The market supply and market demand are given:
Qd=192-4O and Qs=4P
Assume the market is in short run equilibrium. what is the price that each competitive firm must take?
Now suppose that any given individual firm in the same perfectly competitive industry has the following:
TC=Q^2+36
MC=2Q
What is the break-even price in this industry assuming all firms have the same cost structure? as a reminder you first have to find ATC. the break-even price is at the minimum of the ATC function the quantity at which the ATC is minimized can be found by solving MC= ATC.. also the MC function passes through the minimum of the ATC function. show all your work!