Instructions: Answer to the best of your ability. Show all of your work, the details, excel tab. The Market for Good X is perfectly competitive, with market supply and own-price demand curves given as...

Instructions: Answer to the best of your ability. Show all of your work, the details, excel tab.

The Market for Good X is perfectly competitive, with market supply and own-price demand curves given as

q_s=-25000 + 3000p

q_d=135000-5000p

a. Determine the equilibrium price and quantity in the market for good x. (Note: You are not anlayzing an individual firm here. You are analyzing the entire market).

Suppose the individual firm's average total costs are dfined by

TC=1/3q^3-3q^2+28q+2

b. What is the firm's demand curve (don't give me back the industry demand curve. The firm's demand curve is what I want.)

c. find the profit maximizing level of output for the firm (I've given the marginal cost curve below).

MC=q^2-6q+28

d. If this firm is making a profit (loss) how much is the profit (loss)?

Jun 07, 2022

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Instructions: Answer to the best of your ability. Show all of your work, the details, excel tab. The Market for Good X is perfectly competitive, with market supply and own-price demand curves given as...

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