Suppose that a perfectly competitive industry consists of 240 firms and fixed cost of an individual firm is 384 half of
Posted: Fri Jul 01, 2022 8:12 am
Suppose that a perfectly competitive industry consists of 240 firms and fixed cost of an individual firm is 384 half of which is a sunk fixed cost while the average variable cost is 12q. Market demand is given by Q-1440-10P. Find the equilibrium output and profit, respectively