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Unformatted text preview: a shortrun total cost curve of the form: tc(x) = (1/300)x 3 + 0.2x 2 + 4x +10. a. Assuming all fixed costs are sunk costs, calculate the firms shortrun supply curve with x as a function of the market price P. b. Given there are 100 firms, calculate the shortrun industry supply curve with X as a function of P. c. Suppose the market demand is given by X D = 8,000 200P. What will be the shortrun equilibrium price and quantity combination? That is, find the following: P*, X* and x*. d. Is this shortrun equilibrium also a longrun equilibrium price and quantity combination? Why or why not? Econ 313.1  Wissink Spring 2006 PS#5 XtraQ (corrected version) DUE: In class on Friday March 31...
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 Fall '06
 MASSON

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