Market demand for woozles

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Reference no: EM13903668

The market demand for woozles is given by:

Qd = 2,400 - 20p

There is only one available technology, and it is employed by all producers actual and potential. It implies the following average cost function:

AC = 625q^-1 + 0.25q

Currently, 20 firms serve the market.

a. Find the individual firm's supply curve.

b. Find the industry supply curve.

c. Determine the short-run competitive price and output.

d. How much profit is the typical firm making?

e. Determine the long-run competitive market price and quantity and how many firms will operate

Reference no: EM13903668

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