04 Jun Question The widget industry is a constant-cost indu
Question
The widget industry is a constant-cost industry, so that all firms are identical. The attached chart shows the industry-wide demand curve and the marginal cost curve of a typical firm:
The industry is in long-run equilibrium and there are 100 firms.
a. What are the fixed costs at each firm?
b. What is the price of a widget?
c. On the short-run supply curve, what quantity corresponds to a price of $9?
Suppose that the city imposes a sales tax of $6 per widget.
d. In the short run, what is the new price of a widget?
e. In the long run, what is the new price of a widget?
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