Write equation of individual firm-s short-run supply curve, Microeconomics

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Write equation of individual firm-s short-run supply curve

In a perfectly competitive industry, every firm has identical cost structure. The short-run total cost curve of an individual firm is STC(q)=40+10q+0.1q². Currently there are 10 firms in the market. The market demand curve is D(P)=700-10P.

a) What is the equation of an individual firm's short-run supply curve?

b) What is the short-run equilibrium price and quantity in this market?

c) At the equilibrium, what is the total producer surplus in the market? What is the profit of an individual firm?

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Microeconomics: Write equation of individual firm-s short-run supply curve

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Microeconomics: Write equation of individual firm-s short-run supply curve

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Microeconomics: Write equation of individual firm-s short-run supply curve

Reference No:- TGS0523849

Recent Questions Asked Microeconomics

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