Question

A firm in a perfect competitive market structure faces a marginal cost function given by MC(Q) = 4Q + 5

Answer 1

Answer:

To find the equilibrium set market demand equal to market supply:

1000 – 2Q = 100 + Q.

Solving for Q, you get Q = 300.

Plugging 300 back into either the market demand curve or the market supply curve you get P = 400.

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