February 22, 2017

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.

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