market demand and supply equations for Plywood are given by
Qs = 20,000 + 30P
Qd = 40,000 – 20P
1.Determine the equilibrium price and quantity
The Plywood industry is perfectly competitive, and the marginal cost equation for one firm, Greenply,is given by MC = 200 + 4Q
2.What is the short-run output rate for Greenply?Average Cost is given by
AC= 1000/Q +200 + 2Q
4.In the short-run , how much economic profit will the firm earn?