Page 1 of 1
Question 4 [CLO2, 5 Marks] Assume a market characterized by a large number of companies selling a homogeneous good. Assu
Posted: Fri Jul 01, 2022 7:55 am
by answerhappygod
- 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 39 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]