21 Jul WHAT TOTAL QUANTITY WILL BE SOLD?
Consider a perfectly competitive industry in which the inverse demand is given by p(y)=2001-2y and e Show more Consider a perfectly competitive industry in which the inverse demand is given by p(y)=2001-2y and each firm has the following cost function:c(y)=(1/3)y^3+18 for y>0 c(y)=0 for y=0 (a) In the long-run equilibrium what price will be charged for the product? What total quantity will be sold? How many firms will operate in this market? (b) A tax of 6 dollars per unit sold is now imposed on each firm operating in this market. In the long-run equilibrium what price will be charged for the product? What total quantity will be sold? How many firms will operate in this market? (c) Suppose instead that a monopolist operates in this market. There is no tax imposed on the monopolist and he can produce the product at a constant marginal cost of c. What price will the monopolist charge (as a function of c)? Can this price be below the price you found in part a? Show less
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