Industry demand is given by qd 1000 - p all firms in the, Business Economics

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Industry demand is given by qd 1000 - p all firms in the

Industry demand is given by: QD = 1000 - P All firms in the industry have identical and constant marginal and average costs of $50 per unit. a. If the industry is perfectly competitive, what will industry output be? What will be the equilibrium price? What profit will each firm earn? b. Now, suppose that there are five firms in the industry and they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?

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