1 The Bolt Making Industry Has 20 Identical Firms Each One Has A Short Run Total Cos 3445875

1. The bolt-making industry has 20 identical firms, each one has a short-run total cost function TC(q) 16 + q2 (a) What is the short-run supply of each firm? (b) The market demand is QD(p) = 110-p. What is the short-run equilibrium price and quantity supplied by each firm? Calculate each firm’s profit. (c) Suppose that the number of firms increases to 25. What is the short-run equilibrium price and quantity supplied by each firm? Calculate each firm’s profit

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