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HW_ch11 - Homework Question for Chapter 11 1 The Whizbang...

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Homework Question for Chapter 11 1. The Whizbang Industry has 2,500 identical firms and is described by Supply and Demand equations, Q S = - 100 + 4 P and Q D = 572 - 2 P where Quantity is measured in thousands and P is measured in dollars. (a) Draw the demand curve faced by the individual firm operating in the Whizbang market. (b) All firms pay their workers a wage of $1680 per month, rent 1 unit of capital at a rate of $13,440 per month and face the following production function: L q 0 0 1 10 2 42 3 72 4 100
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