For this question only, X = 1767. Suppose there are X identical firms producing diamonds and that the short-run total co

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answerhappygod
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For this question only, X = 1767. Suppose there are X identical firms producing diamonds and that the short-run total co

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For this question only, X = 1767. Suppose there are Xidentical firms producing diamonds and that the short-run totalcost curve for each firm is given by STC = q2 + wq, where q is thefirm’s output level and w is the wage rate of diamond cutters givenby w = .005Q, where Q represents total industry output.
i) How many diamonds will be produced in the industry at a priceof $25? [1 mark]
ii) How many more diamonds will be produced in the industry at aprice of $26? [1 mark]
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