: Suppose that an industry consists of 10 identical firms. The total cost of each firm is T C = 1 2 q 2 +W q, where q is the individual firm output and W is the wage rate paid to workers. Also suppose that the wage rate is proportional to total industry production: W = 1.9Q, where Q is total industry production. Denote the price of output by p.

Required:

Question 1: Find the industry supply curve (short run).

Question 2: Suppose that market demand curve is Qd = 6-p. Find the equilibrium price, market quantity and wage rate (short run).

Reference no: EM132421803

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