Market demand and supply in perfectly competitive industry

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Reference no: EM131194536

A company estimated market demand and supply in perfectly competitive industry with

Qd = 20000 - 4000P + 20M

Qs = 220000 + 7000P - 3000P1 (P1 price important input)

MHat = 12,000 (income)

PHat = 15

AVC = 13 - 0.009Q + 0.000003Q^2

Fixed Cost = $5,000

1. What is the profit maximizing output for the firm?

2. What is the price forecast for the next year?

Reference no: EM131194536

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