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B. Using algebra, find the market demand curve. Be sure to give the domain over which it
applies. Graph it.
C. If the market price is P = 15, what is market demand?
D. If the market price is P = 5, what is market demand? 8. Suppose that an industry consists of 10 profit-maximizing competitive firms. Six of those
firms have a marginal cost curve that looks like:
where MCi is the marginal cost of firm i and Qi is the quantity
produced by firm i.
The other four firms have a marginal cost curve that looks like:
A. Find the industry supply curve and inverse supply curve.
B. Suppose the market price of this good is $24. How much of the good will each firm
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This document was uploaded on 02/18/2014 for the course ECON 130 at UCSD.
- Fall '08
- Consumer Surplus