Determine the equilibrium quantity and price


The market supply and demand conditions are given as follows. The individual demand is d: p = 20 - 10q. Also there are 20 identical firms, each firm's marginal cost is, MC(q) = 5 + 5q. There are 10 identical consumers.

a. Determine the equilibrium quantity and price.

b. What would be the quantity and price produced if a monopolist owns the 20 identical firms?

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Macroeconomics: Determine the equilibrium quantity and price
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