posted by timmy
This is what I have, qi=20, AC(average cost)=10, and (total market demand) Q=1500-50p. What is the industry's long-run supply schedule?
perfectly competitive. So horizontal supply schedule?
I hope I gave you enough information in your latter post. Repost if you need more help. Question: does qi mean "quantity produced by firm i"?
yes, subscript i. don't know how to type that here. i don't have my equations with me so i'm still not quite sure how to get the equilibrium and profits? (did i do the other correctly?) There is a lot more for this problem too. I will probably be asking more questions later. I just need to make sure I'm doing this correctly :)
how u guys get the 500+50p?