Answer to Question #68078 in Microeconomics for Dilek

Question #68078

All firms have the same MC curve; it always costs $5 to make each jar of honey. Demand for honey is D:P= 20-0.05Q

What are the market equilibrium and quantity?

Expert's answer

TR=P*Q=20Q-0.05Q^2

MR=20-0.1Q

20-0.1Q=5

Q=150

P=12.5

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