a)
To find:The short − run supply curve when q is the function of market price.
a)
Explanation of Solution
First find MC from TC function and then equate MC with P.
Now equate MC = P.
b)
The short-run industry supply curve need to be computed.
b)
Explanation of Solution
Multiply 100 to find the industry supply curve.
c)
To find:The combination of short run
c)
Explanation of Solution
Given market demand:
Thus, equilibrium price and quantity is $25 and 3000 units, respectively.
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Chapter 12 Solutions
Microeconomic Theory
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