Answered

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2. Assume the market for tortillas is perfectly competitive. The market supply and
demand curves for tortillas are given as follows:
supply curve: P = 0.000002Q; demand curve: P = 11 - 0.00002Q
The short run marginal cost curve for a typical tortilla factory is:
MC = 0.1 + 0.0009Q
a. Determine the equilibrium price for tortillas.
b. Determine the profit maximizing short run equilibrium level of output for a tortilla
factory.
c. Assuming that all of the tortilla factories are identical, how many tortilla factories
are producing tortillas?

Sagot :

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