Question

Suppose an industry is composed of 50 price-taking firms, each one possessing the cost structure given below:

Quantity	0	1	2	3	4	5	6
Total Cost	100	150	180	240	320	420	550

          

Also assume the market demand curve contains the following points:

Quantity Demanded	250	200	150	100	50	0
Price	0	30	60	80	100	130

            

What is the equilibrium price in this market?

Group of answer choices

a P = 60

b P = 100

c P = 80

d P = 30

e P = 130

Answer 1

Q ms cas @ price 17 Ico 158 o 50 ST 2 B0250 to 200 80 150 30 180 ico BO 60 3 24o 6o III I lo 4 320 8 200 so o 5 420 207 lo 130 130 6 550 300 ها هاله Equilibriume Price reg determined whore Quantity Demanded equals Quauchty supplied o s na of firms o output of eaclufion 09 pt = 60 option Conect no. Where n. =17 is CS Scanned with CamScanner