The market for quinoa is perfectly competitive and consists of firms that all have the same cost function,C(q) = 200 + g²/2.What is each firm's supply function?Oq =Oq = pOq = p+ 25Oq = p - 25Suppose the market is in a long-run equilibrium. What is the price of quinoa?Op = 5Op = 10Op = 15Op = 20Op = 25The market-level demand curve is Qp = 2000 - 50p. What is the equilibrium market-level quantity?Og = 250Oq = 500Oq = 750

In a perfectly competitive market there are large number of firms producing similar and identical…

(9) = 200 + q*/2. %3D hat is each firm's supply function? =p+25 = p- 25 ose the market is in a long-run equilibrium. What is the price of quinoa? = 5 = 10 = 15 = 20 25 rket-level demand curve is Qp = 2000 – 50p. What is the equilibrium market-level quantity? %3D 250 500 50

(9) = 200 + q*/2. %3D hat is each firm's supply function? =p+25 = p- 25 ose the market is in a long-run equilibrium. What is the price of quinoa? = 5 = 10 = 15 = 20 25 rket-level demand curve is Qp = 2000 – 50p. What is the equilibrium market-level quantity? %3D 250 500 50

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.3: Perfect Competition In The Long Run

Problem 3ST

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