Question:
Assume that the cost function for the ith firm in an industry is given by
Ci = 0.25\(q^2_i\) + 2qi + 5, i = 1, 2, ..., 150,
where Ci and qi are cost and output for the ith firm, respectively.
Let the aggregate inverse demand function be P = 10-0.01Q, where P is the unit price and Q is the aggregate output.
Assuming perfect competition, the equilibrium quantity is _____ (in integer).
Assume that the cost function for the ith firm in an industry is given by
Ci = 0.25\(q^2_i\) + 2qi + 5, i = 1, 2, ..., 150,
where Ci and qi are cost and output for the ith firm, respectively.
Let the aggregate inverse demand function be P = 10-0.01Q, where P is the unit price and Q is the aggregate output.
Assuming perfect competition, the equilibrium quantity is _____ (in integer).
Ci = 0.25\(q^2_i\) + 2qi + 5, i = 1, 2, ..., 150,
where Ci and qi are cost and output for the ith firm, respectively.
Let the aggregate inverse demand function be P = 10-0.01Q, where P is the unit price and Q is the aggregate output.
Assuming perfect competition, the equilibrium quantity is _____ (in integer).
Updated On: Oct 1, 2024
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Correct Answer: 4
Solution and Explanation
The correct answer is: 4 to 4 OR 600 to 600 (approx.)
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