Homework Help Forum: Economics/Math

Posted by cb on Tuesday, November 3, 2009 at 10:57pm.

Suppose there are four firms in a competitive market and that each firm has the following supply function. Supply functions for competitive firms Company Supply Function 1 Q1 = 16 + 4P 2 Q2 = -5 + 5P 3 Q3 = 32 + 8P 4 Q4 = - 60 +10P a. Find the competitive market supply function. b. If the market demand function for this product is Q = 500 - 2P , what is the competitive market price and quantity.

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