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If a competitive market has three firms with marginal costs of mc1 = q1, mc2 = 0. 50q2, and mc3 = 2q3 and faces a market price of $10, the total quantity supplied by all three firms is?

Sagot :

If a competitive market has three firms with marginal costs of mc1 = q1, mc2 = 0. 50q2, and mc3 = 2q3 and faces a market price of $10,  The total quantity supplied by all three firms is =10+20+5=25

in a competitive market p= mc.

Here p is given as $10

Thus MC = 10

first firm-

MC1 =Q1

ie, 10=10

=10 quantity supplied

Firm 2

MC2 =.50Q2

10=0.50(Q2)

Q2=10/0.50=

= 20 quantity supplied

Firm 3

MC3 =2Q3

10=2(Q3)

Q3 =10/2=5

= 5 quantity supplied.

In economics, marginal cost is the change in total cost that occurs when output increases, the cost of producing additional quantity.

Learn more about marginal costs here: https://brainly.com/question/12231343

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