Question 4 [CLO2, 5 Marks] Assume a market characterized by a large number of companies selling a homogeneous good. Assu

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Question 4 Clo2 5 Marks Assume A Market Characterized By A Large Number Of Companies Selling A Homogeneous Good Assu 1 (20.29 KiB) Viewed 37 times

Question 4 [CLO2, 5 Marks] Assume a market characterized by a large number of companies selling a homogeneous good. Assume market demand is as follows: Q-800-P Assume supply is given by: P-500 Questions: 1-Determine market quantity and price at equilibrium [2 marks]. 2-The quantity produced by a given company (company x) with total cost given by TC-2+100² [2 marks]. 3-If the government introduces a minimum price equal to 300, what is the impact, if any, on the market? [1 mark]