Wednesday
April 16, 2014

Homework Help: microeconomics

Posted by Jill on Monday, April 5, 2010 at 12:05pm.

The short-run cost curve for each firm's long run equilibrium output is C=y^2-20y+400. Calculate the short-run average and marginal cost curves. At what output level does short-run average cost reach a minimum? I already know the MC and the SRA is TC/Q. I got the minimum as 10. Is that right?

b) Calculate the short-run supply curve for each firm and the industry short-run supply curve? Total market demand is y=2500-20p. Each firm has an identical cost structure such that long-run avg. cost is minimized at an output of 20. The minimum avg. cost is $30.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Microeconomics - A perfectly competitive industry has a large number of ...
economics - This is going to be really long, but I want to see if my answers are...
Microeconomics help please (urgent) - True or False? Explain your reasoning. a...
Advanced MicroEconomics - Construct a short-run supply function for a firm whose...
Economics - Short run profit maximization - Given the following for perfectly ...
Management & Econ - a) Explain why a short run average cost curve only touches ...
economics - In long-run equilibrium, the perfectly competitive firm's price is ...
economics - suppose a firm's constant-returns to scale production function ...
economics - if production displays economies of scale, the long run average cost...
Advanced MicroEconomics - In a competitive market, there are two groups of ...

Search
Members