Economics

A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units . The minimum average cost is $10 per unit. Total market demand is given by 1500-5P

1.What is the industry’s long-run supply schedule?

2.What is the long-run equilibrium price The total industry output The output of each firm ? The number of firms? The profits of each firm?

I think I got most of #2 right, but #1 is the one giving me problems.

  1. 0
  2. 5
asked by Justin
  1. *Sorry, Total market demand is 1500-50P

    1. 0
    posted by Justin

Respond to this Question

First Name

Your Response

Similar Questions

  1. economics

    A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units. The minimum average cost
  2. Economics

    A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units . The minimum average cost
  3. economics

    This is going to be really long, but I want to see if my answers are correct. This is problem number 10.10 in my Intermediate Microeconomics book. A perfectly competitive painted necktie industry has a large number of potential
  4. Microeconomics

    A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long run average cost is minimized at an output of 10 units (qi=10 ). The minimum average cost is R5
  5. Mircoeconomics

    A significant difference between monopoly and perfect competition is that: A. free entry and exit is possible in a monopolized industry but impossible in a competitive industry. B. competitive firms control market supply but
  6. Economics

    For the following characteristic say whether it describes a perfectly competitive firm, a monopolistically competitive firm, monopoly firm, or neither. a. Has marginal revenue less than price. I would think this would be neither.
  7. economics

    The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply. a. What is the marginal revenue that
  8. economics

    A monopoly firm is different from a competitive firm in that A. there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product B. a monopolist's demand curve is perfectly
  9. Economics 101

    Hey guys my Econ final is on Tuesday and I could use some help. These are 4 example questions true/false with explanation needed. 1. A monopolist will produce less and charge a higher price than a perfectly competitive industry.
  10. economics

    perfectly competitive industry. Each firm having identical cost structures. long-run average cost is minimized at an output of 20 units. Minimum average cost is $10 per unit. total market demand is Q=1500-50P. What is the long-run

More Similar Questions