Business, 16.04.2020 17:53 kell22wolf

Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p equals 100 minus 0.01 Upper Q comma The long-run market supply is: p equals 10 Each firm's total cost function is: Upper C (q )equals 500 plus 0.05 q squared What is the marginal cost faced by each firm? MC = nothing Assuming the industry is in long-run equilibrium, how many firms are currently in this market? nothing (enter your answer rounded to the nearest whole number). Now suppose the government is thinking of restricting the number of firms to only seven. At what quantity will the long-run inverse market supply curve go from being horizontal to upward sloping? The long-run inverse market supply curve will become upward sloping at a quantity of nothing. (Enter your answer as a whole number.)

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Suppose you are asked to analyze a competitive market with identical firms for the government. You e...