Solution-Industry supply curve, The cost of factor 1 is $4

Industry supply curve

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Reference no: EM132021523

An industry has 100 firms. These firms have identical production functions. In the short run, each firm has fixed costs of $400. There are two variable factors in the short run and output is given by y= (min(x₁,4x₂))^1/2. The cost of factor 1 is $4 per unit and the cost of factor 2 is $2 per unit. In the short run, the industry supply curve is given by:

(a) Q= 100p/9

(b) Q= 100p/8

(d) the part of the line Q= 50(min(4,8)) for which pQ >400/Q

(e) None of the above.

Reference no: EM132021523

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Industry supply curve

Reference no: EM132021523

Reference no: EM132021523

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