Unformatted text preview: increases to Q D = 1200 – 50P. e. In the short run (the number of firms does not change), what is the new market quantity (Q) and price (P)? (Hint: Use Q s from part d) f. Under the new equilibrium price, how many reams of paper (q) will each firm produce? Also find the profit per firm. g. In the long run, what will be the market quantity (Q) and price (P)? h. In the long run, how many firms are in this industry?...
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This note was uploaded on 03/14/2012 for the course ECON 2243 taught by Professor Henryfors during the Spring '12 term at Abant İzzet Baysal University.
- Spring '12