Even complicated and confusing topics will be easily developed and covered if you request our help writing an essay. Place an order today!

Problem 3

Consider a perfectly competitive industry for lentils, which initially contains 60 firms. Each firm i has a total cost function given by the equation TCi = 100 + qi2, where qi is the amount of lentils in tonnes produced by each firm.

Suppose that the industry demand function is given by Q = 1000 – 10P, where Q is the industry-wide output.

a) Write an expression for the marginal cost and average total cost functions for a representative firm. [4 marks]

b) Derive the industry supply curve. What is short-run output and price in the industry? How much does each individual firm produce? [4 marks]

Can someone please answer these questions quickly. I have my mid semester exam tommorrow

 

“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”

testimonials icon
below are 5 journals 2 pages for each Journa1l: Try to describe your writing voice and style.Journal2: Construct ...
testimonials icon
Cooking pasta is easy, but there are rules to pasta cooking that will lead to perfectly cooked pasta every time.Difficulty:EasyHere's How:1. Fill...
testimonials icon
  InstructionsIn this assignment, you will research and identify the law below that governs computer access and tr...
testimonials icon
 Research AssignmentInstructionsFinal Individual Paper (20 points)Workforce 2025You have been appointed by your...
testimonials icon
Write a paper On Oen Source Business Intelligence Tools, It should contains 7 pages...
testimonials icon
I CANNOT quote anything from the article! What is the main objective of this study? Why does the author think that religio...
testimonials icon
Write a paper on your selected leader, include the following in the paper:Give an overview of the organization and the...
testimonials icon
https://www.homeworkmarket.com/archive/2019/06/29...
testimonials icon
Explain Tom Holm’s Peoplehood Matrix. What are the four parts, and how do they relate to each other?...
testimonials icon
Very important Assignment. Passing of this Assignment is compulsory for passing the Subject.Needs to read and understand the scenario. Please rea...
testimonials icon
Students pursue online degrees for a variety of reasons. What do you find beneficial about pursuing your doctoral degree online? How does working...
Calculate Price

When you use PaperHelp, you save one valuable — TIME

You can spend it for more important things than paper writing.

Approx. price
$65
Order a paper. Study better. Sleep tight. Calculate Price!
Created with Sketch.
Calculate Price
Approx. price
$65