Tuesday
July 22, 2014

Homework Help: MICROeconomics

Posted by whhgn on Thursday, October 26, 2006 at 3:00am.

It has been estimated that the world demand for wheat can be represented by thefunction P = 80 - 2Q. It has been further found that the countries supplying thismarket have marginal cost curves which when summed together are given by theequation MC = 5 + Q

What price and output levels will prevail in the world market if a free marketsituation exists?

can any one explain that in detail


The sum of the individual MC curves of producers is the supply curve. That is, MC=5+Q=P. Equilibrium occurs when supply=demand. (so, use algebra, solve for Q)


But why "The sum of the individual MC curves of producers is the supply curve"?In monopoly they are lacking of supply curve??


It has been estimated that the world demand for wheat can be represented by thefunction P = 80 - 2Q. It has been further found that the countries supplying thismarket have marginal cost curves which when summed together are given by theequation MC = 5 + Q

What price and output levels will prevail in the world market if a free marketsituation exists?

why "The sum of the individual MC curves of producers is the supply curve"?In monopoly they are lacking of supply curve??

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Microeconomics - It has been estimated that the world demand for wheat can be ...
Economics - Much of the demand for U.S. agricultural output has come from other ...
Microeconomics - 4. Assume a drought in the Great Plains reduces the supply of ...
microeconomics - I am having a problem with one of my homework questions and ...
econ question about Trade - The following table provides date on the ...
Economics - One key development in the last two years has been the addition of ...
microeconomics - Question 7 of 20 5.0 Points Suppose that the elasticity of ...
U.S. History - What slowed down the United States entrance into World War one? ...
Econ question trade part 2 - i posted this question yesterday. but i also got ...
English - In addition, Pele is the only player that has been on three World Cup ...

Search
Members