Determine the short-run supply curve for competitive firm, Microeconomics

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Determine the short-run supply curve for competitive firm

Assume the salmon-packaging industry comprises a price leader and two small firms that behave competitively. The cost functions of the three are:

price-leader........................CL = 0.05qL2 + 1.75qL
competitive firms............. .C1 = 0.05q¬12 + 3q1
C2 = 0.1q22 + 3q2

The market demand is q = 50 - 5p

(a) Determine the short-run supply curve for the competitive firms.
(b) Determine the residual demand curve facing the price leader.
(c) Calculate the profit-maximizing output for the price leader.
(d) What is the market price given the price leader's output in (c).
(e) How much does each competitive firm produce?

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Microeconomics: Determine the short-run supply curve for competitive firm

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Microeconomics: Determine the short-run supply curve for competitive firm

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