What is the market supply curve

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Reference no: EM13505467

Demand for coffee is given by Qd = 150000-15000p, where p is the market price. The market for coffee is perfectly competitive. Each firm has access to the same technology which yields a marginal cost curve given by MC (q) =q/2000, where q is the quantity supplied by an individual firm. There are initially 60 firms supplying coffee.

a) What is the market supply curve?
b) What are the short-run equilibrium price and quantity in the market?
How much tea does each individual firm supply?
c) Each firms average cost curve achieves its minimum point when it produces q = 1000. In the long-run equilibrium, what are the market price and quantity? How many firms are there in the long run?

Reference no: EM13505467

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