Homework Answers
A perfectly competitive firm produces at the following point.
P = MC
=> P = MC = 0
=> P = 0
At price of $0, the quantity demand is 24. Hence, at equilibrium Qd = Qs
=>So, the equilibrium quantity produced is 24 units.
At the perfectly competitive price, the price of a unit of electricity is $0 and the quantity produced is 24 units.
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