#education
assume that for a perfectly competitive market that has 100 identical firms the market demand and supply functions are D=10000-10p and S=10p-2000.what price is needed for the firm to stay in the market?
Feb 19, 20242 engagements
Given: Market Demand: D = 10000 - 10p Market Supply: S = 10p - 2000 Setting D equal to S: 10000 - 10p = 10p - 2000 Rearranging the equation: 10000 + 2000 = 10p + 10p 12000 = 20p Dividing by 20: p = 600 Therefore, the price needed for the firm to stay in the market is $600.
Feb 20, 2024