Answer to Question #165734 in Microeconomics for shubhi

Question #165734

Each of 100 firms in a perfectly competitive industry has an AVC function AVC=2Q where Q represents the output produced. If the price of the product is ₹100 find the total quantity supplied in the market when a) TFC= ₹10000 b) TFC= ₹20000

Expert's answer

VC=2Q^2

a)

2Q^2=\frac{10000}{100}

Q=7

b)

2Q^2=\frac{20000}{100}

Q=10

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