The demand curve for guitars is given by Pd = 200 - 5Qd and supply for guitars is given by Ps = 20 + Qs. What is total surplus at equilibrium? 2,700 2,250 450 5,400 Suppose that a firm in a competitive industry has the following cost functions: Total Cost: TC = 100 + q2 Marginal Cost: MC = 2q If the price of the good is $200, what is the firm's profit in the short-run equilibrium? 6400 1000 3200 9900

The demand curve for guitars is given by Pd = 200 - 5Qd and supply for guitars is given by Ps = 20 + Qs. What is total surplus at equilibrium? 2,700 2,250 450 5,400 Suppose that a firm in a competitive industry has the following cost functions: Total Cost: TC = 100 + q2 Marginal Cost: MC = 2q If the price of the good is $200, what is the firm's profit in the short-run equilibrium? 6400 1000 3200 9900

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter25: Monopoly

Section: Chapter Questions

Problem 9E

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