What is the short-run market supply curve

Assignment Help Business Economics

Reference no: EM13152988

Suppose the bolt-making industry currently consists of 20 producers, all of whom operate with the identical short-run total cost curve TCSR = 16 + Q2, where Q is the annual output of a single firm. The corresponding short-run marginal cost curve is MC(Q) = 2Q. The market demand curve for bolts is D(P) = 110?P, where P is the market price. Assume the bolt-making industry is perfectly competitive.

a. Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?

b. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.

Reference no: EM13152988

Questions Cloud

What is drake free cash flow : It reported $270,000 cash provided by operating activities. In order to maintain production at 5,200 laptops, Drake invested in $8,000 in equipment. Drake paid $2,000 in dividends. What is Drake's free cash flow?

Explain the dimensions of aluminum foil in a box for sale : the dimensions of aluminum foil in a box for sale in supermarkets are 66^2/3 yards by 12 inches. The mass of the foil is 0.83 kg.

Impact of different management styles : Assessing the impact of different management styles on the motivation and productivity of employees best illustrates the professional concerns of what?

What is the gene order : Consider three genes P, Q and R, that have the following distances in map units: P-Q = 3 m.u; P-R = 7 m.u; and Q-R = 10 m.u. What is the gene order?

What is the short-run market supply curve : Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.

Explain is the threat of being shot by a hunter : Is the threat of being shot by a hunter. Hazards associated with hunters. Then why is hunting allowed? Suits in the deep woods?

Analyze the potential downfalls of any team effort : Describe a company you would like to start and determine which form of ownership would be most appropriate given your current financial status. Explain your rationale.

Determining the cash balance : At November 1, 2010, Myers Enterprises reported a cash balance of $60,000. During the month, Kern collected cash of $20,000 and made disbursements of $35,000. At September 31, 2010, what is the cash balance?

How can the footprints on the two strands be different : You have determined the DNA- binding site of a protein by determining the DNA footprinting after labeling one strand. To check your results, you repeat the experiment after labeling the other strand of the duplex.

User Account

All Pages